MindTree Limited is an international IT consulting company that was started in 1999 by 10 industry professionals who came from Cambridge Technology Partners, Lucent Technologies and Wipro. Currently co-headquartered in Warren, New Jersey and Bangalore, India, it has 3 development centers in India and 15 offices spread across Asia, Europe and the United States. The founding team was led by Ashok Soota, who was at that time vice chairman and president of Wipro, one of India's largest software companies. The company has close to 5,800 employees.
MindTree crossed USD 100 million in revenues in April 2006; the fastest Indian IT company to achieve the target. MindTree is also the world's youngest company to be assessed at both CMMi and P-CMM.
MindTree has been involved in the creation of Bluetooth technology and is an Associate Member of the Bluetooth Special Interest Group . Their Bluetooth protocol stack is licenced to NEC .
MindTree was started by 7 leaders in the Indian IT business - Ashok Soota
, Subroto Bagchi
, Krishnakumar Natarajan, S.Janakiraman, N.S.Parthasarathy, Kalyan Banerjee and Rostow Ravanan and 3 leaders in American IT business - Anjan Lahiri, Scott Staples and Kamran Ozair. Scott Staples now heads MindTree's US operations. They started with a funding of 9.1 million dollars from two Venture Capital firms Walden International and Sivan Securities. Initially starting as a pure-play e-business consulting and technology company, MindTree had to expand its offerings to include IT and R&D services during the down-turn following September 11
. The company obtained a second round of funding for 14.1 million dollars in August 2001 from the Capital Group
, and Franklin Templeton
apart from the initial VCs. MindTree announced that it has signed a definitive agreement with the largest shareholder of Aztecsoft Ltd. to acquire 32.57% of its shares at Rs 80 per share, which values the company at an equity valuation of USD 90 Million. MindTree will also announce an open offer to Aztecsoft’s public shareholders to purchase up to an additional 20% equity ownership interest. These transactions are subject to customary regulatory filings, clearances and approvals. After the completion of these transactions, MindTree will initiate the process of merging Aztecsoft into itself.
- IBM Beacon Award 2008 for Overall Technical Excellence in Sales and Distribution - Asia Pacific.
- Nasscom Innovation Award 2007 for knowledge management (KM) given by NASSCOM.
- MindTree Ranked Number 1 Most Admired Knowledge Enterprise (MAKE) in India based on an annual study conducted by Teleos and the Know Network
- Among the "Best Companies to Work for in 2005" in the 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 5 certification
- Second in the Business Today -- Mercer "Best Company to work for in India" for the second consecutive year in 2007
- Leader-Human Capital Development- “Global Services 100” - Source CMP-CyberMedia
MindTree’s logo was created by a student who has cerebral palsy
. The MindTree team interacted with a group of ten students at the Spastics Society of Karnataka
that runs a school for children with cerebral palsy - many in wheel chairs, and briefed them on MindTree’s Mission, Vision, and Core Values.
Subsequently, over several sessions, the team explained to them some basic concepts behind graphic design and asked them to interpret several known international logos.
All ten students turned in their version of MindTree’s logo. MindTree decided to adopt the work of Chetan K.S., a student who has motor and speech disability. The decisive skyward, blue brush stroke is Chetan's way of communicating imagination. The red stands for action. Finally, the bright yellow bubbles represent joy.
MindTree has a published integrity policy
; violations have resulted in termination.
Offices and Locations
Besides its co-headquarters in Bangalore
, MindTree has a development centre in Mahindra World City
named MindTree Coramandel, and offices in New Delhi
, Santa Clara
MindTree's regional headquarters are in Bangalore, London, and Warren (New Jersey).
- Key Industries
- Travel & Transportation
- Manufacturing (Consumer Goods, Automotive and Pharmaceuticals)
- Banking and Financial Services
- Capital Markets
- High tech
- Travcel and Transportation
- Multi Markets
- Markets -
- Communication Systems
- Storage and Computing systems
- Consumer Appliances and Computer peripherals
- Industrial Systems
- Multi Markets (Medical and Avionics)
- Licensable IP Offerings -
- Bluetooth (Software Stack and Baseband)
- SBC (Bluetooth low-complexity Sub-Band Codec)
1) Acquired NOIDA
based ASAP soultions in 2004 for all cash deal
2) Acquired Bangalore
based Linc Software
Services Pvt Ltd. in 2005 for stock and cash
3) Acquired Indian division of cosystems
for all cash deal
4) Acquired TES-Purple Vision in December 2007
5) MindTree to Acquire Majority Equity Interest in Aztecsoft
MindTree Consulting had filed its draft red herring propectus with the Securities and Exchange Board of India (Sebi) for its initial public offer
(IPO) on December 12
It was offering 5,593,300 equity shares of Rs 10 each.
MindTree IPO opened on 9 February 2007 and closed on 14 February 2007. The price band fixed was Rs. 365 to Rs. 425. The IPO was oversubscribed more than 100 times.
MindTree listed at more than 600 Rs on 2007-03-07
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