MindTree
Encyclopedia
MindTree Limited, formerly known as MindTree Consulting Limited , 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.
MindTree was involved in the creation of Bluetooth
technology and is an Associate Member of the Bluetooth Special Interest Group
. Its Bluetooth protocol stack
is licenced to NEC
.
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.
, 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. 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. In September 2009, MindTree acquired the Indian arm of Kyocera Wireless, Kyocera Wireless India Pvt Ltd, for USD $6 million. In 2010 MindTree acquired the remote infrastructure management services provider 7Strata for Rs7.2 crore in cash. 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).
Several newspaper have carried articles covering the underperformance of MindTree with respect to other IT companies.
. 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.
MindTree's plans at Bhubaneswar, where the company has applied for and been allotted 20 acres (80,937.2 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 (19,424.9 m²) of it are privately owned.
for its initial public offering (IPO) on 12 December 2006. It offered 5,593,300 equity shares at Rs 10 each.
The 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 Rs. 600/- on 7 March 2007.
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
(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
Cambridge Technology Partners
Cambridge Technology Partners was founded by John J. Donovan in 1991 in Cambridge, Massachusetts, USA as a division of Cambridge Technology Group, is a leading consulting firm with focus on solving complex business problems with technology based solutions.Today, the headquarters are based in Nyon...
, Lucent Technologies
Lucent Technologies
Alcatel-Lucent USA, Inc., originally Lucent Technologies, Inc. is a French-owned technology company composed of what was formerly AT&T Technologies, which included Western Electric and Bell Labs...
, and Wipro
Wipro
Wipro Limited formally Western India Products Limited is a global IT services and consulting company headquartered in Bangalore, India. As of 2011, Wipro is the second largest IT services company by turnover in India and employs more than 120,000 people worldwide as of March 2011...
. Currently co-headquartered in Warren
Warren
- Definition :Warren refers to a network of underground interconnecting rabbit burrows, a place where rabbits breed and live, or an overcrowded place or building.- Geographical names :* Warrens, Saint Michael, Barbados* Warren, Manitoba, Canada...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, and Bangalore
Bangalore
Bengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, 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.
MindTree was involved in the creation of Bluetooth
Bluetooth
Bluetooth is a proprietary open wireless technology standard for exchanging data over short distances from fixed and mobile devices, creating personal area networks with high levels of security...
technology and is an Associate Member of the Bluetooth Special Interest Group
Bluetooth Special Interest Group
The Bluetooth Special Interest Group is the body that oversees the development of Bluetooth standards and the licensing of the Bluetooth technologies and trademarks to manufacturers. The SIG is a privately held, not-for-profit trade association founded in September 1998. The SIG is headquartered...
. Its Bluetooth protocol stack
Protocol stack
The protocol stack is an implementation of a computer networking protocol suite. The terms are often used interchangeably. Strictly speaking, the suite is the definition of the protocols, and the stack is the software implementation of them....
is licenced to NEC
NEC
, a Japanese multinational IT company, has its headquarters in Minato, Tokyo, Japan. NEC, part of the Sumitomo Group, provides information technology and network solutions to business enterprises, communications services providers and government....
.
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.
History
MindTree was started by seven Indian businessmen in IT – Subroto BagchiSubroto Bagchi
Subroto Bagchi is a co-founder of MindTree Ltd., an international IT consulting company. In April 2008, he was redesignated as the "gardener" and in this role he will "repot, fertilize and weed and clip the human resources." He is the author of the books, Go Kiss The World: Life Lessons for the...
, Janakiraman S, N.S. Parthasarathy, Kalyan Banerjee, Ashok Soota
Ashok Soota
Ashok Soota was the co-founder and executive chairman of the Indian IT consulting company MindTree. Earlier he was the CEO of Wipro Infotech from 1984 to 1999. Soota holds a B.E. degree in electrical engineering from University of Roorkee and a MBA from the Asian Institute of Management in the...
, 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
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
firms, Walden International and Sivan Securities. 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
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
price band was fixed for Rs. 365 to Rs. 425. MindTree was listed the Bombay Stock Exchange
Bombay Stock Exchange
The Bombay Stock Exchange is a stock exchange located on Dalal Street, Mumbai and is the oldest stock exchange in Asia. The equity market capitalization of the companies listed on the BSE was 1.63 trillion as of December 2010, making it the 4th largest stock exchange in Asia and the 8th largest...
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. In September 2009, MindTree acquired the Indian arm of Kyocera Wireless, Kyocera Wireless India Pvt Ltd, for USD $6 million. In 2010 MindTree acquired the remote infrastructure management services provider 7Strata for Rs7.2 crore in cash. 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).
Several newspaper have carried articles covering the underperformance of MindTree with respect to other IT companies.
Logo
MindTree's logo was created by a student who has cerebral palsyCerebral palsy
Cerebral palsy is an umbrella term encompassing a group of non-progressive, non-contagious motor conditions that cause physical disability in human development, chiefly in the various areas of body movement....
. The MindTree team met with a group of ten students at the Spastics Society of Karnataka
Karnataka
Karnataka , the land of the Kannadigas, is a state in South West India. It was created on 1 November 1956, with the passing of the States Reorganisation Act and this day is annually celebrated as Karnataka Rajyotsava...
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.Offices and locations
MindTree's regional headquarters are in Bangalore, London, and Warren, New Jersey.MindTree's plans at Bhubaneswar, where the company has applied for and been allotted 20 acres (80,937.2 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 (19,424.9 m²) of it are privately owned.
Asia Pacific
- India: BangaloreBangaloreBengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
, ChennaiChennaiChennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
, Hyderabad, MumbaiMumbaiMumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, New DelhiNew DelhiNew Delhi is the capital city of India. It serves as the centre of the Government of India and the Government of the National Capital Territory of Delhi. New Delhi is situated within the metropolis of Delhi. It is one of the nine districts of Delhi Union Territory. The total area of the city is...
, PunePunePune , is the eighth largest metropolis in India, the second largest in the state of Maharashtra after Mumbai, and the largest city in the Western Ghats. Once the centre of power of the Maratha Empire, it is situated 560 metres above sea level on the Deccan plateau at the confluence of the Mula ...
, KochiKochi-Places:* Kochi, a city in the state of Kerala, India, formerly known as Cochin* Kingdom of Cochin, a former feudal city-state on Malabar Coast, India** Fort Kochi, one of the three main urban components which constitute the present day city of Kochi, Kerala, India... - Australia: SydneySydneySydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
- Japan: TokyoTokyo, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
- Singapore : SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
- China : ShenzhenShenzhenShenzhen is a major city in the south of Southern China's Guangdong Province, situated immediately north of Hong Kong. The area became China's first—and one of the most successful—Special Economic Zones...
North America
- USA: Bellevue (WA)Bellevue, WashingtonBellevue is a city in the Eastside region of King County, Washington, United States, across Lake Washington from Seattle. Long known as a suburb or satellite city of Seattle, it is now categorized as an edge city or a boomburb. The population was 122,363 at the 2010 census.Downtown Bellevue is...
, Warren (NJ), Schaumburg (IL)Schaumburg, IllinoisSchaumburg is a city located in Cook County in northeastern Illinois. A common misspelling of the city name is Schaumberg, a spelling which persists on some modern maps. Schaumburg is located just under northwest of downtown Chicago and approximately northwest of O'Hare International Airport. As...
, San Jose(CA)San Jose, CaliforniaSan Jose is the third-largest city in California, the tenth-largest in the U.S., and the county seat of Santa Clara County which is located at the southern end of San Francisco Bay...
, Irwing (TX)
Europe and the Middle East
- Sweden: StockholmStockholmStockholm is the capital and the largest city of Sweden and constitutes the most populated urban area in Scandinavia. Stockholm is the most populous city in Sweden, with a population of 851,155 in the municipality , 1.37 million in the urban area , and around 2.1 million in the metropolitan area...
- UK: LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
- Germany: CologneCologneCologne is Germany's fourth-largest city , and is the largest city both in the Germany Federal State of North Rhine-Westphalia and within the Rhine-Ruhr Metropolitan Area, one of the major European metropolitan areas with more than ten million inhabitants.Cologne is located on both sides of the...
- France: ParisParisParis is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
- Switzerland: LiestalLiestalLiestal is the capital of the canton of Basel-Country in Switzerland, south of Basel.It is an industrial town with a cobbled-street Old Town.-History:...
- Belgium: BrusselsBrusselsBrussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
- Netherlands
- UAE: DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
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
- BluetoothBluetoothBluetooth is a proprietary open wireless technology standard for exchanging data over short distances from fixed and mobile devices, creating personal area networks with high levels of security...
(software stack and baseband) - SBC (Bluetooth low-complexity sub-band codec)
- Bluetooth
- 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)
- BangaloreBangaloreBengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
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)
- BangaloreBangaloreBengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
based Kyocera India Pvt Ltd. - ChennaiChennaiChennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
based 7Strata: Remote IT Infrastructure Management Services
IPO details
MindTree Consulting filed its draft red herring propectus with the Securities and Exchange Board of IndiaSecurities and Exchange Board of India
The Securities and Exchange Board of India is the regulator for the securities market in India.-History:It was formed officially by the Government of India in 1992 with SEBI Act 1992 being passed by the Indian Parliament...
for its initial public offering (IPO) on 12 December 2006. It offered 5,593,300 equity shares at Rs 10 each.
The 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 Rs. 600/- on 7 March 2007.
Awards
- Texas InstrumentsTexas InstrumentsTexas Instruments Inc. , widely known as TI, is an American company based in Dallas, Texas, United States, which develops and commercializes semiconductor and computer technology...
2008 Supplier Excellence Award – the first Indian company to win this award - ICSI National Award for Excellence in Corporate Governance, 2008
- IBM Beacon Award 2008 for Overall Technical Excellence in Sales and Distribution – Asia Pacific
- NASSCOMNASSCOMThe National Association of Software and Services Companies of IT software and services related activities for use of both the software developers as well as interested companies overseas....
Innovation Award 2007 for knowledge management - MindTree was ranked as the 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 a Business TodayBusiness TodayBusiness Today may refer to:*Business Today , an American, non-profit student organization*Business Today , an Indian fortnightly business magazine* 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 AssociatesHewitt AssociatesHewitt Associates , based in Lincolnshire, Illinois, United States was a global human resources outsourcing and consulting firm delivering a complete range of integrated services to help companies manage their total HR and employee costs, enhance HR services, and improve their workforces.Hewitt...
. - 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.
- Leader-Human Capital Development – "Global Services 100" – Source CMP-CyberMedia.
- MAKE 2009 Award http://www.reuters.com/article/pressRelease/idUS107622+14-Oct-2009+BW20091014