About
Mindtree Ltd
Mindtree Limited is an international Information Technology consulting and implementation company that delivers business solutions through global software development. The company is structured into four industry verticals - Retail, CPG and Manufacturing (RCM), Banking, Financial Services and Insurance (BFSI), High Technology, Media and Services (TMS) and Travel and Hospitality (TH). The Company offers services in the areas of agile, analytics and information management, application development and maintenance, business process management, business technology consulting, cloud, digital business, independent testing, infrastructure management services, mobility, product engineering and SAP services.
The Company is has its registered office at Bengaluru, Karnataka, India and has offices in India, United States of America (USA), United Kingdom, Japan, Singapore, Malaysia, Australia, Germany, Switzerland, Sweden, South Africa, UAE, Netherlands, Canada, Belgium, France, Ireland, Poland and Republic of China.
Mindtree was incorporated on 5th August 1999 as MindTree Consulting Private Limited. It was promoted by 10 industry professionals who came from Cambridge Technology Partners, Lucent Technologies and Wipro. In January of the year 2000, an investment of Rs. 169 million was made by way of subscription to Equity Shares of the company in first round of funding by LSO Investment (P) Limited, a Promoter company promoted by three of the Promoters, and Walden Software Investments Limited (managed by Walden International), Amalgamated Holdings Limited and Vaitarna Holdings Private Limited. After a year, in August 2001, investment by Global Technology Ventures Limited, Walden Software Investments Limited and Capital International Global Emerging Markets Private Equity Fund LP in second round of funding. In December of the same year 2001, the company had commenced IT outsourcing partnership with Volvo Information Technology. MindTree assessed as a People Capability Maturity Model (P-CMM) Level 5 company in year of 2003 and following year, in 2004, the company assessed as a CMMi Level 5 company.
MindTree had executed a contract with AIG Offshore Systems Service Inc in January of the year 2004 for supply of IT Services. During September of the identical year 2004, the company had acquired the software division of ASAP Solutions Private Limited and Arachno Solutions Private Limited (ARPSL). West Campus development center of the company was opened in February of the year 2005 at Bangalore. In June of the same year 2005, MindTree had acquired 100% share capital of Linc Software Services Private Limited, which engaged in the business of application development and maintenance, Enterprise Resource Planning (ERP) product support and web development. During the year 2006, in July, the development centre of the company was launched in Chennai. The Company's status was changed from private limited to a public limited in September of the year 2006.
The Company obtained fresh certificate of incorporation consequent on change of name as MindTree Consulting Limited in November 2006. In December of the same year 2006, the company had signed a Memorandum of Understanding (MoU) for expansion of facilities in the Special Economic Zone (SEZ) at Chennai. In February 2007, the company came out with Initial Public Offerings with 5,593,300 Equity Shares. MindTree was declared the Number 1 Most Admired Knowledge Enterprise in India during the same year 2007 by Teleos, in association with the KNOW Network. The Company made its strategic alliance with Borland Software India Private Limited in June 2007 to launch state-of-the-art Centre of Excellence (CoE) in India and in November of the same year signed a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions Private Limited ('Purple Vision'), the India-based, fully-owned subsidiary of TES Electronic Solutions SA.
MindTree received the BML Munjal Award, adjudged the best Indian private sector company in the area of Learning and Development, in February of the year 2008. The Company's name was changed from MindTree Consulting Ltd to MindTree Ltd in April of the year 2008; consequently, the company also made changes to its visual identity. The Company had opened its own development center, MindTree Coromandel at Chennai in June of the year 2008. In September of the same year 2008, the company established a Testing Center of Excellence (CoE) in partnership with Hewlett Packard (HP), for HP's quality and performance testing tools.
In 2008, Mindtree acquired 3.64 crore equity shares of Aztecsoft Limited (Aztec) for a consideration of Rs 291.95 crore. Consequent to the acquisition of these shares, Aztec became a subsidiary of the company.In 2010, Mindtree successfully partnered with Government of India for the AADHAAR project, one of the world's largest big data implementation and citizen identification program. In 2012, Mindtree unveiled new brand identity with slogan 'Welcome to possible'.
Mindtree crossed half a billion dollars in revenues, USD 100 million in operating profits and INR 100 of EPS during the year ended 31 March 2014.On 29 April 2014, Mindtree announced expansion of its US operations by opening its newest delivery center in Redmond, Washington. The state of art facility will focus on building talent and delivering cutting edge solutions in the areas of Cloud, Mobility, Infrastructure Management and Testing. The 13,000 square-foot facility, located adjacent to Microsoft's corporate campus, has an initial seating capacity of 125 with room to increase that capacity quickly over time.
On 19 January 2015, Mindtree announced that it has entered into definitive agreements to acquire Discoverture Solutions LLC (Discoverture), a leading provider of insurance solutions based in the US. Discoverture has a strong track-record of deploying solutions based on major P&C insurance platforms, enabling clients to transition to a more modern, agile environment. The addition of Discoverture, combined with Mindtree's existing range of technology services and consulting combine for a full-suite of offerings to transform and run a world-class insurance technology platform.
Mindtree's revenue crossed $150 million mark for the first time during the quarter ended 30 June 2015.
On 16 July 2015, Mindtree announced that it has signed a definitive agreement to acquire Bluefin Solutions, a market leading independent consultancy specializing in SAP HANA. Bluefin has an award-winning track record helping businesses manage digital transformations across the entire SAP portfolio. Headquartered in the UK, Bluefin delivers solutions to some of the world's most prestigious companies. The acquisition will accelerate Mindtree's ability to help its SAP clients digitize the value chain, ensuring there is harmony between the front-end customer experience and back-end systems as businesses transition to fully digital organizations. In addition, Bluefin's strong European client base supports Mindtree's ongoing effort to strengthen its presence in Europe. The partnership also creates an opportunity to expedite Bluefin's HANA expertise to the US market by leveraging Mindtree's broad presence.
On 16 July 2015, Mindtree announced that it has entered into a definitive agreement to acquire Relational Solutions, Inc., a specialized provider of analytics for Consumer Packaged Goods (CPG) retail execution. Relational Solutions has proven expertise in analytics with solutions for supply chain optimization and trade promotions analytics. Mindtree's experience in delivering large multi-country programs for CPG companies to improve sales execution along with Relational Solutions' expertise, cements its ability to drive profitable growth using predictive analytics.
On 22 September 2015, Mindtree launched a state-of-the-art Global Learning & Delivery Center at Bhubaneshwar, Odisha. The facility, named Mindtree Kalinga, has been built on a 20-acre campus.
On 18 January 2016, Mindtree announced that it has signed a definitive agreement to acquire Magnet 360, a Salesforce Platinum consulting partner. Magnet 360 brings strong expertise across Salesforce Sales, Service and Marketing Cloud implementations. Combined with Mindtree's established Salesforce practice, this acquisition positions the company for leadership in addressing the fast-growing cloud-based services market. Headquartered in Minneapolis with offices in New York, Los Angeles and Chicago, Magnet 360 has been a Salesforce partner since 2004.
Mindtree's revenue crossed $200 million mark for the first time during the quarter ended 30 June 2017.
On 5 December 2017, Mindtree announced that it has opened its first North America-based network operations center (NOC) in Scottsdale, Arizona, to support its growing Infrastructure Management Services business. Based on the successful model of the company's Chennai and Bangalore NOCs, Mindtree can provide a broader range of options for clients seeking best-in-class support of IT applications and infrastructure.
During year 2019, Company approved Scheme of Amalgamation of Magnet 360, LLC, the wholly owned subsidiary of the Company with Mindtree. It completed necessary requirements under various regulations. Further, the Order was filed with the Registrar of Companies, Karnataka on December 14, 2018, being the effective date of Amalgamation.
The Company had three direct subsidiaries and two step- down subsidiaries as on March 31, 2019. During the year, Magnet 360, LLC, the wholly owned subsidiary amalgamated with the Company and ceased to exist. Blouvin (Pty) Limited, the step-down subsidiary was liquidated during year 2019.
In year 2020, the Company launched QuikDeploy to accelerate SAP S/4HANA transitions. It opened Atlanta delivery center. It became a subsidiary of L&T. Accordingly, L&T became the Promoter / Parent Company of Mindtree effective from July 2019. It named a Preferred Partner for Microsoft Azure Kubernetes Service. It joined Hyperledger to accelerate Blockchain development. It partnered with Atotech to provide SAP support services in September 2019. It launched Blockchain-powered merchant on-boarding solution for banks. It developed new container acceleration service, enabling faster deployment of cloud applications on Microsoft Azure. It opened new European headquarters in London. In March 2019, it partnered with Realogy to enhance its Digital Transformation offerings.
In FY 2021, Company partnered with Husqvarna Group to drive digital transformation. It collaborated with Molnlycke for Enterprise
application and cloud transformation journey. Mindtree and research firm Everest Group worked in partnership with leading CXOs from multiple industries to identify and navigate business challenges created by COVID-19 pandemic. It partnered with the Nordex Group to drive forward the digital transformation journey. To ensure information flow and enhance collaboration, Company launched Catalyst Contour - A web portal.
In FY 2022, Company acquired of L&T NxT business. It incubated Healthcare as a separate IG. A new employee referral portal was launched to simplify the referral and tracking process. It had 3,077 employee referral hires in India and 3,427 hires globally. In order to track this centrally an employee referral central team was formed, constituting of a recruiter SPOC assigned to each business unit (BU), working exclusively on ER profiles. It launched monthly business unit virtual floor walks for respective delivery teams.
Mindtree Ltd
Chairman Speech
To our shareholders and other stakeholders
We are pleased to present our Integrated Annual Report 2021-22 to our
shareholders and other stakeholders. This report provides relevant information about
performance, operating context, governance, material risks and opportunities, strategy and
future prospects of Mindtree Limited (Mindtree).
Board Responsibility Statement
As the Board, we acknowledge our responsibility to ensure the integrity
of this Integrated Annual Report. We have, accordingly, applied our collective mind and
believe the report addresses all material issues and presents the integrated performance
of the Company and its impact, in a fair and accurate manner. We approved the Integrated
Annual Report 2021-22 on April 18, 2022.
For Mindtree Limited
| A M Naik |
Apurva Purohit |
| S N Subrahmanyan |
Akshaya Bhargava |
| Debashis Chatterjee |
Bijou Kurien |
| R Shankar Raman |
Deepa Gopalan Wadhwa |
| Venugopal Lambu |
Chandrasekaran Ramakrishnan |
Forward-looking statements
Certain statements in this document constitute 'forward-looking
statements', which involve known and unknown risks and opportunities, other uncertainties,
and important factors that could turn out to be materially different following the
publication of actual results.
These forward-looking statements speak only as of the date of this
document. The Company undertakes no obligation to update publicly, or release any
revisions, to these forward-looking statements, to reflect events or circumstances after
the date of this document, or to reflect the occurrence of anticipated events.
Safe harbor
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of risks, and
uncertainties that could cause our actual results to differ materially from those in such
forward-looking statements. The conditions caused by the COVID-19 pandemic could decrease
customer's technology spending, affecting demand for our services, delaying prospective
customers' purchasing decisions, and impacting our ability to provide on-site consulting
services; all of which could adversely affect our future revenue, margin and overall
financial performance. Our operations may also be negatively affected by a range of
external factors related to the COVID-19 pandemic that are not within our control. We do
not undertake to update any forward-looking statement that may be made from time to time
by us or on our behalf.
Dear Shareholders,
AH around us, we are witnessing change of unprecedented speed, scale
and complexity. The push towards a more connected digital world continues to get stronger,
opening up challenges as well as opportunities for growth and innovation. Your Company
remains committed to staying at the crest of emerging developments by building on its
capabilities to anticipate and respond positively to the future.
Over the years, Mindtree has developed a bedrock of strong customer
relationships. We will continue to deepen these engagements and forge new associations. In
this, our linkage to our parent company, Larsen & Toubro, is of significant value. It
enables Mindtree to answer the expectations of industry as it seeks partners who can help
them unlock the full potential of digital transformation.
We see agility as much more than the physical ability to react promptly
to the compulsions of change. It also encompasses the capability to accurately interpret
current trends and anticipate likely outcomes. This is what the bright young minds at
Mindtree are doing at our development centers across the globe. They are helping to embed
technologies deeper into virtually every process, practice and system that has a bearing
on the performance of an organization. This has led to enriched customer experience,
tightened supply chains, and boosted business resilience, productivity and security.
The results speak for themselves. In addition to delivering
industry-leading profitable growth in FY22, we have simultaneously built a platform for
accelerated development that can be sustained far into the future.
We are continuing to drive growth for clients, employees as well as
communities by making key investments for long-term success. Our commitment to developing
capabilities ahead of the curve and providing innovative solutions to help our customers
remains steadfast. By bringing the same impulse for growth and innovation that we offer
other companies to our own organization, we ensure mutual success. As the world
transforms, we have what it takes to not just transform with it, but lead that
transformation.
My commendations to Debashis Chatterjee and his team for providing
sound, strategic leadership all through a challenging period.
| Take care and stay safe. |
| Regards, |
| A M Naik |
| Non-Executive Chairman |
Mindtree Ltd
Company History
Mindtree Limited is an international Information Technology consulting and implementation company that delivers business solutions through global software development. The company is structured into four industry verticals - Retail, CPG and Manufacturing (RCM), Banking, Financial Services and Insurance (BFSI), High Technology, Media and Services (TMS) and Travel and Hospitality (TH). The Company offers services in the areas of agile, analytics and information management, application development and maintenance, business process management, business technology consulting, cloud, digital business, independent testing, infrastructure management services, mobility, product engineering and SAP services.
The Company is has its registered office at Bengaluru, Karnataka, India and has offices in India, United States of America (USA), United Kingdom, Japan, Singapore, Malaysia, Australia, Germany, Switzerland, Sweden, South Africa, UAE, Netherlands, Canada, Belgium, France, Ireland, Poland and Republic of China.
Mindtree was incorporated on 5th August 1999 as MindTree Consulting Private Limited. It was promoted by 10 industry professionals who came from Cambridge Technology Partners, Lucent Technologies and Wipro. In January of the year 2000, an investment of Rs. 169 million was made by way of subscription to Equity Shares of the company in first round of funding by LSO Investment (P) Limited, a Promoter company promoted by three of the Promoters, and Walden Software Investments Limited (managed by Walden International), Amalgamated Holdings Limited and Vaitarna Holdings Private Limited. After a year, in August 2001, investment by Global Technology Ventures Limited, Walden Software Investments Limited and Capital International Global Emerging Markets Private Equity Fund LP in second round of funding. In December of the same year 2001, the company had commenced IT outsourcing partnership with Volvo Information Technology. MindTree assessed as a People Capability Maturity Model (P-CMM) Level 5 company in year of 2003 and following year, in 2004, the company assessed as a CMMi Level 5 company.
MindTree had executed a contract with AIG Offshore Systems Service Inc in January of the year 2004 for supply of IT Services. During September of the identical year 2004, the company had acquired the software division of ASAP Solutions Private Limited and Arachno Solutions Private Limited (ARPSL). West Campus development center of the company was opened in February of the year 2005 at Bangalore. In June of the same year 2005, MindTree had acquired 100% share capital of Linc Software Services Private Limited, which engaged in the business of application development and maintenance, Enterprise Resource Planning (ERP) product support and web development. During the year 2006, in July, the development centre of the company was launched in Chennai. The Company's status was changed from private limited to a public limited in September of the year 2006.
The Company obtained fresh certificate of incorporation consequent on change of name as MindTree Consulting Limited in November 2006. In December of the same year 2006, the company had signed a Memorandum of Understanding (MoU) for expansion of facilities in the Special Economic Zone (SEZ) at Chennai. In February 2007, the company came out with Initial Public Offerings with 5,593,300 Equity Shares. MindTree was declared the Number 1 Most Admired Knowledge Enterprise in India during the same year 2007 by Teleos, in association with the KNOW Network. The Company made its strategic alliance with Borland Software India Private Limited in June 2007 to launch state-of-the-art Centre of Excellence (CoE) in India and in November of the same year signed a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions Private Limited ('Purple Vision'), the India-based, fully-owned subsidiary of TES Electronic Solutions SA.
MindTree received the BML Munjal Award, adjudged the best Indian private sector company in the area of Learning and Development, in February of the year 2008. The Company's name was changed from MindTree Consulting Ltd to MindTree Ltd in April of the year 2008; consequently, the company also made changes to its visual identity. The Company had opened its own development center, MindTree Coromandel at Chennai in June of the year 2008. In September of the same year 2008, the company established a Testing Center of Excellence (CoE) in partnership with Hewlett Packard (HP), for HP's quality and performance testing tools.
In 2008, Mindtree acquired 3.64 crore equity shares of Aztecsoft Limited (Aztec) for a consideration of Rs 291.95 crore. Consequent to the acquisition of these shares, Aztec became a subsidiary of the company.In 2010, Mindtree successfully partnered with Government of India for the AADHAAR project, one of the world's largest big data implementation and citizen identification program. In 2012, Mindtree unveiled new brand identity with slogan 'Welcome to possible'.
Mindtree crossed half a billion dollars in revenues, USD 100 million in operating profits and INR 100 of EPS during the year ended 31 March 2014.On 29 April 2014, Mindtree announced expansion of its US operations by opening its newest delivery center in Redmond, Washington. The state of art facility will focus on building talent and delivering cutting edge solutions in the areas of Cloud, Mobility, Infrastructure Management and Testing. The 13,000 square-foot facility, located adjacent to Microsoft's corporate campus, has an initial seating capacity of 125 with room to increase that capacity quickly over time.
On 19 January 2015, Mindtree announced that it has entered into definitive agreements to acquire Discoverture Solutions LLC (Discoverture), a leading provider of insurance solutions based in the US. Discoverture has a strong track-record of deploying solutions based on major P&C insurance platforms, enabling clients to transition to a more modern, agile environment. The addition of Discoverture, combined with Mindtree's existing range of technology services and consulting combine for a full-suite of offerings to transform and run a world-class insurance technology platform.
Mindtree's revenue crossed $150 million mark for the first time during the quarter ended 30 June 2015.
On 16 July 2015, Mindtree announced that it has signed a definitive agreement to acquire Bluefin Solutions, a market leading independent consultancy specializing in SAP HANA. Bluefin has an award-winning track record helping businesses manage digital transformations across the entire SAP portfolio. Headquartered in the UK, Bluefin delivers solutions to some of the world's most prestigious companies. The acquisition will accelerate Mindtree's ability to help its SAP clients digitize the value chain, ensuring there is harmony between the front-end customer experience and back-end systems as businesses transition to fully digital organizations. In addition, Bluefin's strong European client base supports Mindtree's ongoing effort to strengthen its presence in Europe. The partnership also creates an opportunity to expedite Bluefin's HANA expertise to the US market by leveraging Mindtree's broad presence.
On 16 July 2015, Mindtree announced that it has entered into a definitive agreement to acquire Relational Solutions, Inc., a specialized provider of analytics for Consumer Packaged Goods (CPG) retail execution. Relational Solutions has proven expertise in analytics with solutions for supply chain optimization and trade promotions analytics. Mindtree's experience in delivering large multi-country programs for CPG companies to improve sales execution along with Relational Solutions' expertise, cements its ability to drive profitable growth using predictive analytics.
On 22 September 2015, Mindtree launched a state-of-the-art Global Learning & Delivery Center at Bhubaneshwar, Odisha. The facility, named Mindtree Kalinga, has been built on a 20-acre campus.
On 18 January 2016, Mindtree announced that it has signed a definitive agreement to acquire Magnet 360, a Salesforce Platinum consulting partner. Magnet 360 brings strong expertise across Salesforce Sales, Service and Marketing Cloud implementations. Combined with Mindtree's established Salesforce practice, this acquisition positions the company for leadership in addressing the fast-growing cloud-based services market. Headquartered in Minneapolis with offices in New York, Los Angeles and Chicago, Magnet 360 has been a Salesforce partner since 2004.
Mindtree's revenue crossed $200 million mark for the first time during the quarter ended 30 June 2017.
On 5 December 2017, Mindtree announced that it has opened its first North America-based network operations center (NOC) in Scottsdale, Arizona, to support its growing Infrastructure Management Services business. Based on the successful model of the company's Chennai and Bangalore NOCs, Mindtree can provide a broader range of options for clients seeking best-in-class support of IT applications and infrastructure.
During year 2019, Company approved Scheme of Amalgamation of Magnet 360, LLC, the wholly owned subsidiary of the Company with Mindtree. It completed necessary requirements under various regulations. Further, the Order was filed with the Registrar of Companies, Karnataka on December 14, 2018, being the effective date of Amalgamation.
The Company had three direct subsidiaries and two step- down subsidiaries as on March 31, 2019. During the year, Magnet 360, LLC, the wholly owned subsidiary amalgamated with the Company and ceased to exist. Blouvin (Pty) Limited, the step-down subsidiary was liquidated during year 2019.
In year 2020, the Company launched QuikDeploy to accelerate SAP S/4HANA transitions. It opened Atlanta delivery center. It became a subsidiary of L&T. Accordingly, L&T became the Promoter / Parent Company of Mindtree effective from July 2019. It named a Preferred Partner for Microsoft Azure Kubernetes Service. It joined Hyperledger to accelerate Blockchain development. It partnered with Atotech to provide SAP support services in September 2019. It launched Blockchain-powered merchant on-boarding solution for banks. It developed new container acceleration service, enabling faster deployment of cloud applications on Microsoft Azure. It opened new European headquarters in London. In March 2019, it partnered with Realogy to enhance its Digital Transformation offerings.
In FY 2021, Company partnered with Husqvarna Group to drive digital transformation. It collaborated with Molnlycke for Enterprise
application and cloud transformation journey. Mindtree and research firm Everest Group worked in partnership with leading CXOs from multiple industries to identify and navigate business challenges created by COVID-19 pandemic. It partnered with the Nordex Group to drive forward the digital transformation journey. To ensure information flow and enhance collaboration, Company launched Catalyst Contour - A web portal.
In FY 2022, Company acquired of L&T NxT business. It incubated Healthcare as a separate IG. A new employee referral portal was launched to simplify the referral and tracking process. It had 3,077 employee referral hires in India and 3,427 hires globally. In order to track this centrally an employee referral central team was formed, constituting of a recruiter SPOC assigned to each business unit (BU), working exclusively on ER profiles. It launched monthly business unit virtual floor walks for respective delivery teams.
Mindtree Ltd
Directors Reports
Mindtree Ltd
Company Background
| Incorporation Year | 1999 |
| Registered Office | Global Village RVCE Post,Mysore Road
Bangalore,Karnataka-560059 |
| Telephone | 91-080-67064000,Managing Director |
| Fax | 91-080-67064100 |
Anilkumar Manibhai NaikDebashis Chatterjee.| Company Secretary | Subhodh Shetty |
| Auditor | Deloitte Haskins & Sells |
| Face Value | 10 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | Link Intime India Pvt Ltd
C-101 247 Park,L B S Marg,Vikhroli West,Mumbai-400083 |
Mindtree Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| APURVA PUROHIT | Independent Director | 2022 |
| Akshaya Bhargava | Independent Director | 2022 |
| Bijou Kurien | Independent Director | 2022 |
| Sekharipuram Narayanan Subrahmanyan | Non Executive Director | 2022 |
| Ramamurthi Shankar Raman | Non Executive Director | 2022 |
| Deepa Gopalan Wadhwa | Independent Director | 2022 |
| Anilkumar Manibhai Naik | Chairman (Non-Executive) | 2022 |
| Debashis Chatterjee. | Managing Director & CEO | 2022 |
| Venugopal Lambu | Executive Director | 2022 |
| Chandrasekaran Ramakrishnan | Independent Director | 2022 |
| Subhodh Shetty | Company Sec. & Compli. Officer | 2022 |
Mindtree Ltd
Listing Information
Mindtree Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Software Development | NA | 0 | 0 | 0 | 7764.3 |
| Incom from S/W. Devt-Overses | NA | 0 | 0 | 0 | 0 |
| Income from S/W Devt -Domestic | NA | 0 | 0 | 0 | 0 |