MindTree

MindTree Ltd.

Type	Public company BSE: 532819
Industry	IT
Founded	18 August 1999
Headquarters	Bangalore, India
Key people	Krishnakumar Natarajan, CEO and MD Subroto Bagchi, Vice Chairman S Janakiraman, President & Group CEO – Product Engineering Services
Revenue	$ 330.9 million USD(2011)
Net income	$ 22.3 million USD(2011)
Employees	10,581 (Oct 2011)
Website	www.mindtree.com

MindTree Limited, formerly known as MindTree Consulting Limited (BSE: 532819), is a mid-sized international information technology (IT) consulting and implementation company. It operates in two units: production engineering services and IT services. MindTree was started in 1999 by ten industry professionals from Cambridge Technology Partners, Lucent Technologies, and Wipro. Currently co-headquartered in Warren, New Jersey, and Bangalore, India, it has three development centers in India and 15 offices in Asia, Europe, and the United States.

MindTree surpassed USD 100 million in revenues in April 2006.^[1] MindTree was involved in the creation of Bluetooth technology^[2] and is an Associate Member of the Bluetooth Special Interest Group.^[3] Its Bluetooth protocol stack is licenced to NEC.^[4]

One of significant project during the first quarter of the 2010–11 fiscal year was providing application development, maintenance, and support services for the Government of India's nation-wide Unique Identification (UID) project, called Aadhar.^[5]

History

MindTree was started by seven Indian businessmen in IT – Subroto Bagchi, Janakiraman S, N.S. Parthasarathy, Kalyan Banerjee, Ashok Soota, Krishnakumar Natarajan and Rostow Ravanan – and three American IT professionals – Anjan Lahiri, Scott Staples, and Kamran Ozair. Staples now heads MindTree's US operations. They started with a funding of $9.1 million from two venture capital firms, Walden International and Sivan Securities.^[6] The company obtained an additional $14.1 million of funding from the Capital Group and Franklin Templeton in August 2001. MindTree expanded its offerings to include IT and R&D services during the down-turn following the September 11 attacks.

MindTree went public in December 2006. The initial public offering price band was fixed for Rs. 365 to Rs. 425. MindTree was listed the Bombay Stock Exchange on 7 March at more than Rs. 600 and crossed Rs. 1000 within a few days. MindTree was oversubscribed more than 100 times. However, the recession in the US in 2008 resulted in IT shares going down, including those of MindTree.

Major acquisitions include Aztecsoft in 2008 at an equity valuation of USD $90 million and TES-Purple Vision in 2007 for USD $6.55 million.^[7] In September 2009, MindTree acquired the Indian arm of Kyocera Wireless, Kyocera Wireless India Pvt Ltd, for USD $6 million.^[8] In 2010 MindTree acquired the remote infrastructure management services provider 7Strata for Rs7.2 crore in cash.^[9] MindTree reported revenues of USD $272 million in 2010, and has set an aggressive target of reaching $1 billion by 2014.

In January 2011, Ashok Soota announced his resignation to the board, citing personal reasons. In a press release, Soota indicated that he planned to start a new business venture (he started a company called HappiestMinds). ^[10]

Several newspaper have carried articles covering the underperformance of MindTree with respect to other IT companies.^[11]

Logo

MindTree's logo was created by a student who has cerebral palsy. The MindTree team met with a group of ten students at the Spastics Society of Karnataka that runs a school for children with cerebral palsy, and outlined on MindTree's mission, vision, and core values. Over several sessions, the team explained to them some basic concepts of graphic design and asked them to interpret several known international logos. MindTree decided to adopt the work of Chetan K.S., a student who has a motor and speech disability. The skyward blue brushstroke is Chetan's way of communicating imagination. The red stands for action and the yellow bubbles represent joy.

Integrity policy

MindTree has a published integrity policy which policy applies to all stakeholders. Violations have resulted in termination.^[12]

Offices and locations

MindTree's regional headquarters are in Bangalore, London, and Warren, New Jersey.^{[citation needed]}

MindTree's plans at Bhubaneswar, where the company has applied for and been allotted 20 acres (81,000 m²) of land from the Industrial Development Corporation of Orissa, have been stalled since 2006 due to a stay order granted by the High Court of Orissa (Order No 9988 of 2006 dated 28.8.2006) against further development of the plot, as 4.8 acres (19,000 m²) of it are privately owned.

Asia Pacific

• India: Bangalore, Chennai, Hyderabad, Mumbai, New Delhi, Pune, Kochi
• Australia: Sydney
• Japan: Tokyo
• Singapore : Singapore
• China : Shenzhen

North America

• USA: Bellevue (WA), Warren (NJ), Schaumburg (IL), San Jose(CA), Irwing (TX)

Europe and the Middle East

• Sweden: Stockholm
• UK: London
• Germany: Cologne
• France: Paris
• Switzerland: Liestal
• Belgium: Brussels
• Netherlands
• UAE: Dubai

MindTree campuses

• 

  MindTree West Campus, Bangalore

• 

  MindTree Coromandel Chennai Campus

Products and services

• IT Services
  • Travel and transportation
  • Manufacturing (consumer goods, automotive and pharmaceuticals)
  • Banking, insurance, and financial services
  • Multi markets (retail, media, services)
• Product engineering services
• R&D services
  • Automotive
  • Communication systems
  • Consumer appliances and computer peripherals
  • Industrial systems
  • Medical electronics
  • Storage and computing systems
  • Multi markets (avionics)
• Licensable IP offerings
  • Bluetooth (software stack and baseband)
  • SBC (Bluetooth low-complexity sub-band codec)
• Software product engineering
  • Business application products
  • Software tools and platforms
  • Community and social networking portals
  • Information and transaction portals
• Independent testing
• Infrastructure management and tech support
• Knowledge service
• Wireless products
  • Ready to brand mobile handset and convergence devices
  • Wireless infrastructure intellectual property, subsystems, and base stations

Acquisitions

• NOIDA based ASAP Solutions (2004)
• Bangalore based Linc Software Services Pvt Ltd (2005) for stock and cash
• Acquired Indian division of Cosystems
• TES-Purple Vision (December 2007)
• Acquired majority equity interest in Aztecsoft (2008)^[13]
• Bangalore based Kyocera India Pvt Ltd.
• Chennai based 7Strata: Remote IT Infrastructure Management Services

IPO details

MindTree Consulting filed its draft red herring propectus with the Securities and Exchange Board of India for its initial public offering (IPO) on 12 December 2006. It offered 5,593,300 equity shares at Rs 10 each.^[14]

The IPO opened on 9 February 2007 and closed on 14 February 2007. The price band fixed was Rs. 365 to Rs. 425.^[15] The IPO was oversubscribed more than 100 times.^[16]

MindTree listed at more than Rs. 600/- on 7 March 2007.^[17]

Awards

• Texas Instruments 2008 Supplier Excellence Award – the first Indian company to win this award^[18]
• ICSI National Award for Excellence in Corporate Governance, 2008^[19]
• IBM Beacon Award 2008 for Overall Technical Excellence in Sales and Distribution – Asia Pacific^[20]
• NASSCOM Innovation Award 2007 for knowledge management^[21]
• MindTree was ranked as the most-admired knowledge enterprise (MAKE) in India, based on an annual study conducted by Teleos and the Know Network.^[22]
• Among the "Best Companies to Work for in 2005" in a Business Today-Mercer-TNS study.
• Among "Great Places to Work" for the second consecutive year in 2005 in a study conducted by Grow Talent Company and Business World.
• As one of the "Best Employers in India" for the second consecutive year in 2004 by Hewitt Associates.
• Youngest company to earn CRMM Level 3 certification.
• Second in the Business Today—Mercer "Best Company to work for in India" for the second consecutive year in 2007.^[23]
• Leader-Human Capital Development – "Global Services 100" – Source CMP-CyberMedia.
• MAKE 2009 Award [2]

References

1. ^ "MindTree posts $102-m revenue". Business Line (The Hindu). 2006-04-03. http://www.thehindubusinessline.com/2006/04/03/stories/2006040301640200.htm. Retrieved 2006-07-05. 
2. ^ Roy, Shubhrangshu (2004-12-03). "MindTree's R&D reaches new heights". The Economic Times. http://economictimes.indiatimes.com/articleshow/944314.cms. Retrieved 2006-07-05. ^{[dead link]}
3. ^ "Bluetooth SIG Associate Members". 2006. http://bluetooth.com/Templates/MT5_MemberDirectoryAssociate.aspx?NRMODE=Published&NRORIGINALURL=%2fBluetooth%2fSIG%2fDirectory%2fAssociates%2f&NRNODEGUID=%7bDA34AEC7-2F5D-44E1-998B-EFF58F3320B0%7d&NRCACHEHINT=NoModifyGuest%5D. Retrieved 2006-07-05. ^{[dead link]}
4. ^ Ribeiro, John (2005-12-14). "NEC licenses Bluetooth from Indian company". InfoWorld. http://www.infoworld.com/article/05/12/14/HNneclicensesbluetooth_1.html?WIRELESS%20STANDARDS. Retrieved 2006-07-05. 
5. ^ "MindTree News". http://finance.yahoo.com/news/MindTrees-Consolidated-Q1-iw-1096554024.html?x=0&.v=1. 
6. ^ Saxena, Neeraj (2002-04-28). "Soota reflects infotech sector at CII". Times of India. http://www1.timesofindia.indiatimes.com/articleshow.cms?art_id=8273131. Retrieved 2006-07-05. 
7. ^ "MindTree acquires TES-Purple Vision". http://www.eetindia.co.in/ART_8800489394_1800000_NT_9316c414.HTM. 
8. ^ MindTree buys Kyocera Wireless India
9. ^ "MindTree to acquire 7Strata for Rs 7.2 cr". http://www.livemint.com/2010/04/22200048/MindTree-to-acquire-7Strata-fo.html. 
10. ^ "Ashok soota quits Mindtree". The Times Of India. http://economictimes.indiatimes.com/news/news-by-company/corporate-announcement/ashok-soota-quits-mindtree-to-pursue-new-biz-venture/articleshow/7382326.cms. 
11. ^ "how bad decisions are wiping the sheen off mindtree". The Times Of India. http://economictimes.indiatimes.com/infotech/software/how-bad-decisions-are-wiping-the-sheen-off-mindtree/articleshow/7330665.cms. 
12. ^ [1]
13. ^ "MindTree to Acquire Majority Equity Interest in Aztecsoft". http://www.przoom.com/news/33764/. .
14. ^ "MindTree files for IPO, Soota’s stake to fall". Times News Network. 2006-12-12. http://economictimes.indiatimes.com/articleshow/780330.cms. Retrieved 2006-12-12. 
15. ^ "MindTree sets IPO price band of 365–425 rupees". 2007-02-01. http://in.tech.yahoo.com/070201/137/6bp09.html. Retrieved 2006-02-01. 
16. ^ "MindTree IPO oversubscribed 103.28 times". Moneycontrol. 2007-02-14. http://www.moneycontrol.com/india/news/ipoissuesopen/mindtreeconsultinginitialpublicoffering/mindtreeipoover/market/stocks/article/267149. Retrieved 2006-02-14. 
17. ^ "MindTree Consulting debuts with 47.5% premium". 2007-03-07. http://news.moneycontrol.com/india/news/iponewlistings/mindtreeconsultingipo/mindtreeconsult/market/stocks/article/270245. Retrieved 2006-03-07. ^{[dead link]}.
18. ^ "TI Award for MindTree". http://www.pr-inside.com/mindtree-becomes-first-indian-company-to-r1172602.htm. 
19. ^ "The Hindu : Business / Briefly : Award for MindTree". Chennai, India. 2008-12-31. http://www.hindu.com/2008/12/31/stories/2008123155601500.htm. 
20. ^ "IBM Beacon 2008 Awards". http://www-03.ibm.com/press/us/en/pressrelease/23819.wss. 
21. ^ "MindTree clinches Nasscom Innovation Award 2007". http://www.efytimes.com/efytimes/24747/news.htm. 
22. ^ "India's Most Admired Knowledge Enterprises". Teleos. 2007-11-15. http://www.knowledgebusiness.com/knowledgebusiness/Templates/ReadKnowledgeLibrary.aspx?siteId=1&menuItemId=91&contentHeaderId=5642. Retrieved 2007-11-15. 
23. ^ "Indian Companies Emerge at the Top of the Business Today – Mercer Human Resource Consulting Best Companies to Work For In India Rankings consecutively for 2006 and 2007". IndiaPRwire. 2006-11-09. http://www.indiaprwire.com/pressrelease/other/20061109991.htm. Retrieved 2006-11-16. 

External links

• MindTree website