Tech Mahindra

{{Infobox company|

| logo = File:Logo-True-Colors-original.png

| type = Public

| traded_as = {{Unbulleted list|{{BSE|532755}}|{{NSE|TECHM}}|

BSE SENSEX constituent|NSE NIFTY 50 constituent}}

| area_served = Worldwide

| key_people = {{ubl| Anand Mahindra {{small|(Chairman)}} |Mohit Joshi {{small|(MD & CEO){{cite web | url=https://www.techmahindra.com/en-in/techm-appoints-mohit-joshi-as-md-and-ceo-designate/ | title=Tech Mahindra appoints Mohit Joshi as MD & CEO designate }}}}}}

| ISIN = {{ISIN|sl=n|pl=y|INE669C01036}}

| industry = Information technology
Consulting
Outsourcing

| services =

| revenue = {{Decrease}} {{INRConvert|52912|c}} (2024)

| operating_income = {{Decrease}} {{INRConvert|3224|c}} (2024)

| net_income = {{decrease}} {{INRConvert|2396|c}} (2024)

| assets = {{Decrease}} {{INRConvert|43423|c}}

| assets_year = 2024

| equity = {{Decrease}} {{INRConvert|27146|c}}

| equity_year = 2024

| num_employees = 138,510 (March 2024){{Cite web|url= https://www.moneycontrol.com/news/business/earnings/tech-mahindra-ends-q3-with-4354-fewer-employees-12118321.html |title=Tech Mahindra ends Q3 with 4,354 fewer employees

|date=24 January 2024|publisher=Moneycontrol}}

| parent = Mahindra Group

| founded = {{Start date and age|24 October 1986}}

| founder = Anand Mahindra

| location = Pune, Maharashtra, India

| former_name = Mahindra British Telecom (1986–2006)

| footnotes = Financials {{as of|2024|03|31|lc=y}}.{{cite news |title=Integrated Annual Report 2022-23 |url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/f2118bd5-8da0-419b-8892-faab9fbe51c5.pdf |access-date=25 April 2024 |work=Tech Mahindra}}{{cite web|url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/f2118bd5-8da0-419b-8892-faab9fbe51c5.pdf |title=TechMahindra Profit and loss statement}}

| homepage = {{URL|http://www.techmahindra.com/}}

}}

Tech Mahindra is an Indian multinational information technology services and consulting company. It was formed in 1986 as a joint venture between BT Group and Mahindra & Mahindra. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.{{Cite web |title=Tech Mahindra |url=http://www.techmahindra.com/en-in/ |access-date=January 1, 2018 |website=techmahindra.com |publisher=TechMahindra}}

History

In 1986, Mahindra & Mahindra started a 60:40 joint venture technology services outsourcing firm with British 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%.{{cite news |title=British Telecom commits Rs 7250/- million business to MBT over three years |url=https://www.rediff.com/money/2000/aug/30risc.htm |access-date=9 September 2024 |work=Rediff}} MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.{{cite news |title=Tech Mahindra bags $700 mn deal from British Telecom |url=https://economictimes.indiatimes.com/tech/ites/tech-mahindra-bags-700-mn-deal-from-british-telecom/articleshow/3044721.cms |access-date=9 September 2024 |work=The Economic Times |date=16 May 2008}}

In 2006, MBT was renamed as Tech Mahindra,{{cite news |title=MBT to be renamed Tech Mahindra |url=https://www.business-standard.com/article/technology/mbt-to-be-renamed-tech-mahindra-106021400031_1.html |access-date=5 September 2024 |work=Business Standard |date=14 February 2006}} and it became a public company via an initial public offering.{{cite news |title=Tech Mahindra sets IPO price band at Rs 315-Rs 365 |url=https://economictimes.indiatimes.com/markets/ipos/fpos/tech-mahindra-sets-ipo-price-band-at-rs-315-rs-365/articleshow/1815233.cms |access-date=5 September 2024 |work=The Economic Times |date=27 July 2006}} In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for {{INR}}451 crore.{{cite web|title=BT Group to exit from Tech Mahindra, directors resign|url=http://articles.economictimes.indiatimes.com/2011-12-24/news/30554758_1_bt-group-tech-mahindra-techm|publisher=Economic Times|access-date=4 July 2015|date=24 December 2011|archive-url=https://web.archive.org/web/20150705160534/http://articles.economictimes.indiatimes.com/2011-12-24/news/30554758_1_bt-group-tech-mahindra-techm|archive-date=5 July 2015|url-status=dead|df=dmy-all}} In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about {{INR}}1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for {{INR}}1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.{{cite web|title=BT exits Tech Mahindra|url=http://www.thehindu.com/business/companies/bt-exits-tech-mahindra/article4191751.ece|work=The Hindu|access-date=4 July 2015|date=12 December 2012}}

=Acquisition and merger of Satyam=

After the Satyam scandal of 2008–09, Tech Mahindra emerged as the top bidder for a 31% stake in Satyam Computer Services, beating a bid from Larsen & Toubro.{{cite web|url=http://ibnlive.in.com/news/tech-mahindra-wins-satyam-bid--full-coverage/90124-7.html|archive-url=https://web.archive.org/web/20090416110946/http://ibnlive.in.com/news/tech-mahindra-wins-satyam-bid--full-coverage/90124-7.html|url-status=dead|archive-date=2009-04-16|title=Tech Mahindra wins Satyam Computer bid|work=IBNLive}} After evaluating the bids, the government-appointed board of Satyam Computer announced on April 13, 2009 that it had selected Venturbay Consultants Private Limited, a subsidiary of Tech Mahindra, as the highest bidder to acquire a controlling stake in the company.{{cite news|url=https://www.indiatoday.in/headlines-today-top-stories/story/tech-mahindra-wins-satyam-bid-44197-2009-04-12|title=Tech Mahindra wins Satyam bid|website=India Today|date=12 April 2009}} After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.{{cite news |title=Satyam renamed as Mahindra Satyam |url=https://www.business-standard.com/article/companies/satyam-renamed-as-mahindra-satyam-109062200054_1.html |access-date=5 September 2024 |work=Business Standard |date=22 June 2009}}

File:Tech Mahindra Bangalore (cropped).jpg campus of Tech Mahindra c. 2017]]

Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.{{cite web|url=http://articles.economictimes.indiatimes.com/2011-06-21/news/29683399_1_tech-mahindra-mahindra-satyam-mahindra-satyam-tech-mahindra-sixth-largest-software-exporter/|archive-url=https://web.archive.org/web/20110805231135/http://articles.economictimes.indiatimes.com/2011-06-21/news/29683399_1_tech-mahindra-mahindra-satyam-mahindra-satyam-tech-mahindra-sixth-largest-software-exporter|url-status=dead|archive-date=5 August 2011|title=Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra|work=timesofindia-economictimes}}{{cite web|url=http://www.livemint.com/2012/03/21094345/Tech-Mahindra-Satyam-get-nod.html|title=Tech Mahindra, Satyam get nod to merge}} The new organization would be led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman, and C. P. Gurnani as the CEO and Managing Director.{{cite web|url=http://indiatoday.intoday.in/story/m-satyam-tech-mahindra-hope-to-merge-in-four-weeks/1/279629.html|title=M-Satyam, Tech Mahindra hope to merge in four weeks|date=11 June 2013 }}{{cite web|url=http://www.moneycontrol.com/news/business/will-complete-tech-mah-satyam-merger8-weeks-nayyar-_896218.html|title=Will complete Tech Mah, Satyam merger in 8 weeks: Nayyar|date=11 June 2013}}{{cite news| url=http://www.thehindu.com/business/Industry/high-court-clears-merger-of-mahindra-satyam-with-tech-mahindra/article4803837.ece | location=Chennai, India | work=The Hindu | title=MSat-Tech Mahindra merger gets court nod | date=June 11, 2013}} On 25 June 2013, Tech Mahindra announced the completion of its merger with Mahindra Satyam to create India's fifth largest software services company with a turnover of $2.7 billion.{{cite web|url=http://zeenews.india.com/business/news/companies/mahindra-satyam-merges-with-tech-mahindra_78656.html |title=Mahindra Satyam merges with Tech Mahindra; becomes 5th biggest IT firm |access-date=2013-06-25 |url-status=live |archive-url=https://web.archive.org/web/20150619224313/http://zeenews.india.com/business/news/companies/mahindra-satyam-merges-with-tech-mahindra_78656.html |archive-date=19 June 2015 |df=dmy }}{{cite web|url=http://www.moneycontrol.com/news/business/tech-mahindra-satyam-computer-complete-merger_905059.html|title=Tech Mahindra, Satyam Computer complete merger|date=25 June 2013}} Mahindra Satyam was suspended from trading with effect from 4 July 2013, following the merger.{{cite web|url=http://www.moneycontrol.com/news/market-news/tradingmahindra-satyam-to-be-suspendedjuly-4_908200.html|title=Trading in Mahindra Satyam to be suspended from July 4|date=29 June 2013}} After the completion of share swap,{{Cite news| url=http://www.thehindu.com/business/Industry/185-swap-for-tech-mahindra-mahindra-satyam-merger/article4849296.ece | location=Chennai, India | work=The Hindu | title=1:8.5 swap for Tech Mahindra, Mahindra Satyam merger | date=June 25, 2013}} the stock exchanges approved the trading of new shares from 12 July 2013.{{cite web|url=http://www.rediff.com/business/report/tech-mahindra-completes-share-swap-issued-capital-goes-up/20130712.htm|title=Tech Mahindra completes share swap, issued capital goes up|date=12 July 2013}}{{cite news| url=http://timesofindia.indiatimes.com/business/india-business/Tech-Mahindra-completes-share-swap/articleshow/21044763.cms | work=The Times Of India | title=Tech Mahindra completes share swap — The Times of India}}

=Later years=

In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), a telecom services company. In 2015, Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian automotive and industrial design company.{{cite web|url=http://articles.economictimes.indiatimes.com/2015-12-14/news/69033382_1_tech-mahindra-debt-restructuring-design|title=Tech Mahindra set to acquire Italian car design company Pininfarina|work=timesofindia-economictimes|access-date=22 December 2015|archive-url=https://web.archive.org/web/20151223040737/http://articles.economictimes.indiatimes.com/2015-12-14/news/69033382_1_tech-mahindra-debt-restructuring-design|archive-date=23 December 2015|url-status=dead|df=dmy-all}} Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time).{{cite web|url=http://www.business-standard.com/article/companies/tech-mahindra-aims-10-productivity-improvement-with-new-automation-platform-115122200882_1.html|title=Tech Mahindra rolls out automation tool to boost productivity|author=Bibhu Ranjan Mishra|date=23 December 2015}} By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.{{Cite web|title=TECHM Shareholding Pattern - Tech Mahindra Ltd Stock|url=https://fintel.io/so/in/techm|access-date=2020-06-28|website=fintel.io|language=en}}

Tech Mahindra was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019.{{Cite web|url=https://www.fortuneindia.com/fortune-500/company-list/tech-mahindra?year=2019|title=Tech Mahindra - Fortune 500 List 2019|website=Fortune}} {{Webarchive|url=https://web.archive.org/web/20220302135619/https://www.fortuneindia.com/fortune-500/company-list/tech-mahindra?year=2019 |date=2 March 2022 }}

In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot.{{Cite news|title=Tech Mahindra partners with ThoughtSpot for AI-driven analytics|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/information-tech/tech-mahindra-partners-with-thoughtspot-for-ai-driven-analytics/articleshow/81344995.cms|access-date=2021-03-09}}

In October 2022 Tech Mahindra acquired 26% equity shares in Upendra Singh Multi Transmission Private Limited, allowing the company to procure 1.5 MW of solar energy for its facilities in Noida.{{Cite web |title=Tech Mahindra to acquire 26% in Upendra Singh Multi Transmission |url=https://www.indiainfoline.com/article/news-top-story/tech-mahindra-to-acquire-26-in-upendra-singh-multi-transmission-122102700022_1.html |access-date=2022-10-28 |website=www.indiainfoline.com |language=en}}

In 2023, Tech Mahindra and FIDE organized the Global Chess League, an over-the-board rapid chess league.{{Cite web |title=FIDE and Tech Mahindra Announce Dates for First & Biggest Global Chess League |url=https://www.fide.com/news/2293 |access-date=2023-08-06 |website=www.fide.com |language=en}}{{Cite news |title=Tech Mahindra, FIDE join hands for franchisee-based chess competition |work=Business Standard |url=https://www.business-standard.com/companies/news/tech-mahindra-fide-join-hands-for-franchisee-based-chess-competition-123050400859_1.html}}

Acquisitions

Notable acquisitions by Tech Mahindra include:

class="wikitable" \|+ ! Year !! Company !! Country !! Industry !! Acquisition cost
2005	Axes Technologies{{cite news \|title=Mahindra British buys Axes Tech for $54m \|url=https://economictimes.indiatimes.com/mahindra-british-buys-axes-tech-for-54m/articleshow/1298250.cms \|access-date=9 September 2024 \|work=The Economic Times \|date=17 November 2005}}	United States	Telecom engineering	align="right" \| $54 million
2007	iPolicy Networks{{cite news \|title=Tech Mahindra buys US co iPolicy Inc \|url=https://www.rediff.com/money/2007/jan/18tech1.htm \|access-date=9 September 2024 \|work=Rediff}}	United States	Network security	align="right" \| Undisclosed
2009-13	Satyam Computer Services{{cite news \|title=Tech Mahindra completes Satyam merger \|url=https://www.vccircle.com/tech-mahindra-completes-satyam-merger \|access-date=9 September 2024 \|work=VCCircle}}	India	IT services	align="right" \| $1.75 billion
2012	Hutchinson Global Services{{cite news \|last1=Shivapriya \|first1=N. \|title=Tech Mahindra announces acquisition Hutchison Global Services for $ 87 million \|url=https://economictimes.indiatimes.com/tech/ites/tech-mahindra-announces-acquisition-hutchison-global-services-for-87-million/articleshow/16249039.cms \|access-date=5 September 2024 \|work=The Economic Times \|date=4 September 2012}}	United States	Business process outsourcing	align="right" \| $87 million
2012	Comviva{{cite news \|title=Tech Mahindra buys 51% of Bharti Group's mobile VAS firm Comviva for $48M \|url=https://www.vccircle.com/tech-mahindra-buys-51-bharti-groups-mobile-vas-firm-comviva-48m \|access-date=5 September 2024 \|work=VCCircle}}	India	Telecom VAS	align="right" \| $48 million
2014	Lightbridge Communications Corporation (LCC){{cite news \|title=Tech Mahindra acquires 100% stake in Lightbridge Communications \|url=https://www.livemint.com/Companies/3UHrEWFftiQd6RrqL8QrTJ/Tech-Mahindra-acquires-100-stake-in-Lightbridge-Communicati.html \|access-date=5 September 2024 \|work=Mint}}	United States	Telecom network services	align="right" \| $240 million
2015	SOFGEN Holdings{{cite web\|url=http://articles.economictimes.indiatimes.com/2015-01-09/news/57883595_1_tech-mahindra-lightbridge-communications-gurnani\|title=Tech Mahindra to acquire Swiss firm SOFGEN Holdings\|work=timesofindia-economictimes\|access-date=15 January 2015\|archive-url=https://web.archive.org/web/20150114032047/http://articles.economictimes.indiatimes.com/2015-01-09/news/57883595_1_tech-mahindra-lightbridge-communications-gurnani\|archive-date=14 January 2015\|url-status=dead\|df=dmy-all}}	Switzerland	Banking technology consulting	align="right" \| Undisclosed
2015	Pininfarina{{cite news \|last1=Merchant \|first1=Akbar \|title=Mahindra acquires Pininfarina design house \|url=https://www.autocarindia.com/car-news/mahindra-acquires-pininfarina-design-house-399163 \|access-date=5 September 2024 \|work=Autocar India \|date=14 December 2015 \|language=en}}	Italy	Automotive design engineering	align="right" \| €168 million
2016	Target Group{{cite news \|title=Tech Mahindra to acquire UK's Target Group for up to $175 mn \|url=https://www.vccircle.com/tech-mahindra-acquire-uks-target-group-175-million \|access-date=5 September 2024 \|work=VCCircle}}	United Kingdom	Business process outsourcing	align="right" \| £120 million
2016	The Bio Agency{{cite news \|title=Tech Mahindra acquires UK's The BIO Agency \|url=https://www.thehindubusinessline.com/info-tech/tech-mahindra-acquires-uk-based-bio-agency-in-all-cash-deal/article64327900.ece \|access-date=11 April 2025 \|work=BusinessLine \|date=22 June 2016 \|language=en}}	United Kingdom	Digital consulting	align="right" \| £45 million
2017	HCI Group (CJS Solutions Group){{cite news \|last1=Usmani \|first1=Azman \|title=Tech Mahindra To Acquire U.S.-Based Healthcare IT Consulting Firm, HCI Group \|url=https://www.ndtvprofit.com/business/tech-mahindra-to-acquire-us-based-healthcare-it-consulting-firm-hci-group \|access-date=5 September 2024 \|work=NDTV Profit \|date=6 March 2017 \|language=en}}	United States	Healthcare technology	align="right" \| $89.5 million
2019	BORN Group{{Cite web\|url=https://www.livemint.com/companies/news/tech-mahindra-acquires-born-group-for-95-million-11572959869569.html\|title=Tech Mahindra acquires New York-based BORN Group for $95 million\|last=Sriram\|first=M.\|date=2019-11-05\|website=Mint\|language=en\|access-date=2019-11-26}}	United States	Content agency	align="right" \| $90 million
2020	Zen3 Infosolutions{{cite news \|title=Tech Mahindra to acquire Zen3 Infosolutions for Rs 460 crore in all-cash deal \|url=https://www.businesstoday.in/latest/corporate/story/tech-mahindra-to-acquire-zen3-infosolutions-for-rs-460-crore-in-all-cash-deal-250657-2020-02-24 \|access-date=5 September 2024 \|work=Business Today \|date=24 February 2020 \|language=en}}	United States	Enterprise software	align="right" \| $64 million
2020	Tenzing Group{{cite news \|last1=Baruah \|first1=Ayushman \|title=Tech Mahindra acquires Momenton and Tenzing to boost financial services biz \|url=https://www.livemint.com/companies/news/tech-mahindra-acquires-momenton-and-tenzing-to-boost-financial-services-biz-11603793452877.html \|access-date=11 April 2025 \|work=Mint \|date=27 October 2020 \|language=en}}	New Zealand	Management consulting	align="right" \| $29.5 million
2021	Perigord{{cite news \|title=Tech Mahindra acquires 70% stake in Dublin-based Perigord for $25.06 million \|url=https://www.financialexpress.com/business/industry-tech-mahindra-acquires-70-stake-in-dublin-based-perigord-for-25-06-million-2213450/ \|access-date=11 April 2025 \|work=Financial Express \|date=16 March 2021 \|language=en}}	Ireland	Digital services	align="right" \| €21 million
2021	DigitalOnUs{{cite news \|title=Tech Mahindra acquires DigitalOnUS for $120 million \|url=https://www.thehindubusinessline.com/info-tech/tech-mahindra-acquires-entire-stake-in-digitalonus/article34365967.ece \|access-date=5 September 2024 \|work=BusinessLine \|date=20 April 2021 \|language=en}}	United States	Cloud and DevOps services	align="right" \| $120 million
2021	Eventus Solutions Group{{cite news \|title=Tech Mahindra to acquire Eventus Solutions Group for up to $44 million \|url=https://economictimes.indiatimes.com/tech/information-tech/tech-mahindra-to-acquire-eventus-solutions-group-for-up-to-44-million/articleshow/82261217.cms \|access-date=5 September 2024 \|work=The Economic Times \|date=26 April 2021}}	United States	CX consulting	align="right" \| $44 million
2021	Brainscale{{cite news \|title=Tech Mahindra acquires US cloud consulting firm Brainscale \|url=https://www.business-standard.com/article/news-cm/tech-mahindra-acquires-us-cloud-consulting-firm-brainscale-121062800461_1.html \|access-date=5 September 2024 \|work=Business Standard}}	United States	Cloud consulting	align="right" \| $28.8 million
2021	Lodestone (Infostar){{cite news \|title=Tech Mahindra acquires Lodestone, WMW \|url=https://economictimes.indiatimes.com/tech/information-tech/tech-mahindra-acquires-lodestone-wmw/articleshow/87260603.cms \|access-date=5 September 2024 \|work=The Economic Times \|date=25 October 2021}}	United States	Product engineering	align="right" \| $105 million
2021	Activus Connect{{cite news \|title=Tech Mahindra buys Activus \|url=https://www.livemint.com/companies/news/tech-mahindra-acquires-100-stake-in-activus-connect-for-62-million-11638545377411.html \|access-date=5 September 2024 \|work=Mint}}	United States	CX technology	align="right" \| $62 million
2021	Allyis Group{{cite news \|title=Tech Mahindra to acquire 100% stake in US-based Allyis Group \|url=https://www.livemint.com/companies/news/tech-mahindra-to-acquire-100-stake-in-us-based-allyis-group-11640925605137.html \|access-date=5 September 2024 \|work=Mint}}	United States	IT consulting	align="right" \| $125 million
2022	Com Tec Co (CTC){{cite news \|title=Tech Mahindra Acquires Com Tec Co IT Ltd and invests in two InsurTech platforms \|url=https://economictimes.indiatimes.com/markets/companies/tech-mahindra-acquires-european-tech-firm-for-eur-310-mn/articleshow/88954235.cms \|access-date=5 September 2024 \|work=The Economic Times \|date=17 January 2022}}	Cyprus	IT consulting	align="right" \| €310 million
2022	Thirdware{{cite news \|title=Tech Mahindra to completely acquire Thirdware for Rs 320 cr \|url=https://www.business-standard.com/article/companies/tech-mahindra-to-completely-acquire-thirdware-for-rs-320-cr-122031200935_1.html \|access-date=5 September 2024 \|work=Business Standard}}	India	Enterprise software	align="right" \| $42 million

Locations

Tech Mahindra has offices in around 50 countries.{{cite web|url=https://www.techmahindra.com/contact-us/ |title=Tech Mahindra > Location Details |access-date=2012-10-01}}