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. 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 merged with Tech Mahindra.
In 2015, Tech Mahindra and Mahindra & Mahindra 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 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:
YearCompanyCountryIndustryAcquisition cost
2005Axes TechnologiesUnited StatesTelecom engineering$54 million
2007iPolicy NetworksUnited StatesNetwork securityUndisclosed
2009-13Satyam Computer ServicesIndiaIT services$1.75 billion
2012Hutchinson Global ServicesUnited StatesBusiness process outsourcing$87 million
2012ComvivaIndiaTelecom VAS$48 million
2014Lightbridge Communications Corporation United StatesTelecom network services$240 million
2015SOFGEN HoldingsSwitzerlandBanking technology consultingUndisclosed
2015PininfarinaItalyAutomotive design engineering€168 million
2016Target GroupUnited KingdomBusiness process outsourcing£120 million
2016The Bio AgencyUnited KingdomDigital consulting£45 million
2017HCI Group United StatesHealthcare technology$89.5 million
2019Mad*PowUnited StatesDesign strategy agencyunknown
2019BORN GroupUnited StatesContent agency$90 million
2020Zen3 InfosolutionsUnited StatesEnterprise software$64 million
2020Cerium SystemsIndiaIC and embedded software$32.1 million
2020Tenzing GroupNew ZealandManagement consulting$29.5 million
2021PerigordIrelandDigital services€21 million
2021DigitalOnUsUnited StatesCloud and DevOps services$120 million
2021Eventus Solutions GroupUnited StatesCX consulting$44 million
2021BrainscaleUnited StatesCloud consulting$28.8 million
2021Lodestone United StatesProduct engineering$105 million
2021Activus ConnectUnited StatesCX technology$62 million
2021Allyis GroupUnited StatesIT consulting$125 million
2022Com Tec Co CyprusIT consulting€310 million
2022ThirdwareIndiaEnterprise 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