In August 1999, Mindtree Consulting Private Limited was founded by ten IT professionals, three of which invested through an entity incorporated in Mauritius.[10] It was funded by the venture capital firms Walden International and Sivan Securities and received further funding in 2001 from the Capital Group and Franklin Templeton.[11]
It became a public company on 12 December 2006, and was listed on the Bombay Stock Exchange and National Stock Exchange. Its IPO debuted on 9 February 2007, and closed on 14 February 2007.[12] The IPO was oversubscribed by more than a hundred times.[13] Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" on 28 September 2012.[14]
In 2012, Mindtree set up its first U.S. delivery center (USDC) in Gainesville, Florida, under the leadership of Scott Staples, co-founder and Global Head of Sales.[15] As of 2017, the company has 43 offices in over 17 countries.[16]
Larsen & Toubro (L&T), an infrastructure major and one of the largest conglomerates in India, took over control of Mindtree in June 2019 and currently has a 61.08% stake in the company.[17][18][5] L&T's takeover of Mindtree was described at the time as the first hostile takeover in the Indian IT industry.[19][20]
In March 2020, Mindtree announced the appointment of Dayapatra Nevatia as COO with immediate effect. He joins the company from Accenture where he was the managing director as well as the director for delivery for advanced technology centers in India.[21]
In May 2022, L&T announced that Mindtree will be merged into Larsen & Toubro Infotech (LTI).[22] The merger was completed in November 2022 and the combined entity was named LTIMindtree.[23][24]
Mindtree works in Application Development and Maintenance, Data Analytics, Digital Services, Enterprise Application Integration and Business Process Management, Engineering R&D, Enterprise Application Services, Testing, and Infrastructure Management Services.[25]
Mindtree's business is focused clients on Banking, Capital Markets, Consumer Devices & Electronics, Consumer Packed Goods, Independent Software Vendors, Manufacturing, Insurance, Media & Entertainment, Retail, Semiconductors and the Travel and Hospitality industry.[26]
Mindtree's workforce includes thousands of employees who serve as Microsoft Azure outsourced support agents.[27]
Mindtree has a total of 35,071 employees as of fiscal year 2022.[28] Its workforce consists of employees from over 80 nationalities working from various offices around the globe. Out of its total workforce, 95% are software professionals and remaining 5% work in support and sales.[29]
Mindtree Foundation is a unit of Mindtree that works towards improving the lives of people with disabilities and the enhancement in the quality of primary education.[45] Mindtree Foundation was incorporated on 20 November 2007, under section 25 of Companies Act. Mindtree's employees, assistive technologies and associations with NGOs led to the following:[46]
The launch of 'Udaan', a scholarship program to support the medical education of underprivileged students in association with Narayana Hrudayalaya Charitable Trust.[47]
The launch of 'I Got Garbage', a cloud-based platform aimed to simplify waste management and transform every waste pickerinBengaluru, India, into an entrepreneur through a structured and governed waste management framework.[48]
Individual Social Responsibility – Employees join the cause of donation of old clothes/toys/books, distribution of solar lanterns, caring for the elderly, cleaning up the city, blood and organ donation.[49]
^d'Monte, Leslie (2 May 2008). "Mindtree acquires Aztecsoft". Business Standard India. Archived from the original on 4 September 2014. Retrieved 4 September 2014.
₹10,520 crore (US$1.3 billion)[3] (2022)
₹3,156.80 crore (US$380 million)[4] (2020)
