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BSE: 532819 | NSE: MINDTREE | ISIN: INE018I01017 Market Cap: [Rs.Cr.] 2,716 | Face Value: [Rs.] 10 Industry: Computers - Software - Medium / SmallMindTree Limited (MindTree), a global IT and R&D Services Company co-headquartered in India and the U.S was incorporated on 5th August 1999 as MindTree Consulting Private Limited. It was promoted by 10 industry professionals who came from Cambridge Technology Partners, Lucent Technologies and Wipro. The Company's activity is structured into two business units that focus on software development - IT Services and R&D Services, in which MindTree offers different IT Services to Capital Markets, Insurance, Manufacturing, Retail and Travel & Transportation Industries. Under which R&D, the company provides its bailout to Automotive, Communication Systems, Consumer Appliances and Computer Peripherals, Industrial Systems and Storage and Computing Systems.
MindTree have offices across India, USA, United Kingdom, Germany, Switzerland, United Arab Emirates, Singapore, Australia and Japan. In January of the year 2000, an investment of Rs.169 million was made by way of subscription to Equity Shares of the company in first round of funding by LSO Investment (P) Limited, a Promoter company promoted by three of the Promoters, and Walden Software Investments Limited (managed by Walden International), Amalgamated Holdings Limited and Vaitarna Holdings Private Limited. After a year, in August 2001, investment by Global Technology Ventures Limited, Walden Software Investments Limited and Capital International Global Emerging Markets Private Equity Fund LP in second round of funding.
In December of the same year 2001, the company had commenced IT outsourcing partnership with Volvo Information Technology. MindTree assessed as a People Capability Maturity Model (P-CMM) Level 5 company in year of 2003 and following year, in 2004, the company assessed as a CMMi Level 5 company. MindTree had executed a contract with AIG Offshore Systems Service Inc in January of the year 2004 for supply of IT Services. During September of the identical year 2004, the company had acquired the software division of ASAP Solutions Private Limited and Arachno Solutions Private Limited (ARPSL). West Campus development center of the company was opened in February of the year 2005 at Bangalore. In June of the same year 2005, MindTree had acquired 100% share capital of Linc Software Services Private Limited, which engaged in the business of application development and maintenance, Enterprise Resource Planning (ERP) product support and web development.
During the year 2006, in July, the development centre of the company was launched in Chennai. The Company's status was changed from private limited to a public limited in September of the year 2006. The Company obtained fresh certificate of incorporation consequent on change of name as MindTree Consulting Limited in November 2006. In December of the same year 2006, the company had signed a Memorandum of Understanding (MoU) for expansion of facilities in the Special Economic Zone (SEZ) at Chennai. In February 2007, the company came out with Initial Public Offerings with 5,593,300 Equity Shares. MindTree was declared the Number 1 Most Admired Knowledge Enterprise in India during the same year 2007 by Teleos, in association with the KNOW Network. The Company made its strategic alliance with Borland Software India Private Limited in June 2007 to launch state-of-the-art Centre of Excellence (CoE) in India and in November of the same year signed a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions Private Limited ('Purple Vision'), the India-based, fully-owned subsidiary of TES Electronic Solutions SA.
MindTree received the BML Munjal Award, adjudged the best Indian private sector company in the area of Learning and Development, in February of the year 2008. The Company's name was changed from MindTree Consulting Ltd to MindTree Ltd in April of the year 2008; consequently, the company also made changes to its visual identity. The Company had opened its own development center, MindTree Coromandel at Chennai in June of the year 2008. In September of the same year 2008, the company established a Testing Center of Excellence (CoE) in partnership with Hewlett Packard (HP), for HP's quality and performance testing tools.
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