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Tech Mahindra

From Wikipedia, the free encyclopedia
Indian multinational technology company

Tech Mahindra
FormerlyMahindra British Telecom (1986–2006)
Company typePublic
ISININE669C01036
IndustryInformation technology
Consulting
Outsourcing
Founded24 October 1986; 39 years ago (24 October 1986)
FounderAnand Mahindra
HeadquartersPune,Maharashtra, India
Area served
Worldwide
Key people
RevenueIncrease₹53,847 crore (US$6.4 billion) (2025)
Increase₹5,653 crore (US$670 million) (2025)
Increase₹4,499 crore (US$530 million) (2025)
Total assetsIncrease₹44,494 crore (US$5.3 billion) (2025)
Total equityIncrease₹27,791 crore (US$3.3 billion) (2025)
Number of employees
148,731 (March 2025)[4]
ParentMahindra Group
Websitewww.techmahindra.com
Footnotes / references
Financials as of 31 March 2025[update].[5]

Tech Mahindra is an Indianmultinationalinformation technology services andconsulting company. It was formed in 1986 as ajoint venture betweenMahindra & Mahindra andBT Group. Part of theMahindra Group, the company is headquartered inPune and has its registered office inMumbai.[6]

History

[edit]

In 1986,Mahindra & Mahindra started a 60:40joint venture technology services outsourcing firm withBritish Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%.[7] MBT primarily served thetelecommunications industry in its early years, with British Telecom as its largest client.[8]

In 2006, MBT was renamed as Tech Mahindra,[9] and it became apublicly-listed company via aninitial public offering.[10] In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for₹451crore.[11] In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about₹1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for₹1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.[12]

Acquisition and merger of Satyam

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In the aftermath of theSatyam scandal, Tech Mahindra emerged as the top bidder for a 31% controlling stake inSatyam Computer Services, beating a bid fromLarsen & Toubro, in April 2009.[13][14] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[15] Tech Mahindra's stake in Satyam increased to 42% through a preferential share allotment in July 2009.[16]

A building in theBangalore campus of Tech Mahindra c. 2017

In 2010, Mahindra Satyam andMorpho were awarded a contract byUIDAI to implement thebiometric identification system for theAadhaar programme.[17] Mahindra Satyam, along with Tech Mahindra, was the official IT services provider for the2010 and2014 FIFA World Cups.[18][19]

Tech Mahindra announced itsmerger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.[20] The new organization would be led byAnand Mahindra as Chairman,Vineet Nayyar as Vice Chairman, andC. P. Gurnani as the CEO and Managing Director.[21][22] On 25 June 2013, Tech Mahindra completed the merger to become India's fifth largest software services company with a turnover of $2.7 billion.[23][24][25] The merger diversified Tech Mahindra's revenue mix, with the telecommunication vertical's share declining from over 90% in 2009[26] to 47% in 2013.[27][28]

Later years

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In 2013, Mahindra Group company Mahindra Engineering Services (MES) merged with Tech Mahindra.[29]

In 2015, Tech Mahindra and Mahindra & Mahindra (M&M) jointly purchased a controlling stake inPininfarina S.p.A., an Italian automotive and industrial design company.[30] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[31]

Tech Mahindra was ranked 5th amongIndia's IT firms and overall 47th onFortune India 500 list for 2019.[32]

Since 2023, Tech Mahindra andFIDE have organized theGlobal Chess League, an over-the-boardrapid chess league.[33][34]

In 2025, Tech Mahindra was one of the eight entities selected by theIndiaAI Mission to develop a sovereignfoundation LLM.[35]

Acquisitions

[edit]

Notable acquisitions by Tech Mahindra include:

YearCompanyCountryIndustryAcquisition cost
2005Axes Technologies[36]United StatesTelecom engineering$54 million
2007iPolicy Networks[37]United StatesNetwork securityUndisclosed
2009-13Satyam Computer Services[38]IndiaIT services$600 million
2012Hutchinson Global Services[39]United StatesBusiness process outsourcing$87 million
2012Comviva[40]IndiaTelecom VAS$48 million
2014Lightbridge Communications Corporation (LCC)[41]United StatesTelecom network services$240 million
2015SOFGEN Holdings[42]SwitzerlandBanking technology consultingUndisclosed
2015Pininfarina[43]ItalyAutomotive design engineering€168 million
2016Target Group[44]United KingdomBusiness process outsourcing£120 million
2016The Bio Agency[45]United KingdomDigital consulting£45 million
2017HCI Group (CJS Solutions Group)[46]United StatesHealthcare technology$89.5 million
2019Mad*Pow[47]United StatesDesign strategy agencyunknown
2019BORN Group[48]United StatesContent agency$90 million
2020Zen3 Infosolutions[49]United StatesEnterprise software$64 million
2020Cerium Systems[50]IndiaIC and embedded software$32.1 million
2020Tenzing Group[51]New ZealandManagement consulting$29.5 million
2021Perigord[52]IrelandDigital services€21 million
2021DigitalOnUs[53]United StatesCloud and DevOps services$120 million
2021Eventus Solutions Group[54]United StatesCX consulting$44 million
2021Brainscale[55]United StatesCloud consulting$28.8 million
2021Lodestone (Infostar)[56]United StatesProduct engineering$105 million
2021Activus Connect[57]United StatesCX technology$62 million
2021Allyis Group[58]United StatesIT consulting$125 million
2022Com Tec Co (CTC)[59]CyprusIT consulting€310 million
2022Thirdware[60]IndiaEnterprise software$42 million

Operations

[edit]

For the year ended March 2025, the company derived 85.9% of its revenue fromIT consulting,software application development andmaintenance services, and the remaining 14.1% frombusiness process services andoutsourcing.[61]

Financials

[edit]
YearRevenue (In crores)Profits/Loss (In crores)Ref.
202137,8854,351[62]
2022Increase 44,646Increase 5,627
2023Increase 53,290Decrease 4,886
2024Decrease 51,995Decrease 2,386
2025Increase 52,988Increase 4,244

See also

[edit]

References

[edit]
  1. ^"Tech Mahindra appoints Mohit Joshi as MD & CEO designate". 11 March 2023.
  2. ^"Experts call for building digital infra, upskilling to tap IT talent in small cities". 16 February 2025.
  3. ^"This Indian IT company added highest number of employees in second quarter of FY2025 among the Top 5 IT companies in India". 23 October 2024.
  4. ^Nagasundaram, Dhanya (24 April 2025)."Tech Mahindra Q4 Results: Cons PAT soars 76.5% YoY to ₹1,166.7 crore".Mint. Retrieved24 April 2025.
  5. ^"Consolidated Financial Results for the quarter and audited results for the year ended March 31, 2025"(PDF). Tech Mahindra. Retrieved24 April 2025.
  6. ^"Tech Mahindra".techmahindra.com. TechMahindra. Retrieved1 January 2018.
  7. ^"British Telecom commits Rs 7250/- million business to MBT over three years".Rediff. Retrieved9 September 2024.
  8. ^"Tech Mahindra bags $700 mn deal from British Telecom".The Economic Times. 16 May 2008. Retrieved9 September 2024.
  9. ^"MBT to be renamed Tech Mahindra".Business Standard. 14 February 2006. Retrieved5 September 2024.
  10. ^"Tech Mahindra sets IPO price band at Rs 315-Rs 365".The Economic Times. 27 July 2006. Retrieved5 September 2024.
  11. ^"BT Group to exit from Tech Mahindra, directors resign". Economic Times. 24 December 2011. Archived fromthe original on 5 July 2015. Retrieved4 July 2015.
  12. ^"BT exits Tech Mahindra".The Hindu. 12 December 2012. Retrieved4 July 2015.
  13. ^"Tech Mahindra wins Satyam Computer bid".IBNLive. Archived fromthe original on 16 April 2009.
  14. ^"Tech Mahindra wins Satyam bid".India Today. 12 April 2009.
  15. ^"Satyam renamed as Mahindra Satyam".Business Standard. 22 June 2009. Retrieved5 September 2024.
  16. ^"Tech M now has 42% stake in Satyam".Business Standard. 2 July 2009. Retrieved19 July 2025.
  17. ^"Mahindra Satyam, Morpho selected as key partners for UIDAI".The Economic Times. 30 July 2010. Retrieved19 July 2025.
  18. ^Shuey, Scott (12 June 2010)."Mahindra Satyam gets major brand boost through World Cup".Gulf News. Retrieved19 July 2025.
  19. ^"TechM kicked about World Cup ties".BusinessLine. 16 June 2014. Retrieved19 July 2025.
  20. ^"Tech Mahindra, Satyam get nod to merge". 21 March 2012. Archived fromthe original on 22 March 2012.
  21. ^"M-Satyam, Tech Mahindra hope to merge in four weeks". 11 June 2013.
  22. ^"MSat-Tech Mahindra merger gets court nod".The Hindu. Chennai, India. 11 June 2013.
  23. ^"Mahindra Satyam merges with Tech Mahindra; becomes 5th biggest IT firm".Archived from the original on 19 June 2015. Retrieved2013-06-25.
  24. ^"Tech Mahindra, Satyam Computer complete merger". 25 June 2013.
  25. ^"1:8.5 swap for Tech Mahindra, Mahindra Satyam merger".The Hindu. Chennai, India. 25 June 2013.
  26. ^Mishra, Santanu (28 April 2009)."Headwinds in telecom impact Tech Mahindra's Q4".The Economic Times. Retrieved19 July 2025.
  27. ^Talgeri, Kunal N. (5 December 2012)."Inside the merger!".Fortune India. Retrieved19 July 2025.
  28. ^"Annual Report 2013-14"(PDF). Tech Mahindra. 27 June 2014. Retrieved19 July 2025.
  29. ^Khan, Zahra (29 November 2013)."Mahindra Engineering to merge with Tech Mahindra".Mint. Retrieved19 July 2025.
  30. ^"Tech Mahindra set to acquire Italian car design company Pininfarina".timesofindia-economictimes. Archived fromthe original on 23 December 2015. Retrieved22 December 2015.
  31. ^"TECHM Shareholding Pattern - Tech Mahindra Ltd Stock".fintel.io. Retrieved28 June 2020.
  32. ^"Tech Mahindra - Fortune 500 List 2019".Fortune. Archived fromthe original on 2 March 2022. Retrieved2 August 2020.
  33. ^"FIDE and Tech Mahindra Announce Dates for First & Biggest Global Chess League".www.fide.com. Retrieved6 August 2023.
  34. ^"Tech Mahindra, FIDE join hands for franchisee-based chess competition".Business Standard.
  35. ^Ghosh, Debangana."Tech Mahindra developing 1-trillion-parameter sovereign LLM under IndiaAI Mission".Moneycontrol. Retrieved30 December 2025.
  36. ^"Mahindra British buys Axes Tech for $54m".The Economic Times. 17 November 2005. Retrieved9 September 2024.
  37. ^"Tech Mahindra buys US co iPolicy Inc".Rediff. Retrieved9 September 2024.
  38. ^"Tech Mahindra completes Satyam merger".VCCircle. Retrieved9 September 2024.
  39. ^Shivapriya, N. (4 September 2012)."Tech Mahindra announces acquisition Hutchison Global Services for $ 87 million".The Economic Times. Retrieved5 September 2024.
  40. ^"Tech Mahindra buys 51% of Bharti Group's mobile VAS firm Comviva for $48M".VCCircle. Retrieved5 September 2024.
  41. ^"Tech Mahindra acquires 100% stake in Lightbridge Communications".Mint. Retrieved5 September 2024.
  42. ^"Tech Mahindra to acquire Swiss firm SOFGEN Holdings".timesofindia-economictimes. Archived fromthe original on 14 January 2015. Retrieved15 January 2015.
  43. ^Merchant, Akbar (14 December 2015)."Mahindra acquires Pininfarina design house".Autocar India. Retrieved5 September 2024.
  44. ^"Tech Mahindra to acquire UK's Target Group for up to $175 mn".VCCircle. Retrieved5 September 2024.
  45. ^"Tech Mahindra acquires UK's The BIO Agency".BusinessLine. 22 June 2016. Retrieved11 April 2025.
  46. ^Usmani, Azman (6 March 2017)."Tech Mahindra To Acquire U.S.-Based Healthcare IT Consulting Firm, HCI Group".NDTV Profit. Retrieved5 September 2024.
  47. ^"Tech Mahindra Acquires Leading Strategic Design Consultancy, Mad*Pow".Tech Mahindra. 30 July 2019. Retrieved4 November 2025.
  48. ^Sriram, M. (5 November 2019)."Tech Mahindra acquires New York-based BORN Group for $95 million".Mint. Retrieved26 November 2019.
  49. ^"Tech Mahindra to acquire Zen3 Infosolutions for Rs 460 crore in all-cash deal".Business Today. 24 February 2020. Retrieved5 September 2024.
  50. ^Kapur, Narinder (13 April 2020)."Tech Mahindra tweaks terms to acquire Cerium Systems, Zen3 Infosolutions".VCCircle. Retrieved19 July 2025.
  51. ^Baruah, Ayushman (27 October 2020)."Tech Mahindra acquires Momenton and Tenzing to boost financial services biz".Mint. Retrieved11 April 2025.
  52. ^"Tech Mahindra acquires 70% stake in Dublin-based Perigord for $25.06 million".Financial Express. 16 March 2021. Retrieved11 April 2025.
  53. ^"Tech Mahindra acquires DigitalOnUS for $120 million".BusinessLine. 20 April 2021. Retrieved5 September 2024.
  54. ^"Tech Mahindra to acquire Eventus Solutions Group for up to $44 million".The Economic Times. 26 April 2021. Retrieved5 September 2024.
  55. ^"Tech Mahindra acquires US cloud consulting firm Brainscale".Business Standard. Retrieved5 September 2024.
  56. ^"Tech Mahindra acquires Lodestone, WMW".The Economic Times. 25 October 2021. Retrieved5 September 2024.
  57. ^"Tech Mahindra buys Activus".Mint. Retrieved5 September 2024.
  58. ^"Tech Mahindra to acquire 100% stake in US-based Allyis Group".Mint. Retrieved5 September 2024.
  59. ^"Tech Mahindra Acquires Com Tec Co IT Ltd and invests in two InsurTech platforms".The Economic Times. 17 January 2022. Retrieved5 September 2024.
  60. ^"Tech Mahindra to completely acquire Thirdware for Rs 320 cr".Business Standard. Retrieved5 September 2024.
  61. ^"Integrated Annual Report 2024-25"(PDF). Tech Mahindra. p. 315. Retrieved16 October 2025.
  62. ^"Tech Mahindra Stock Shares Price". Archived fromthe original on 20 September 2025. Retrieved31 October 2025.

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