Tech Mahindra

Tech Mahindra is an Indian multinational information technology services and consulting company. It was formed in 1986 as a joint venture between Mahindra & Mahindra and BT Group. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.

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%. MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.

In 2006, MBT was renamed as Tech Mahindra, and it became a publicly-listed company via an initial public offering. In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for 451 crore. In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about 1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for 1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.

Acquisition and merger of Satyam In the aftermath of the Satyam scandal, Tech Mahindra emerged as the top bidder for a 31% controlling stake in Satyam Computer Services, beating a bid from Larsen & Toubro, in April 2009. After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009. Tech Mahindra's stake in Satyam increased to 42% through a preferential share allotment in July 2009.

In 2010, Mahindra Satyam and Morpho were awarded a contract by UIDAI to implement the biometric identification system for the Aadhaar programme. Mahindra Satyam, along with Tech Mahindra, was the official IT services provider for the 2010 and 2014 FIFA World Cups.

Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards. 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. On 25 June 2013, Tech Mahindra completed the merger to become India's fifth largest software services company with a turnover of $2.7 billion. The merger diversified Tech Mahindra's revenue mix, with the telecommunication vertical's share declining from over 90% in 2009 to 47% in 2013.

Later years In 2013, Mahindra Group company Mahindra Engineering Services (MES) merged with Tech Mahindra. In 2015, Tech Mahindra and Mahindra & Mahindra (M&M) jointly purchased a controlling stake in Pininfarina S.p.A., an Italian automotive and industrial design company. By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M. Tech Mahindra was ranked 5th among India's IT firms and overall 47th on the Fortune India 500 list for 2019. Since 2023, Tech Mahindra and FIDE have organized the Global Chess League, an over-the-board rapid chess league. In 2025, Tech Mahindra was one of the eight entities selected by the IndiaAI Mission to develop a sovereign foundation LLM.

Acquisitions Notable acquisitions by Tech Mahindra include: + Year Company Country Industry Acquisition cost 2005 Axes Technologies United States Telecom engineering $54 million 2007 iPolicy Networks United States Network security Undisclosed 2009-13 Satyam Computer Services India IT services $600 million 2012 Hutchinson Global Services United States Business process outsourcing $87 million 2012 Comviva India Telecom VAS $48 million 2014 Lightbridge Communications Corporation (LCC) United States Telecom network services $240 million 2015 SOFGEN Holdings Switzerland Banking technology consulting Undisclosed 2015 Pininfarina Italy Automotive design engineering €168 million 2016 Target Group United Kingdom Business process outsourcing £120 million 2016 The Bio Agency United Kingdom Digital consulting £45 million 2017 HCI Group (CJS Solutions Group) United States Healthcare technology $89.5 million 2019 Mad*Pow United States Design strategy agency unknown 2019 BORN Group United States Content agency $90 million 2020 Zen3 Infosolutions United States Enterprise software $64 million 2020 Cerium Systems India IC and embedded software $32.1 million 2020 Tenzing Group New Zealand Management consulting $29.5 million 2021 Perigord Ireland Digital services €21 million 2021 DigitalOnUs United States Cloud and DevOps services $120 million 2021 Eventus Solutions Group United States CX consulting $44 million 2021 Brainscale United States Cloud consulting $28.8 million 2021 Lodestone (Infostar) United States Product engineering $105 million 2021 Activus Connect United States CX technology $62 million 2021 Allyis Group United States IT consulting $125 million 2022 Com Tec Co (CTC) Cyprus IT consulting €310 million 2022 Thirdware India Enterprise software $42 million

Operations For the year ended March 2025, the company derived 85.9% of its revenue from IT consulting, software application development and maintenance services, and the remaining 14.1% from business process services and outsourcing.

Financials YearRevenue (In crores)Profits/Loss (In crores)202137,8854,3512022 44,646 5,6272023 53,290 4,8862024 51,995 2,3862025 52,988 4,244

Tech Mahindra

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