 | |
| Formerly | L&T Infotech |
|---|---|
| Company type | Public |
|
| |
| ISIN | INE214T01019 |
| Industry | Information technology Consulting Outsourcing[1] |
| Founded | 23 December 1996; 27 years ago (23 December 1996) |
| Headquarters |
L&T House, Ballard Estate, Mumbai
,
India
|
Area served | Worldwide |
Key people | A. M. Naik (Chairman) S. N. Subrahmanyan |
| Revenue |  ₹35,517 crore (US$4.3 billion) (FY24)[2] |
| ₹6,048 crore (US$720 million) (FY24)[2] | |
| ₹4,584 crore (US$550 million) (FY24)[2] | |
Number of employees | 81,650 (March 2024)[3] |
| Parent | Larsen & Toubro (68.73%) |
| Website | www |
LTIMindtree Limited is an Indian multinational information technology services and consulting company based in Mumbai. A subsidiary of Larsen & Toubro, the company was incorporated in 1996 and employs more than 81,000 people.[4]
The company was founded as L&T Information Technology Ltd in December 1996 as a subsidiary of Larsen & Toubro.[5][6] During 2001–2002 the company's name was changed from L&T Information Technology Ltd to L&T Infotech Ltd and in the same year the company achieved the assessed level of Software Engineering Institute's (SEI) Maturity Level 5.[7][8]
Between 2009 and 2012, parent Larsen & Toubro sought to scale up L&T Infotech by making a series of acquisition attempts, for Satyam Computer Services, Patni Computer Systems and Hexaware Technologies, all three of which proved to be unsuccessful.[9][10]
In 2013–14, L&T Infotech's engineering services segment was acquired by parent Larsen & Toubro's newly created technology and engineering services subsidiary called L&T Technology Services.[11][12]
In July 2016, L&T Infotech went public via an initial public offering (IPO) of ₹1,243 crore (US$184.98 million).[13]
The company rebranded itself as 'LTI' with a tag line of 'Let's Solve' in May 2017.[14]
In June 2019, Larsen & Toubro completed its hostile takeover of Bengaluru-based company Mindtree, despite opposition from the latter's promoters.[15]
In May 2022, it was announced that Mindtree, which was then a different IT services subsidiary of Larsen & Toubro, will be merged into LTI,[16] and the company will be renamed as LTIMindtree.[16][17] Larsen & Toubro Group chairman A. M. Naik commented that there was not much overlap between the two companies in terms of industries and clientele; LTI had a plurality in BFSI industry and was present in oil and gas sector, while Mindtree had a plurality in technology, media and telecommunications (TMT) with a presence in travel and hospitality.[18]
The merger was completed in November 2022. After the merger, LTIMindtree became India's fifth largest provider of IT services by market capitalisation and sixth largest by revenue. Shares of Mindtree were delisted and shareholders were allotted 73 shares of LTI for every 100 shares of Mindtree held. The parent company, Larsen & Toubro, held a 68.73% stake in the merged entity.[19]
LTIMindtree has its presence across the following regions:[20]
| Company acquired | Country | Date | Business | Reference |
|---|---|---|---|---|
| Mindtree Ltd |  India
|
May 2022 | IT Services | [22] |
| Cuelogic Technologies | India
|
July 2021 | Digital Engineering | [23] |
| Powerupcloud Technologies | India
|
October 2019 | Cloud Managed Services, Al and Data Analytics | [24] |
| Lymbyc | India
|
July 2019 | AI, Machine Learning | [25] |
| NIELSEN+PARTNER of Hamburg (Germany) |  Germany
|
February 2019 | Digital Solutions | [26] |
| Ruletronics | India
|
January 2019 | Business Process Management | [27] |
| Syncordis S.A. |  Luxembourg
|
November 2017 | Core Banking Platform | [28] |
| AugmentIQ Data Sciences Pvt. Ltd | India
|
October 2016 | Big Data, Data Analytics | [29] |
| Information Systems Resource Centre Pvt. Ltd. (ISRC) | India
|
October 2014 | Information Systems Resource Centre (ISRC) | [30] |
| L&T Infotech Financial Services Technologies Inc. (Formerly part of Citigroup Fund Services Canada Inc) |  Canada
|
January 2013 | IT Outsourcing Business | [31] |
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|---|---|
| Divisions & subsidiaries |
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| Technology |
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| L&T Realty |
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| People |
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|
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|---|---|
| Clinical Research |
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| Clinical and Healthcare IT |
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| Manufacturing |
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