About
Tech Mahindra Ltd
Tech Mahindra Limited is a leading provider of digital transformation, consulting and business re-engineering services and solutions and is a part of the USD 21 Billion Mahindra Group. Befitting its size, the Mahindra Group operates in 20 key industries, providing insightful and ingenious solutions that are global in their ramifications.
Tech Mahindra is a USD 5.2 Billion company with over 125,000 professionals across 90 countries, helping 973 global customers, including Fortune 500 companies. The Company's convergent, digital, design experiences, customer-centric platforms and reusable assets connect across technologies to deliver tangible business value to its stakeholders.
Tech Mahindra Limited was incorporated on October 24th, 1986 and commenced its business during the year 1987 and incorporated MBT International Inc in 1993, the first overseas subsidiary of the company. The Company is a leading provider of consulting-led integrated portfolio services to customers which are telecom equipment manufacturers, telecom service providers and IT Infrastructure service providers, business process outsourcing service providers as well as enterprise solutions services (BFSI, retail & logistics, manufacturing, E&U, and healthcare, life sciences, etc.) of Information Technology (IT) and IT-enabled services (ITe-S) delivered through a network of multiple locations around the globe. It also provides comprehensive range of IT services, including IT enabled services, application development and maintenance, consulting and enterprise business solutions, extended engineering solutions and infrastructure management services to a diversified base of corporate customers in a wide range of industries including insurance, banking and financial services, manufacturing, telecommunications, transportation and engineering services.
As a leading provider of IT Solutions to the Telecom industry, the company committed to quality, Tech Mahindra adds value to client businesses through well-established methodologies, tools and techniques backed by its stringent quality processes. The company's global footprint spans 24 locations in 14 countries including 11 state-of-the-art development centres and 13 sales offices in Americas, Europe, Middle East, Africa and Asia-Pacific.
As for quality, the company was awarded the ISO 9001 certification by BVQI in the year of 1994. After a year, in 1995, Tech Mahindra established one branch office in UK, following this; the company incorporated MBT GmbH, Germany during the year 2001. In 2002, the company assessed at Level 5 of SEI CMM by KPMG and in the same year Tech Mahindra incorporated MBT Software Technologies Pte Limited, Singapore. Re-certification happened in the year 2003 to ISO 9001:2000 by RWTUV. Due to market changes, the company combines leading offerings in Application Off-shoring (AoS) with scarce skills and COTS integration capabilities in the year 2003. To meet the off-shoring challenge the Company developed a transition process framework (MASTER) during the year 2004 for effective service delivery to customers. Moreover, the company developed a revolutionary diagnostic tool - ShoreCan - to evaluate the off-shoring potential of a project or group of projects in any phase of development. During the year 2005, the company was certified as BS 7799-2:2002 (Information Security Management Framework) by RWTUV now known as TUV Nord. In the same period, Tech Mahindra acquired Axes Technologies (India) Private Limited, including its US and Singapore subsidiaries and the company assessed at Level 5 of SEI CMMI by KPMG.
The name of the company was changed from Mahindra-British Telecom Limited to the present name Tech Mahindra Limited on 3rd February of the year 2006. In the same year 2006, the company assessed at Level 5 of SEI People-CMM (P-CMM) by QAI India. In August of the year Tech Mahindra raised Rs 4.65 billion ($100 million) from a hugely successful Initial Public Offering (IPO) to build a new facility in Pune, to house about 9,000 staff and formed a JV with Motorola Inc under the name CanvasM to develop a focused entity that would leverage Tech Mahindra's solution integration expertise and Motorola's R&D capabilities. The Company noted as Leaders in the Telecom Vertical in India (Frost & Sullivan 2006) and received Deloitte Tech Fast 50 2007 Award for Outstanding Achievement in the industry (Billing & OSS World 2007).
The company acquired iPolicy Networks Private Limited during the year 2007 to enhance its offerings in the security solutions and services domain that develops next-generation, carrier-grade integrated network security solutions for enterprise and service providers. A strategic alliance was made between the company with Sun Microsystems in May 2007 to enable the rollout of cost-effective and efficient IPTV services to the Indian and Asia Pacific markets.
Tech Mahindra expanded its relationship with Oracle in March 2008 to deliver a comprehensive software suite for the global communications industry. The company entered into a strategic partnership with Veracode during April 2008, giving the company access to a unique, on demand application security technology, which allows the company to further strengthen its application security capability as they expand into new markets. In June 2008, the company entered into a strategic global alliance with Microsoft Corporation to address its System Integration (SI) requirements for deployments of the award-winning Microsoft Mediaroom Internet Protocol Television (IPTV) and multimedia software platform. The Company bagged $7.6 million deal from Telecom Fiji in June 2008, as the first Indian IT Company to receive this transformational deal. Tech Mahindra signed a deal with Telecom New Zealand in June of the year 2008 to provide solutions to the company's retail business and the products it offers. The deal is worth between $20 million and $30 million.
On 16 April 2009, the Company Law Board passed an order approving the selection of Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra, as the successful bidder to acquire a controlling stake in Satyam Computer Services Ltd. Earlier, Satyam Computer Services on 13 April 2009 announced that the company's Board of Directors has selected Venturbay Consultants Private Limited as the highest bidder to acquire a controlling stake in the company, subject to the approval of the Company Law Board. On 7 January 2019, Satyam Computer Services' founder and Chairman Ramalinga Raju made shocking disclosures of financial irregularities at the IT firm.
On 24 April 2009, Satyam Computer Services received approval from the Seventh Division of the Federal Cartel Office of Germany permitting the completion of the acquisition of a controlling stake in the company by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra.
On 9 July 2009, Mahindra Satyam announced that it has signed a new 5 year Support Contract with GlaxoSmithKline (GSK) to provide SAP and other critical systems support to GSK's businesses across the world.
On 3 November 2009, Tech Mahindra announced it plans to collaborate with defence and security company Saab to develop its operations in India for the global defense and homeland security market.
On 11 March 2010, Mahindra Satyam announced that it has bagged a new four- year offshore contract from KMD, one of Denmark's leading IT companies. The new contract worth approximately $48 million is an extension of a previous contract that was due to expire this year which involved the supply of application development, testing and application support services particularly in the area of SAP which is a growing business for the Danish IT company.
On 30 July 2010, Tech Mahindra announced that the Tech Mahindra and Morpho (Safran Group) led consortium has been selected as one of the key partners to implement and deliver the Aadhaar program by UIDAI (Unique Identification Authority of India). The Tech Mahindra and Morpho team was selected by UIDAI as one of the three key partners for the initial phase of this program.
On 3 August 2010, Mahindra Satyam announced a partnership with Sybase Software (India) Pvt. Ltd., the Indian subsidiary of Sybase,Inc., to provide secured enterprise mobility solutions to customers globally.
On 13 October 2010, Mahindra Satyam announced that it has signed a large contract with the Commonwealth of Kentucky, USA for design and delivery of a document management system for the child support system. The project will be implemented over twenty months.
On 25 October 2010, Tech Mahindra announced that it has been selected as one among a total of three companies selected by Bharti Airtel to outsource customer service functions across 16 African countries. On 2 May 2011, Tech Mahindra announced its plans to set up BPO operations in Philippines. The company signed a multi-million dollar deal, as one of the preferred BPO partners for strategic outsourcing with a leading full-service telecommunications company in the Philippines. The deal is spread over a period of 3 years.
On 26 May 2011, Tech Mahindra announced that it had entered the billion dollar league with consolidated revenue of 1,126.6 million for the year ended 31 March 2011. In rupee terms, the company clocked revenue of Rs 5140.2 crore for the year ended 31 March 2011.
The Board of Directors of Tech Mahindra and Mahindra Satyam in their respective meetings held on 21 March 2012 approved a proposal to merge Mahindra Satyam with Tech Mahindra along with certain wholly owned subsidiaries of Mahindra Satyam and Tech Mahindra. As per the swap ratio for the merger, the shareholders of Mahindra Satyam will be allotted 2 shares of Tech Mahindra for every 17 shares held in the company on record date.
On 23 May 2012, Tech Mahindra announced the launch of its new delivery and development centre in Noida, Uttar Pradesh, India.
On 4 September 2012, Tech Mahindra announced the acquisition of 100% stake in Hutchison Global Services Private Limited for US $ 87.1 million, payable upfront. Hutchison Global Services (HGS) provides customer lifecycle operations to clients in UK, Ireland and Australia and has an associate base of over 11,500 employees. HGS operates out of Mumbai and Pune and is among the largest captives in the telecom domain. On 5 September 2012, Tech Mahindra and Royal KPN N. V. (KPN) announced the start of an international partnership in order to further improve KPN's efficiency and effectiveness in its IT environment and operational processes and to jointly address strategic growth areas. KPN expects to make savings of at least EUR 200 million over a 5-year period with the partnership.
On 17 September 2012, Tech Mahindra announced the acquisition of 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group company, for a value of Rs 260 crore. Comviva Technologies is a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions.
On 22 April 2013, Tech Mahindra announced the launch of the modular Enterprise Managed Network Service (mEMS) platform, a cloud-based framework designed to give network managers the ability to grow and adapt their existing infrastructure without compromising performance.
On 23 April 2013, Tech Mahindra announced the launch of its new Service Virtualization as a Service (SVaaS) offering. This new managed service for Tech Mahindra's mid-market customers bundles CA LISA Service Virtualization software from CA Technologies with Tech Mahindra's professional services, leveraging cloud infrastructure to offer it in a subscription based pay-as-you-go model.
On 24 April 2013, Tech Mahindra announced the acquisition of lab assets and operations of the Type Approval Lab in Lund, Southern Sweden. This acquisition is in continuation with its efforts to provide end-to-end test solutions to device manufacturers and global carriers.
On 27 May 2013, Tech Mahindra signed a Memorandum of Understanding (MoU) with 'Navigation Information Systems' (JSC 'NIS') GLONASS, company that offers dual-system GLONASS/GPS chipset-based navigation equipment to the Indian market. As per the agreement, both the parties will jointly identify and develop potential opportunities, while agreeing to explore the emerging markets with strong focus on solutions such as Fleet Management Solution, Intelligent Transport Solution, Vehicle Security, Geo-fencing, and Precision Positioning Services among others. Tech Mahindra will play the role of System Integrator of NIS solutions, and will also customize the solutions as per Indian requirements, wherever required.
On 28 May 2013, Mahindra Satyam and Dion Global Solutions (Dion) announced the offering of a software solution to assist Financial Institutions (FIs) in Australia and New Zealand (ANZ) meet the US Foreign Account Tax Compliance Act (FATCA) regulations. On 6 June 2013, Mahindra Satyam announced that it has won a new multiyear contract with Bridgestone Europe for its managed services. The company will work on SAP based mission critical applications for Bridgestone Europe.
On 12 July 2013, Tech Mahindra announced that it has completed the process of allocating shares of the company to the shareholders of Mahindra Satyam, erstwhile Satyam Computer Services Ltd. The merger of Mahindra Satyam with Tech Mahindra was consummated on 25 June 2014. The merger created a technology services powerhouse, with revenue of USD 2.7 billion, a team of 84,000 professionals servicing 540 customers across 46 countries. Earlier, the Board of Directors of Tech Mahindra and Mahindra Satyam had separately approved the merger on 21 March 2012. After an approval from Mumbai high court, the Andhra Pradesh High Court gave its nod for the merger on 11 June 2013.
On 23 July 2013, Tech Mahindra announced that it has signed an agreement with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. The contract is for an initial five-year term. Under the agreement, Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data.
On 1 August 2013, Tech Mahindra announced that its Brazilian subsidiary, Complex IT has signed two deals to deliver Enterprise Solutions for Oil & Gas and Banking verticals. The first project is with Schahin Petr ' leo to deliver a new enterprise business solution for the operations of the Oil and Gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process. On another instance COMPLEX IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, Projects and on-going demands. This will help them overcome High Complexity environment and helping internal SLA.
On 5 August 2013, BASE Company and Tech Mahindra announced a five year managed service agreement for the operations and roll out of the BASE network in Belgium. With this agreement BASE Company is broadening its partnership with Tech Mahindra, creating highly efficient network operations, where a managed service partner is responsible for both network and IT. BASE Company is a fully-owned subsidiary of Royal KPN N.V., whose headquarters are located in Brussels. The company is mainly active in the field of mobile telephony via the brands BASE and BASE business.
On 5 September 2013, Tech Mahindra said that the company is witnessing strong demand for IT & Engineering solutions in China, driven by local enterprises upgrading productivity through technology and international retail brands seeking solutions to tap the fast-growing domestic consumer market.
On 12 September 2013, Tech Mahindra announced that the company has been chosen as a Strategic Partner for Application Maintenance and Development by the Volvo Car Corporation (Volvo Cars). This partnership will provide Volvo Cars with a service to maintain and develop a wide range of applications across the business and to develop and implement new applications as part of its drive to increase efficiency and reduce costs. Starting in September 2013, the contract with Tech Mahindra will provide Volvo Cars with Application maintenance and development across multiple domains, including Manufacturing, Product Development, Marketing, Sales and Reporting.
On 17 September 2013, Tech Mahindra announced that it will demonstrate eight connected Oracle solutions cutting across various industries at a 5-day Oracle OpenWorld 2013 beginning 22 September 2013. On 10 October 2013, Tech Mahindra announced the launch of its retail digital enterprise solution ShelfMonitor. This solution empowers retail store personnel with intelligent information on potential shelf gaps and real-time actionable insights, thereby helping retailers improve sales and avoiding lost opportunity.
On 22 October 2013, Tech Mahindra and Bosch Software Innovations, the software and systems house of the Bosch Group, announced a global strategic business partnership, which will primarily focus on the global manufacturing and transportation industry. The partnership aims to develop and deliver scalable digital enterprise solutions in the Internet of Things and Services' space. Tech Mahindra and Bosch will jointly develop solutions for industrial equipment management, connected services, and intermodal transportation.
On 8 November 2013, Tech Mahindra announced that it has partnered with Perpetual to provide registry services. Tech Mahindra will assume responsibility for Perpetual's existing registry capability supporting its Wholesale, WealthFocus and Select investment, superannuation and pension products. The agreement covers both administration and technology services.
The Board of Directors of Tech Mahindra and Mahindra Engineering Services (MES) at their separate meetings held on 29 November 2013 approved a proposal to merge MES with Tech Mahindra. MES is a global engineering consultant and service provider catering to automotive, aerospace, defense & manufacturing industries. MES clocked revenue of Rs 250.59 crore in FY 2013. The swap ratio for the merger was set at 5 shares of Tech Mahindra for every 12 shares held in Mahindra Engineering Services.
On 10 December 2013, Tech Mahindra announced the launch of its Global Center of Excellence (CoE) with Hewlett Packard (HP) in Bangalore. The CoE will focus on IT Application and IT Infrastructure Performance Management solutions that transform customers' IT operations landscape through automation and unification of key services.
On 29 January 2014, Tech Mahindra announced that it is supporting the implementation of SAP business systems at international publisher Cambridge University Press.
On 11 February 2014, Tech Mahindra announced that it is partnering with AIMS Software Pte. Ltd, a subsidiary of Quest Computing Ltd, one-of-the world's leading providers of Grant Management Systems. The partnership aims at evangelizing the AIMS proposition via their proven marketing and lead generation approach with an extensive use of Enterprise Ireland (EI) advice and support.
On 24 February 2014, Tech Mahindra announced the launch of its Near Field Communication (NFC) test lab in Bangalore, India. The NFC Testing and consulting capabilities in the lab will cater to the fast-growing needs of chipset manufacturers, OEMs, Service Providers, Acquires and Issuers from the banking industry.
On 25 February 2014, Tech Mahindra and Sierra Wireless announced that they have signed a formal teaming agreement to work collaboratively to develop and deploy end-to-end M2M solutions for customers worldwide. The collaboration leverages Sierra Wireless device-to-cloud offerings and Tech Mahindra's system integration and application development expertise to offer cost-effective, turnkey solutions tailored for prospective M2M customers in markets such as energy, transportation, industrial, and healthcare.
On 27 February 2014, Tech Mahindra's wholly owned German subsidiary Tech Mahindra GmbH, D sseldorf, announced that it has signed an agreement with BASF Business Services Holding GmbH to acquire its business with third party customers. This includes the 100%-owned subsidiary BASF Business Services Consult GmbH, based in Hamburg. BASF Business Services Holding GmbH will in future focus on providing information services, supply chain operations and business process management for BASF Group. BASF Business Services Holding GmbH (earlier called as BASF IT Services Holding GmbH) is an indirect wholly owned Group Company of BASF SE.
On 7 March 2014, Tech Mahindra and Microsoft announced their partnership to help develop the spring customer care update of Microsoft Dynamics CRM. Tech Mahindra's expert engineers helped Microsoft to develop key features which include - Mobile device support, cross browser support and enhanced user experience. Tech Mahindra is a Global SI and Consulting organization with strategic partnership with Microsoft.
On 12 March 2014, Tech Mahindra announced the launch of its Global Development Center with Alstom Transport, a world leading manufacturer of Rail Technology, on the occasion of signing a 3 year partnership agreement with Alstom. The development center will cover primarily engineering activities focused on concept to prototype build.
On 18 March 2014, Tech Mahindra announced that Volvo Car Group has selected the company to provide end-to-end IT infrastructure support and services in key countries globally including Sweden, China and Belgium. The scope of the partnership which was signed in February 2014 covers 2,800 servers across Volvo Cars' regional offices, global factories, global datacenter, R&D and manufacturing IT. The service also covers 4,000 factory devices in Sweden, Belgium, China and 30,000 end users and their work devices, including parts of the Volvo Cars dealer network. On 20 March 2014, Tech Mahindra announced the inauguration of its 3rd near shore delivery center in D sseldorf, Germany.
On 24 March 2014, Tech Mahindra announced a global alliance with Box, Inc. as a premier member of the 'Box Services Partner Program'. This alliance enables enterprise customers to leverage Box's cloud based content collaboration solution as part of Tech Mahindra's Digital Enterprise Platform (DEP) for handling document centric processes.
On 25 March 2014, Tech Mahindra announced the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management Business Process as a Service (BPaaS) solution for the financial services industry in North America. The Managed Data Service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP.
On 8 April 2014, Tech Mahindra announced the opening of a new Belgian delivery center in Antwerp. The Antwerp delivery center will further accelerate a hub and spoke delivery model for the Benelux region.
On 22 April 2014, Tech Mahindra announced that it has been chosen by New Hampshire's Division of Motor Vehicles (DMV) to implement its Motor Vehicle Enterprise System (MOVES), a configurable Microsoft Dynamics CRM-based solution. The solution will replace and modernize New Hampshire DMV's existing legacy system. Tech Mahindra worked closely with Microsoft in developing the Dynamics CRM-based MOVES solution.
On 8 May 2014, Tech Mahindra announced its foray into Mexico as part of its expansion strategy in the Americas region. Tech Mahindra in Mexico will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in various industries such as Telecom, Banking, Energy, Manufacturing, Retail distribution, Insurance and many others.
On 27 May 2014, Tech Mahindra announced that Premium Credit Limited, the No.1 Insurance Premium Finance Company in the UK and Ireland, has selected it to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation.
On 5 June 2014, Tech Mahindra and Informatica Corporation, the world's number one independent provider of data integration software, announced an expansion of their decade-long strategic association.
On 11 June 2014, HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, announced that it has entered into a global services alliance agreement with Tech Mahindra. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform.
On 2 July 2014, Tech Mahindra announced that it has signed a Joint Venture (JV) agreement with Midad Holding, which is a subsidiary of Al Fozan, a preeminent group with diversified business interests in Saudi Arabia. The JV will be called Tech Mahindra Arabia. Tech Mahindra will have 51% ownership while Midad will own 49% stake. Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals.
On 22 July 2014, Tech Mahindra announced plans to significantly expand in Korea. The company said in a statement that it will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in Korea in various industries such as Manufacturing, Auto, Aerospace & Defense, Telecom, Oil & Gas, BFSI, Healthcare, Engineering Services, Device Engineering, Telecom and EBS.
On 4 September 2014, Tech Mahindra announced that it has signed an agreement with Bombardier Aerospace. As part of this engagement, Tech Mahindra will provide engineering solutions to Bombardier.
On 18 September 2014, Tech Mahindra announced that it will work together with Bosch Software Innovations, the software and systems house of the Bosch group to develop an ecosystem to enable innovative solutions for the connected world and connected enterprises. Tech Mahindra's Digital Enterprise Solutions group will work with Bosch Software Innovations to develop proof of concepts and solutions that will focus on developing connected solutions for smart cities, enterprises and smart homes.
On 23 September 2014, Tech Mahindra announced that it has been selected by Ahlstrom to manage its information technology operations. With the multi-year, multi-million euro agreement, Ahlstrom aims to increase efficiency, harmonize service levels and lower IT costs.
On 6 October 2014, Tech Mahindra announced that it has successfully launched and operationalized 'The HUB for Airbus Group'. The HUB is a long-term transition from execution models to a platform-based approach in Product Development and Engineering services. The Airbus HUB will deliver multi-domain services and solutions, ranging from product development to after-market services to the Airbus Group.
On 12 November 2014, Tech Mahindra announced the evolution of its next-generation managed services offering, Tech Mahindra MSO based on its modular Enterprise Managed Network Service (mEMS2.0) platform. This cloud-based framework is designed to help enterprises pave the way for a modular, flexible and scalable approach for building NexGen MSO services that can meet enterprise customers' critical demand - optimized service with exponential value at a very efficient cost.
On 20 November 2014, Tech Mahindra announced that it has signed a definitive agreement to acquire global network services leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. Headquartered in McLean, Virginia, LCC, with annual revenue of more than $400 million, is one of the world's largest independent global providers of Network Engineering services to the telecommunications industry. The acquisition positions Tech Mahindra as the pre-eminent partner for network services globally.
On 25 November 2014, Tech Mahindra announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages.
On 11 December 2014, Tech Mahindra announced the inauguration of the new IT block in Bhubaneswar, Odisha adding to the existing block that houses 500 associates. The total capacity of the Bhubaneswar facility with the addition of new building will be 1,111 seats.
On 17 December 2014, Tech Mahindra announced the launch of Automotive Aftermarket Suite. It enables Tech Mahindra to offer innovative solutions in the space of Telematics, sensor-based predictive maintenance, for thousands of cars on the road worldwide. The Automotive Aftermarket Suite is one-of-the first platform solutions in the Aftermarket space. Tech Mahindra plans to provide this solution as a managed service to OEM's, importers, and dealer networks.
On 6 January 2015, Tech Mahindra announced that it has teamed-up with global telecom technology firm Avion Systems to provide Network Design and Engineering Services to major communications service providers. Tech Mahindra has been chosen as a minority investor at Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.
On 9 January 2015, Tech Mahindra announced that it has signed a definitive agreement to acquire SOFGEN Holdings Limited (SOFGEN), a niche consulting and services company with worldwide presence specializing in Private/Wealth, Commercial and Retail Banking solutions. With this acquisition, Tech Mahindra will have the capability to offer a unique combination of 'Change the Bank and Run the Bank' services to Retail banking, Private Banking and Wealth Management customers globally.
On 11 February 2015, Tech Mahindra's subsidiary Mahindra Comviva announced a target growth of 300% by 2018 in the Americas region. Mahindra Comviva said at that time that it would focus on expanding its footprint in the Americas through advanced mobile wallet and payments solutions.
On 24 February 2015, IBM announced that it has signed a strategic teaming agreement with Tech Mahindra to accelerate global hybrid Cloud adoption. Through this alliance, IBM will provide an open, flexible cloud environment to enable Tech Mahindra's developers to build cloud-native and cloud enabled applications with a scalable model.
On 4 March 2015, Tech Mahindra announced, the launch of best in class SDN and NFV based solutions suite to address the ever changing network scenarios and demands in building the smart cities. Tech Mahindra has established itself as a key player in the SDN-NFV space and offers vendor neutral System Integration capabilities and highly scalable Managed Services to its customers.
On 5 March 2015, CA Technologies and Tech Mahindra announced that they have entered an agreement to develop and deploy end-to-end secured Internet of Things (IoT) solutions for enterprise customers worldwide. The agreement will leverage solutions from the CA DevOps portfolio including CA Release Automation, CA Service Virtualization, CA Mobile App Analytics and CA Unified Infrastructure Management (CA UIM) with Tech Mahindra's expertise to build and deliver mobile applications. This effort will offer enterprise customers advanced management capabilities resulting in improved operational efficiency and customer loyalty.
On 10 March 2015, Tech Mahindra announced the opening of the first Center of Excellence (CoE) for Google tools at Tech Mahindra's Global Solution Center in Cyberjaya, bringing transformational solutions to enterprises across Malaysia and the Asia Pacific region. The CoE aims to be the hub for innovation within the region and to focus on nurturing and building solutions with the best combination of products and technologies.
On 20 March 2015, Tech Mahindra announced that it has signed a strategic agreement with Gao Feng Advisory Company (Gao Feng), a global management consultancy with roots in China. Both firms will seek to join forces to deliver a unique and comprehensive set of services to their clients in China and worldwide.
On 15 April 2015, Tech Mahindra and Nasdaq listed Comverse announced that they have reached an agreement in principle on a strategic relationship, whereby Comverse will accelerate its transformation as a global innovator in digital services by leveraging Tech Mahindra's expertise and scale in development and delivery of digital offerings. As part of this initiative, employees from certain functions within Comverse's Digital Services business unit are anticipated to join Tech Mahindra.
On 22 April 2015, Tech Mahindra announced the launch of its fourth center in Philippines. The company will service global enterprise & telecommunication clients from the new facility.
On 30 April 2015, Tech Mahindra announced that the company was selected by Clark County Water Reclamation District (CCWRD) to implement Oracle Utilities Customer Care and Billing. Clark County Water Reclamation District is a water reclamation utility with offices in Clark County, Las Vegas, Nevada. Tech Mahindra is a Platinum level member of Oracle PartnerNetwork (OPN).
On 6 May 2015, Tech Mahindra announced the inaugurating a new office space in G g, Sweden.
On 13 May 2015, Tech Mahindra and MDS, a leading provider of real-time charging, billing and customer management solutions, announced a strategic global alliance with the first client win at Dixons Carphone. Tech Mahindra has implemented the leading billing and customer management solution of MDS and will manage the entire services infrastructure for Dixons Carphone iD, which will operate on three networks.
On 19 May 2015, Tech Mahindra announced that it will build an Intelligent Electric Vehicle Charging System (IEVCS) designed to help build Ontario's clean energy future. The project, sponsored by Ontario's Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative, will analyze the effects of electric vehicle charging on transformers by creating a real time transformer monitoring and analytics solution. The key benefit of the solution is the real time monitoring of the transformers and the ability to automatically manage the charging between vehicles to ensure the transformers do not overload as a result of EV charging.
On 11 June 2015, Tech Mahindra announced the launch of its next generation Cloud Management Platform mPAC (managed Platform for Adaptive Computing) for Hybrid IT Management. It leverages technologies from HP and VMTurbo suite of products.
On 24 June 2015, Tech Mahindra announced that it has been selected by Circle Health after a competitive procurement process to become their chosen technology partner for the next 10 years. The project will be delivered by nth Dimension, a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom. The value of the contract is 50 million over 10 years.
On 29 June 2015, Tech Mahindra said in an investor update ahead of the announcement of its Q1 June 2015 results that there have been some headwinds and tailwinds which could see a risk of marginal decline in the company's revenue and EBITDA margin on a sequential basis in Q1 June 2015. The company also warned at that time that FY 2016 organic communications business growth could remain subdued due to delayed decision making by clients.
On 8 July 2015, Tech Mahindra and PNMsoft, a global provider of Intelligent BPM Software (iBPMS) solutions, announced a collaboration to offer superior customer experiences.
On 20 August 2015, Tech Mahindra announced that the Reserve Bank of India has granted an in-principle approval to the company to set up a Payments Bank. The bank will be an independent unit under the Mahindra Group led by Tech Mahindra and Mahindra Finance, a leading rural NBFC, as equal contributors to the new entity.
On 14 September 2015, Tech Mahindra announced that it has joined Real-Time Innovations' (RTI) rapidly expanding Services Delivery Partner (SDP) program, designed to help companies capitalize on the growing Industrial Internet of Things (IIoT) market. RTI SDPs offer outsourced product development, system integration and domain-specific consulting across multiple industries.
On 5 October 2015, Tech Mahindra and Bombardier Commercial Aircraft announced that they have signed an agreement under which Tech Mahindra will develop the Aircraft Ground Support System (AGSS) for Bombardier's Aircraft Health Management System (AHMS) for the C Series family of aircraft. The AGSS will facilitate real-time and post-flight recorded data management, fault notification and diagnostic reporting. By leveraging the large amount of data recorded and transmitted from C Series aircraft, the AHMS will allow operators to make sound decisions on aircraft performance and maintenance.
On 14 December 2015, Tech Mahindra and its parent company Mahindra & Mahindra (M&M) jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design. The investment by Tech Mahindra and M&M will be done via a joint venture company held 60% by Tech Mahindra and 40% by M&M. Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot.
On 23 December 2015, Tech Mahindra announced the launch of India's first contactless digital payment ecosystem branded MoboMoney.
On 7 January 2016, Tech Mahindra announced that it has entered into a strategic alliance with MetricStream, Inc, the global market leader in Governance, Risk and Compliance (GRC) Management Apps, to deliver GRC Solutions across the globe. Tech Mahindra has established a dedicated MetricStream Center of Excellence (CoE) in Bangalore, India, which will be supported by expert consulting services worldwide in various geographical markets. The GRC offering will target verticals such as BFSI, Retail, Manufacturing, Healthcare, Telecom and Infrastructure.
On 17 February 2016, Tech Mahindra and Qlik, a leader in visual analytics, announced that the companies have expanded their global alliance. Qlik and Tech Mahindra will work together to bring further value to joint customers through Tech Mahindra's platform offerings and Qlik's unique platform approach to visual analytics.
On 23 February 2016, Tech Mahindra announced that it has been selected by Nationwide Building Society to provide Network and Infrastructure Transformation services in a five year, partnership agreement. Tech Mahindra will provide specialist resources to support Nationwide's network upgrade and digital banking strategy, enabling the Building Society to improve efficiencies across its branches and offices and to expand its customer-facing digital services.
On 23 February 2016, Tech Mahindra announced plans to build Internet of Things (IoT) solutions by utilizing the Microsoft Azure IoT Suite. On 25 February 2016, Tech Mahindra and Comptel Corporation announced their collaboration to re-write telecommunications operators' billing playbooks. On 23 March 2016, Tech Mahindra announced that it has expanded its footprint in France with the launch of a new Development Centre facility in Toulouse, dedicated to projects for its existing partner and customers in the aerospace industry.
On 28 March 2016, Tech Mahindra announced its participation as a member of the new GE Digital Alliance Program that is dedicated to growing the digital industrial ecosystem. Tech Mahindra and GE Digital will work together to create innovative solutions that will address the need of the Power, Oil and Gas, and Transportation industries. Tech Mahindra has been an early adopter of the Predix platform, GE's cloud platform-as-a-service for the Industrial Internet.
On 25 April 2016, Tech Mahindra and Newtec, a specialist in designing, developing and manufacturing equipment and technologies for satellite communications, signed an agreement which will see the two companies cooperate on future projects. Newtec and Tech Mahindra will initially work together on a contract awarded by satellite operator Yahsat.
On 18 May 2016, Tech Mahindra announced the launch of Fresh Produce End to End Digital Supply Chain (FEEDS) solution. This revolutionary initiative manages the food supply chain, which enables companies to transport farm grown produce and deliver it as fresh as if it were grown locally. FEEDS enables business collaboration, maintains product quality and freshness while providing a 15-20% reduction in losses and wastes.
On 27 May 2016, Tech Mahindra announced that it has entered into an agreement to acquire Target Group, one of the leading processing platform companies in the UK. The acquisition strengthens Tech Mahindra's BFSI practice by access to IP and platform which helps automate end-to-end processes in the lending, investments and insurance market. As part of the agreement, Tech Mahindra has agreed to purchase 100% of the shares of Target Group for an Enterprise Value of GBP 112 million. Target Group had revenues of GBP 51 Million in 2015.
On 1 June 2016, Tech Mahindra announced that it has been selected by Department of Motor Vehicles (DMV) of Nevada, US to be the prime systems integrator for the System Modernization or 'SysMod' project - a transformational initiative to modernize the DMV operations.
On 13 June 2016, Tech Mahindra announced collaboration with ArisGlobal, a leading provider of cloud-based software solutions for life sciences, to provide the life sciences industry with a complete end-to-end solution for identification of medicinal products compliance.
On 22 June 2016, Tech Mahindra announced the acquisition of The BIO Agency (BIO), headquartered in the UK. The BIO Agency specialises in digital transformation and innovation, helping organisations change the way they engage with their customers.
On 26 July 2016, Tech Mahindra announced that it has launched its 17th Delivery Center in Cincinnati Blue Ash Area, US to primarily serve its customers with export control services within the Aerospace & Defense sector. The center will primarily be leveraged to provide Engineering, Big Data and Analytics services to a large conglomerate in the region and also other customers in the US.
On 26 September 2016, Tech Mahindra announced collaboration with DxContinuum, Inc., a leader in the field of predictive analytics for sales and marketing teams, to provide a highly intuitive and usable solution for business-to-business (B2B) sales organizations. The joint offering delivers highly accurate forecasts, dramatically boosts productivity and enables sales teams to get a jump on cross-sell/upsell opportunities on a subscription base.
On 27 September 2016, Tech Mahindra unveiled new strategy for network services business, which will enable communication service providers to transform and modernize their networks faster. Network services are a key part of Tech Mahindra's communication business, which accounts for nearly half the company's overall business.
On 28 September 2016, Tech Mahindra announced that it has successfully completed the first phase of transformation at Oklahoma Gas and Electric (OG&E), a regulated electric utility serving over 819,000 customers in Oklahoma and western Arkansas. Tech Mahindra has signed a multiyear, multimillion-dollar contract with OG&E.
On 30 September 2016, Tech Mahindra announced that it has been selected by the state government of Jharkhand as a strategic partner to help the state government in its digital journey and employment generation through skill development. As a strategic IT partner, Tech Mahindra will work towards promoting technology adoption by the citizens in the state apart from helping build an ecosystem with greater participation of industry players. The partnership also requires Tech Mahindra to work with the state government to promote digital literacy and skill development working with various industry organizations including Nasscom Foundation.
On 2 November 2016, Tech Mahindra announced that it has been chosen as the strategic ICT (Information and Communications Technology) supplier by Stockmann, a Finnish company engaged in retail operations.
On 2 November 2016, Tech Mahindra announced the launch of its Virtual Network Function (VNF) Exchange, along with a number of leading new age providers of Software Defined Networks (SDN) and Network Functions Virtualization (NFV) products. As the first product independent global industry platform, Tech Mahindra's VNF Exchange is aimed at pre-certifying VNF design, VNF stack and VNF performance.
On 23 November 2016, Tech Mahindra announced the launch of the Connected Service Experience Solution, which will enable the manufacturing industry to integrate connected devices with end-to-end business processes. Built on Pegasystems' industry-leading Pega 7 Platform, this solution allows organizations to harness the power of the Industrial Internet of Things (IIoT) for increased efficiency and better customer experiences.
On 4 January 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group announced the launch of a Joint Venture, Tech Mahindra Arabia Ltd. The JV Company in which Tech Mahindra holds majority stake would cater to the market in the Kingdom of Saudi Arabia (KSA). Al Fozan Group is a leading conglomerate with operations throughout the Middle East.
On 16 January 2017, Tech Mahindra announced the opening of a Centre of Excellence (CoE) in Dublin, Ireland. The Dublin CoE will be central to Tech Mahindra's operations in Ireland and would focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services. As a part of a new investment in Ireland, the Dublin CoE will bolster Tech Mahindra's regional footprint in the country and help the company deliver technology services to clients in Ireland as well as Europe.
On 6 March 2017, Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company that does business as (DBA) 'The HCI Group.' Tech Mahindra will make an upfront payment of US$ 89.5 million for purchase of 84.7% stake in the company. The balance stake of 15.3% will be acquired over a period of three years.
On 10 March 2017, Tech Mahindra announced that the company has selected Jacada Inc. a leading international provider of digital customer experience technology, to accelerate the digital transformation of customer operations for clients across industries. Jacada's digital customer experience technology helps in simplifying interactions between businesses and their customers.
On 17 March 2017, Tech Mahindra and Huawei Enterprise Business Group (EBG) signed a global partnership agreement. As per the agreement, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India. The alliance would also involve launching a joint go-to-market (GTM) strategy, thus giving a boost to the competitiveness of both companies in the global marketplace, by leveraging each other's core strengths. Huawei is a leading global ICT solutions provider.
On 3 October 2017, Tech Mahindra announced that it has won a multi-year, multi-million euro deal from Ahlstrom-Munksj to manage the company's end-to-end IT operations. Tech Mahindra will assist Ahlstrom-Munksj in its digital transformation journey, with end-to-end IT services and solutions including IT user support, infrastructure management and application support using next generation digital and automation tools and technologies. Besides, approximately 25 employees of Ahlstrom-Munksj are expected to be transferred to Tech Mahindra as per the agreement.
On 11 October 2017, Tech Mahindra and the Saudi Telecom Company (STC), represented by its enterprise focused business unit, STC Business, announced a strategic alliance aimed at enabling the Kingdom of Saudi Arabia (KSA) in its Vision 2030 through innovations in digitalization targeting a broad spectrum of sectors. As a part of the Vision 2030, the KSA is looking at making the kingdom a global model of excellence on all fronts by diversifying its economy and developing public sectors such as health, education, infrastructure, recreation, and tourism.
On 13 November 2017, Tech Mahindra and Toshiba Digital Solutions announced their strategic partnership to work in the area of smart factory. As strategic partners, the two companies will synergize their group manufacturing heritage, domain expertise and existing customer base to expand business in the smart factory market together. This partnership aims to leverage strengths of both the companies and offer a one stop solution for manufacturer customers with the latest IoT technologies and system integration capabilities from both sides.
On 21 December 2017, Tech Mahindra announced that it is partnering with Gao Feng Advisory Company to set up a Joint Artificial Intelligence (AI) Lab in Shanghai. The AI lab will work in the areas of futuristic digital technologies including AI Chatbot Services, Smart Process Automation, NLP (Text Analytics), Image Recognition & Processing, Machine Learning and Predictive Analytics. With this, both the firms aim to deliver unique and comprehensive set of services to their clients in the Greater China region starting from strategy to implementation and enabling clients in their Digital Transformation journey. Gao Feng Advisory Company is a global strategy and management consulting firms with strong roots in China.
On 15 January 2018, Tech Mahindra announced that the company is working with IBM to help Tech Mahindra's clients migrate their most demanding workloads to IBM POWER9. This multi-year relationship is designed to accelerate Power Systems adoption for IBM and strengthen Tech Mahindra's offerings around virtualization, data center transformation and high-performance computing. Tech Mahindra is an IBM Business Partner and assists clients with migrations to Power-based solutions.
On 15 January 2018, Tech Mahindra announced that it has partnered with ContextSpace Solutions Ltd, a privacy research and development firm based in Israel, to develop the world's first global software privacy ecosystem, MyData Shield. Tech Mahindra has developed MyData Shield, a cloud-based Privacy Protection as a service that will enable software developers to easily address security and personal data protection concerns.
On 23 January 2018, Tech Mahindra announced that it will now make available AT&T FlexWare, a transformative, global network infrastructure solution from AT&T Inc., to its global clients as well as use it internally. Tech Mahindra intends to combine AT&T FlexWare with its System Integration and Services Portfolio, and offer the solutions to its global clientele who are undergoing digital transformation.
Mahindra Racing, the only Indian team to compete in the ABB FIA Formula E Championship, announced the formation of a strategic partnership with Pininfarina and Tech Mahindra on 24 January 2018. This agreement gives Mahindra Racing access to Pininfarina's globally renowned design expertise and Tech Mahindra's digital technology prowess.
On 22 February 2018, Tech Mahindra announced a strategic investment of CAD 100 million over 5 years to establish a new Center of Excellence' (COE) in Canada. This strategic initiative will focus on major technologies such as Artificial Intelligence (AI) and Blockchain, which are driving innovation across industries and will cater to the exponentially growing need for AI and Blockchain application especially in the Fintech' and Smart Cities' spaces.
During the fiscal 2019, the company has entered into an agreement to acquire 100% stake in Dynacommerce Holdings B.V. vide Share Purchase Agreement dated 31 January 2019 for a value of EUR 0.48 million (Rs 37 million). Further during the year as per the agreement with minority stakeholders, company has acquired additional 4.07% stake in CJS Solutions Group, LLC (CJS) of USD 7.4 million (Rs 510 million).
During the FY2020, the IT and business process management industry is recalibrating to manage the impact of the COVID-19 outbreak. The industry powers critical healthcare, finance, and telecom services.
The Group, pursuant to the share purchase agreement acquired 100% stake in Dynacommerce Holdings B.V on 09 May 2019 for a consideration upto EUR 2.16 million (Rs 168 million), out of which EUR 0.48 million (Rs 38 million) was paid upfront and the balance amount of EUR 1.68 million (Rs 130 million) is payable on achieving performance based milestones.
The Company on 31 July 2019, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. acquired 65 % stake in Mad*Pow Media Solutions LLC for a upfront consideration of USD 16.71 million (Rs 1,151 million). Further the subsidiary of the company has entered into a binding agreement to purchase the balance 35% stake over a period of three-year, ending 31 March 2022 for which a financial liability of USD 11.52 million (Rs 793 million) as at balance sheet date of 31 March 2020 has been recognised.
Further, the company in October 2019, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. acquired 100 % stake in Objectwise Consulting Group Inc. for an upfront consideration of CAD 2.25 million (Rs 121 million).
The Company has invested an amount of GBP 7.77 million (Rs 720.82 millon) in Mahindra Engineering Services (Europe) Ltd by subscribing to the Preference Shares of the company on 19 November 2019.
The company, pursuant to the share purchase agreement acquired 100% stake in Born Commerce Private Limited on 25 November 2019 for a consideration of USD 12 million (Rs 873 million). Further the Company through its wholly owned subsidiary Tech Mahindra Singapore Pte. Limited, acquired 100% stake in Born Singapore Pte. Limited (Born Group) on 26 November 2019 for an upfront consideration of USD 59 million (Rs 4,224 million) and contingent consideration linked to financial performance of calendar year 2019. As at 31 March 2020, contractual obligation towards contingent consideration amounts to USD 23.10 million (Rs 1,657 million). Born Group is engaged in providing content production and commerce solutions services across USA, APAC and Europe.
The company, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. has entered into an agreement to acquire 100% stake in Zen3 Infosolutions (America) Inc., ('Zen3') vide Stock Purchase Agreement dated 24 February 2020 (Amended and restated 08 April 2020) for purchase consideration of USD 39 million (Rs 2,949 million), comprising cash consideration of USD 35 million (Rs 2,647 million) and retention pay-outs of USD 4 million (Rs 302 Million), payable over next two years. Further, the company has agreed to pay upto USD 25 million (Rs 1,891 million) for earned out linked to revenue and earnings before interest, depreciation and amortization (EBITDA) over three years.
The company has also entered into an agreement to acquire 51% stake in Cerium Systems Private Limited (the Cerium') vide Share Purchase Agreement dated 31 January 2020 (Amended and restated dated 09 April 2020) for estimated enterprise value of Rs 2,450 million. Further, company has agreed to buy 49% stake over the period of three years at valuation linked to financial performance of Cerium Systems Private Limited.
The company has sold its entire stake in Fixstream Networks Inc. as on 30 September 2019 for an amount of USD 2 million (Rs 142 Million ) of which USD 0.5 million (Rs 36 Million) is in Escrow Account.
The subsidiary of the company, Comviva Technologies Limited has sold its entire stake in Terra Payment Services South Africa (Pty) Limited and Terra Payment Services(Netherlands) BV and its subsidiaries, hereinafter referred as Terra Group, on 02 March 2020 for an amount of USD 9 million (Rs 652 Million). Consequently, the company has recognised a gain of Rs 691 million in the consolidated financial statements of FY2020.
Tech Mahindra Ltd
Company History
Tech Mahindra Limited is a leading provider of digital transformation, consulting and business re-engineering services and solutions and is a part of the USD 21 Billion Mahindra Group. Befitting its size, the Mahindra Group operates in 20 key industries, providing insightful and ingenious solutions that are global in their ramifications.
Tech Mahindra is a USD 5.2 Billion company with over 125,000 professionals across 90 countries, helping 973 global customers, including Fortune 500 companies. The Company's convergent, digital, design experiences, customer-centric platforms and reusable assets connect across technologies to deliver tangible business value to its stakeholders.
Tech Mahindra Limited was incorporated on October 24th, 1986 and commenced its business during the year 1987 and incorporated MBT International Inc in 1993, the first overseas subsidiary of the company. The Company is a leading provider of consulting-led integrated portfolio services to customers which are telecom equipment manufacturers, telecom service providers and IT Infrastructure service providers, business process outsourcing service providers as well as enterprise solutions services (BFSI, retail & logistics, manufacturing, E&U, and healthcare, life sciences, etc.) of Information Technology (IT) and IT-enabled services (ITe-S) delivered through a network of multiple locations around the globe. It also provides comprehensive range of IT services, including IT enabled services, application development and maintenance, consulting and enterprise business solutions, extended engineering solutions and infrastructure management services to a diversified base of corporate customers in a wide range of industries including insurance, banking and financial services, manufacturing, telecommunications, transportation and engineering services.
As a leading provider of IT Solutions to the Telecom industry, the company committed to quality, Tech Mahindra adds value to client businesses through well-established methodologies, tools and techniques backed by its stringent quality processes. The company's global footprint spans 24 locations in 14 countries including 11 state-of-the-art development centres and 13 sales offices in Americas, Europe, Middle East, Africa and Asia-Pacific.
As for quality, the company was awarded the ISO 9001 certification by BVQI in the year of 1994. After a year, in 1995, Tech Mahindra established one branch office in UK, following this; the company incorporated MBT GmbH, Germany during the year 2001. In 2002, the company assessed at Level 5 of SEI CMM by KPMG and in the same year Tech Mahindra incorporated MBT Software Technologies Pte Limited, Singapore. Re-certification happened in the year 2003 to ISO 9001:2000 by RWTUV. Due to market changes, the company combines leading offerings in Application Off-shoring (AoS) with scarce skills and COTS integration capabilities in the year 2003. To meet the off-shoring challenge the Company developed a transition process framework (MASTER) during the year 2004 for effective service delivery to customers. Moreover, the company developed a revolutionary diagnostic tool - ShoreCan - to evaluate the off-shoring potential of a project or group of projects in any phase of development. During the year 2005, the company was certified as BS 7799-2:2002 (Information Security Management Framework) by RWTUV now known as TUV Nord. In the same period, Tech Mahindra acquired Axes Technologies (India) Private Limited, including its US and Singapore subsidiaries and the company assessed at Level 5 of SEI CMMI by KPMG.
The name of the company was changed from Mahindra-British Telecom Limited to the present name Tech Mahindra Limited on 3rd February of the year 2006. In the same year 2006, the company assessed at Level 5 of SEI People-CMM (P-CMM) by QAI India. In August of the year Tech Mahindra raised Rs 4.65 billion ($100 million) from a hugely successful Initial Public Offering (IPO) to build a new facility in Pune, to house about 9,000 staff and formed a JV with Motorola Inc under the name CanvasM to develop a focused entity that would leverage Tech Mahindra's solution integration expertise and Motorola's R&D capabilities. The Company noted as Leaders in the Telecom Vertical in India (Frost & Sullivan 2006) and received Deloitte Tech Fast 50 2007 Award for Outstanding Achievement in the industry (Billing & OSS World 2007).
The company acquired iPolicy Networks Private Limited during the year 2007 to enhance its offerings in the security solutions and services domain that develops next-generation, carrier-grade integrated network security solutions for enterprise and service providers. A strategic alliance was made between the company with Sun Microsystems in May 2007 to enable the rollout of cost-effective and efficient IPTV services to the Indian and Asia Pacific markets.
Tech Mahindra expanded its relationship with Oracle in March 2008 to deliver a comprehensive software suite for the global communications industry. The company entered into a strategic partnership with Veracode during April 2008, giving the company access to a unique, on demand application security technology, which allows the company to further strengthen its application security capability as they expand into new markets. In June 2008, the company entered into a strategic global alliance with Microsoft Corporation to address its System Integration (SI) requirements for deployments of the award-winning Microsoft Mediaroom Internet Protocol Television (IPTV) and multimedia software platform. The Company bagged $7.6 million deal from Telecom Fiji in June 2008, as the first Indian IT Company to receive this transformational deal. Tech Mahindra signed a deal with Telecom New Zealand in June of the year 2008 to provide solutions to the company's retail business and the products it offers. The deal is worth between $20 million and $30 million.
On 16 April 2009, the Company Law Board passed an order approving the selection of Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra, as the successful bidder to acquire a controlling stake in Satyam Computer Services Ltd. Earlier, Satyam Computer Services on 13 April 2009 announced that the company's Board of Directors has selected Venturbay Consultants Private Limited as the highest bidder to acquire a controlling stake in the company, subject to the approval of the Company Law Board. On 7 January 2019, Satyam Computer Services' founder and Chairman Ramalinga Raju made shocking disclosures of financial irregularities at the IT firm.
On 24 April 2009, Satyam Computer Services received approval from the Seventh Division of the Federal Cartel Office of Germany permitting the completion of the acquisition of a controlling stake in the company by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra.
On 9 July 2009, Mahindra Satyam announced that it has signed a new 5 year Support Contract with GlaxoSmithKline (GSK) to provide SAP and other critical systems support to GSK's businesses across the world.
On 3 November 2009, Tech Mahindra announced it plans to collaborate with defence and security company Saab to develop its operations in India for the global defense and homeland security market.
On 11 March 2010, Mahindra Satyam announced that it has bagged a new four- year offshore contract from KMD, one of Denmark's leading IT companies. The new contract worth approximately $48 million is an extension of a previous contract that was due to expire this year which involved the supply of application development, testing and application support services particularly in the area of SAP which is a growing business for the Danish IT company.
On 30 July 2010, Tech Mahindra announced that the Tech Mahindra and Morpho (Safran Group) led consortium has been selected as one of the key partners to implement and deliver the Aadhaar program by UIDAI (Unique Identification Authority of India). The Tech Mahindra and Morpho team was selected by UIDAI as one of the three key partners for the initial phase of this program.
On 3 August 2010, Mahindra Satyam announced a partnership with Sybase Software (India) Pvt. Ltd., the Indian subsidiary of Sybase,Inc., to provide secured enterprise mobility solutions to customers globally.
On 13 October 2010, Mahindra Satyam announced that it has signed a large contract with the Commonwealth of Kentucky, USA for design and delivery of a document management system for the child support system. The project will be implemented over twenty months.
On 25 October 2010, Tech Mahindra announced that it has been selected as one among a total of three companies selected by Bharti Airtel to outsource customer service functions across 16 African countries. On 2 May 2011, Tech Mahindra announced its plans to set up BPO operations in Philippines. The company signed a multi-million dollar deal, as one of the preferred BPO partners for strategic outsourcing with a leading full-service telecommunications company in the Philippines. The deal is spread over a period of 3 years.
On 26 May 2011, Tech Mahindra announced that it had entered the billion dollar league with consolidated revenue of 1,126.6 million for the year ended 31 March 2011. In rupee terms, the company clocked revenue of Rs 5140.2 crore for the year ended 31 March 2011.
The Board of Directors of Tech Mahindra and Mahindra Satyam in their respective meetings held on 21 March 2012 approved a proposal to merge Mahindra Satyam with Tech Mahindra along with certain wholly owned subsidiaries of Mahindra Satyam and Tech Mahindra. As per the swap ratio for the merger, the shareholders of Mahindra Satyam will be allotted 2 shares of Tech Mahindra for every 17 shares held in the company on record date.
On 23 May 2012, Tech Mahindra announced the launch of its new delivery and development centre in Noida, Uttar Pradesh, India.
On 4 September 2012, Tech Mahindra announced the acquisition of 100% stake in Hutchison Global Services Private Limited for US $ 87.1 million, payable upfront. Hutchison Global Services (HGS) provides customer lifecycle operations to clients in UK, Ireland and Australia and has an associate base of over 11,500 employees. HGS operates out of Mumbai and Pune and is among the largest captives in the telecom domain. On 5 September 2012, Tech Mahindra and Royal KPN N. V. (KPN) announced the start of an international partnership in order to further improve KPN's efficiency and effectiveness in its IT environment and operational processes and to jointly address strategic growth areas. KPN expects to make savings of at least EUR 200 million over a 5-year period with the partnership.
On 17 September 2012, Tech Mahindra announced the acquisition of 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group company, for a value of Rs 260 crore. Comviva Technologies is a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions.
On 22 April 2013, Tech Mahindra announced the launch of the modular Enterprise Managed Network Service (mEMS) platform, a cloud-based framework designed to give network managers the ability to grow and adapt their existing infrastructure without compromising performance.
On 23 April 2013, Tech Mahindra announced the launch of its new Service Virtualization as a Service (SVaaS) offering. This new managed service for Tech Mahindra's mid-market customers bundles CA LISA Service Virtualization software from CA Technologies with Tech Mahindra's professional services, leveraging cloud infrastructure to offer it in a subscription based pay-as-you-go model.
On 24 April 2013, Tech Mahindra announced the acquisition of lab assets and operations of the Type Approval Lab in Lund, Southern Sweden. This acquisition is in continuation with its efforts to provide end-to-end test solutions to device manufacturers and global carriers.
On 27 May 2013, Tech Mahindra signed a Memorandum of Understanding (MoU) with 'Navigation Information Systems' (JSC 'NIS') GLONASS, company that offers dual-system GLONASS/GPS chipset-based navigation equipment to the Indian market. As per the agreement, both the parties will jointly identify and develop potential opportunities, while agreeing to explore the emerging markets with strong focus on solutions such as Fleet Management Solution, Intelligent Transport Solution, Vehicle Security, Geo-fencing, and Precision Positioning Services among others. Tech Mahindra will play the role of System Integrator of NIS solutions, and will also customize the solutions as per Indian requirements, wherever required.
On 28 May 2013, Mahindra Satyam and Dion Global Solutions (Dion) announced the offering of a software solution to assist Financial Institutions (FIs) in Australia and New Zealand (ANZ) meet the US Foreign Account Tax Compliance Act (FATCA) regulations. On 6 June 2013, Mahindra Satyam announced that it has won a new multiyear contract with Bridgestone Europe for its managed services. The company will work on SAP based mission critical applications for Bridgestone Europe.
On 12 July 2013, Tech Mahindra announced that it has completed the process of allocating shares of the company to the shareholders of Mahindra Satyam, erstwhile Satyam Computer Services Ltd. The merger of Mahindra Satyam with Tech Mahindra was consummated on 25 June 2014. The merger created a technology services powerhouse, with revenue of USD 2.7 billion, a team of 84,000 professionals servicing 540 customers across 46 countries. Earlier, the Board of Directors of Tech Mahindra and Mahindra Satyam had separately approved the merger on 21 March 2012. After an approval from Mumbai high court, the Andhra Pradesh High Court gave its nod for the merger on 11 June 2013.
On 23 July 2013, Tech Mahindra announced that it has signed an agreement with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. The contract is for an initial five-year term. Under the agreement, Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data.
On 1 August 2013, Tech Mahindra announced that its Brazilian subsidiary, Complex IT has signed two deals to deliver Enterprise Solutions for Oil & Gas and Banking verticals. The first project is with Schahin Petr ' leo to deliver a new enterprise business solution for the operations of the Oil and Gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process. On another instance COMPLEX IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, Projects and on-going demands. This will help them overcome High Complexity environment and helping internal SLA.
On 5 August 2013, BASE Company and Tech Mahindra announced a five year managed service agreement for the operations and roll out of the BASE network in Belgium. With this agreement BASE Company is broadening its partnership with Tech Mahindra, creating highly efficient network operations, where a managed service partner is responsible for both network and IT. BASE Company is a fully-owned subsidiary of Royal KPN N.V., whose headquarters are located in Brussels. The company is mainly active in the field of mobile telephony via the brands BASE and BASE business.
On 5 September 2013, Tech Mahindra said that the company is witnessing strong demand for IT & Engineering solutions in China, driven by local enterprises upgrading productivity through technology and international retail brands seeking solutions to tap the fast-growing domestic consumer market.
On 12 September 2013, Tech Mahindra announced that the company has been chosen as a Strategic Partner for Application Maintenance and Development by the Volvo Car Corporation (Volvo Cars). This partnership will provide Volvo Cars with a service to maintain and develop a wide range of applications across the business and to develop and implement new applications as part of its drive to increase efficiency and reduce costs. Starting in September 2013, the contract with Tech Mahindra will provide Volvo Cars with Application maintenance and development across multiple domains, including Manufacturing, Product Development, Marketing, Sales and Reporting.
On 17 September 2013, Tech Mahindra announced that it will demonstrate eight connected Oracle solutions cutting across various industries at a 5-day Oracle OpenWorld 2013 beginning 22 September 2013. On 10 October 2013, Tech Mahindra announced the launch of its retail digital enterprise solution ShelfMonitor. This solution empowers retail store personnel with intelligent information on potential shelf gaps and real-time actionable insights, thereby helping retailers improve sales and avoiding lost opportunity.
On 22 October 2013, Tech Mahindra and Bosch Software Innovations, the software and systems house of the Bosch Group, announced a global strategic business partnership, which will primarily focus on the global manufacturing and transportation industry. The partnership aims to develop and deliver scalable digital enterprise solutions in the Internet of Things and Services' space. Tech Mahindra and Bosch will jointly develop solutions for industrial equipment management, connected services, and intermodal transportation.
On 8 November 2013, Tech Mahindra announced that it has partnered with Perpetual to provide registry services. Tech Mahindra will assume responsibility for Perpetual's existing registry capability supporting its Wholesale, WealthFocus and Select investment, superannuation and pension products. The agreement covers both administration and technology services.
The Board of Directors of Tech Mahindra and Mahindra Engineering Services (MES) at their separate meetings held on 29 November 2013 approved a proposal to merge MES with Tech Mahindra. MES is a global engineering consultant and service provider catering to automotive, aerospace, defense & manufacturing industries. MES clocked revenue of Rs 250.59 crore in FY 2013. The swap ratio for the merger was set at 5 shares of Tech Mahindra for every 12 shares held in Mahindra Engineering Services.
On 10 December 2013, Tech Mahindra announced the launch of its Global Center of Excellence (CoE) with Hewlett Packard (HP) in Bangalore. The CoE will focus on IT Application and IT Infrastructure Performance Management solutions that transform customers' IT operations landscape through automation and unification of key services.
On 29 January 2014, Tech Mahindra announced that it is supporting the implementation of SAP business systems at international publisher Cambridge University Press.
On 11 February 2014, Tech Mahindra announced that it is partnering with AIMS Software Pte. Ltd, a subsidiary of Quest Computing Ltd, one-of-the world's leading providers of Grant Management Systems. The partnership aims at evangelizing the AIMS proposition via their proven marketing and lead generation approach with an extensive use of Enterprise Ireland (EI) advice and support.
On 24 February 2014, Tech Mahindra announced the launch of its Near Field Communication (NFC) test lab in Bangalore, India. The NFC Testing and consulting capabilities in the lab will cater to the fast-growing needs of chipset manufacturers, OEMs, Service Providers, Acquires and Issuers from the banking industry.
On 25 February 2014, Tech Mahindra and Sierra Wireless announced that they have signed a formal teaming agreement to work collaboratively to develop and deploy end-to-end M2M solutions for customers worldwide. The collaboration leverages Sierra Wireless device-to-cloud offerings and Tech Mahindra's system integration and application development expertise to offer cost-effective, turnkey solutions tailored for prospective M2M customers in markets such as energy, transportation, industrial, and healthcare.
On 27 February 2014, Tech Mahindra's wholly owned German subsidiary Tech Mahindra GmbH, D sseldorf, announced that it has signed an agreement with BASF Business Services Holding GmbH to acquire its business with third party customers. This includes the 100%-owned subsidiary BASF Business Services Consult GmbH, based in Hamburg. BASF Business Services Holding GmbH will in future focus on providing information services, supply chain operations and business process management for BASF Group. BASF Business Services Holding GmbH (earlier called as BASF IT Services Holding GmbH) is an indirect wholly owned Group Company of BASF SE.
On 7 March 2014, Tech Mahindra and Microsoft announced their partnership to help develop the spring customer care update of Microsoft Dynamics CRM. Tech Mahindra's expert engineers helped Microsoft to develop key features which include - Mobile device support, cross browser support and enhanced user experience. Tech Mahindra is a Global SI and Consulting organization with strategic partnership with Microsoft.
On 12 March 2014, Tech Mahindra announced the launch of its Global Development Center with Alstom Transport, a world leading manufacturer of Rail Technology, on the occasion of signing a 3 year partnership agreement with Alstom. The development center will cover primarily engineering activities focused on concept to prototype build.
On 18 March 2014, Tech Mahindra announced that Volvo Car Group has selected the company to provide end-to-end IT infrastructure support and services in key countries globally including Sweden, China and Belgium. The scope of the partnership which was signed in February 2014 covers 2,800 servers across Volvo Cars' regional offices, global factories, global datacenter, R&D and manufacturing IT. The service also covers 4,000 factory devices in Sweden, Belgium, China and 30,000 end users and their work devices, including parts of the Volvo Cars dealer network. On 20 March 2014, Tech Mahindra announced the inauguration of its 3rd near shore delivery center in D sseldorf, Germany.
On 24 March 2014, Tech Mahindra announced a global alliance with Box, Inc. as a premier member of the 'Box Services Partner Program'. This alliance enables enterprise customers to leverage Box's cloud based content collaboration solution as part of Tech Mahindra's Digital Enterprise Platform (DEP) for handling document centric processes.
On 25 March 2014, Tech Mahindra announced the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management Business Process as a Service (BPaaS) solution for the financial services industry in North America. The Managed Data Service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP.
On 8 April 2014, Tech Mahindra announced the opening of a new Belgian delivery center in Antwerp. The Antwerp delivery center will further accelerate a hub and spoke delivery model for the Benelux region.
On 22 April 2014, Tech Mahindra announced that it has been chosen by New Hampshire's Division of Motor Vehicles (DMV) to implement its Motor Vehicle Enterprise System (MOVES), a configurable Microsoft Dynamics CRM-based solution. The solution will replace and modernize New Hampshire DMV's existing legacy system. Tech Mahindra worked closely with Microsoft in developing the Dynamics CRM-based MOVES solution.
On 8 May 2014, Tech Mahindra announced its foray into Mexico as part of its expansion strategy in the Americas region. Tech Mahindra in Mexico will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in various industries such as Telecom, Banking, Energy, Manufacturing, Retail distribution, Insurance and many others.
On 27 May 2014, Tech Mahindra announced that Premium Credit Limited, the No.1 Insurance Premium Finance Company in the UK and Ireland, has selected it to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation.
On 5 June 2014, Tech Mahindra and Informatica Corporation, the world's number one independent provider of data integration software, announced an expansion of their decade-long strategic association.
On 11 June 2014, HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, announced that it has entered into a global services alliance agreement with Tech Mahindra. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform.
On 2 July 2014, Tech Mahindra announced that it has signed a Joint Venture (JV) agreement with Midad Holding, which is a subsidiary of Al Fozan, a preeminent group with diversified business interests in Saudi Arabia. The JV will be called Tech Mahindra Arabia. Tech Mahindra will have 51% ownership while Midad will own 49% stake. Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals.
On 22 July 2014, Tech Mahindra announced plans to significantly expand in Korea. The company said in a statement that it will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in Korea in various industries such as Manufacturing, Auto, Aerospace & Defense, Telecom, Oil & Gas, BFSI, Healthcare, Engineering Services, Device Engineering, Telecom and EBS.
On 4 September 2014, Tech Mahindra announced that it has signed an agreement with Bombardier Aerospace. As part of this engagement, Tech Mahindra will provide engineering solutions to Bombardier.
On 18 September 2014, Tech Mahindra announced that it will work together with Bosch Software Innovations, the software and systems house of the Bosch group to develop an ecosystem to enable innovative solutions for the connected world and connected enterprises. Tech Mahindra's Digital Enterprise Solutions group will work with Bosch Software Innovations to develop proof of concepts and solutions that will focus on developing connected solutions for smart cities, enterprises and smart homes.
On 23 September 2014, Tech Mahindra announced that it has been selected by Ahlstrom to manage its information technology operations. With the multi-year, multi-million euro agreement, Ahlstrom aims to increase efficiency, harmonize service levels and lower IT costs.
On 6 October 2014, Tech Mahindra announced that it has successfully launched and operationalized 'The HUB for Airbus Group'. The HUB is a long-term transition from execution models to a platform-based approach in Product Development and Engineering services. The Airbus HUB will deliver multi-domain services and solutions, ranging from product development to after-market services to the Airbus Group.
On 12 November 2014, Tech Mahindra announced the evolution of its next-generation managed services offering, Tech Mahindra MSO based on its modular Enterprise Managed Network Service (mEMS2.0) platform. This cloud-based framework is designed to help enterprises pave the way for a modular, flexible and scalable approach for building NexGen MSO services that can meet enterprise customers' critical demand - optimized service with exponential value at a very efficient cost.
On 20 November 2014, Tech Mahindra announced that it has signed a definitive agreement to acquire global network services leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. Headquartered in McLean, Virginia, LCC, with annual revenue of more than $400 million, is one of the world's largest independent global providers of Network Engineering services to the telecommunications industry. The acquisition positions Tech Mahindra as the pre-eminent partner for network services globally.
On 25 November 2014, Tech Mahindra announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages.
On 11 December 2014, Tech Mahindra announced the inauguration of the new IT block in Bhubaneswar, Odisha adding to the existing block that houses 500 associates. The total capacity of the Bhubaneswar facility with the addition of new building will be 1,111 seats.
On 17 December 2014, Tech Mahindra announced the launch of Automotive Aftermarket Suite. It enables Tech Mahindra to offer innovative solutions in the space of Telematics, sensor-based predictive maintenance, for thousands of cars on the road worldwide. The Automotive Aftermarket Suite is one-of-the first platform solutions in the Aftermarket space. Tech Mahindra plans to provide this solution as a managed service to OEM's, importers, and dealer networks.
On 6 January 2015, Tech Mahindra announced that it has teamed-up with global telecom technology firm Avion Systems to provide Network Design and Engineering Services to major communications service providers. Tech Mahindra has been chosen as a minority investor at Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.
On 9 January 2015, Tech Mahindra announced that it has signed a definitive agreement to acquire SOFGEN Holdings Limited (SOFGEN), a niche consulting and services company with worldwide presence specializing in Private/Wealth, Commercial and Retail Banking solutions. With this acquisition, Tech Mahindra will have the capability to offer a unique combination of 'Change the Bank and Run the Bank' services to Retail banking, Private Banking and Wealth Management customers globally.
On 11 February 2015, Tech Mahindra's subsidiary Mahindra Comviva announced a target growth of 300% by 2018 in the Americas region. Mahindra Comviva said at that time that it would focus on expanding its footprint in the Americas through advanced mobile wallet and payments solutions.
On 24 February 2015, IBM announced that it has signed a strategic teaming agreement with Tech Mahindra to accelerate global hybrid Cloud adoption. Through this alliance, IBM will provide an open, flexible cloud environment to enable Tech Mahindra's developers to build cloud-native and cloud enabled applications with a scalable model.
On 4 March 2015, Tech Mahindra announced, the launch of best in class SDN and NFV based solutions suite to address the ever changing network scenarios and demands in building the smart cities. Tech Mahindra has established itself as a key player in the SDN-NFV space and offers vendor neutral System Integration capabilities and highly scalable Managed Services to its customers.
On 5 March 2015, CA Technologies and Tech Mahindra announced that they have entered an agreement to develop and deploy end-to-end secured Internet of Things (IoT) solutions for enterprise customers worldwide. The agreement will leverage solutions from the CA DevOps portfolio including CA Release Automation, CA Service Virtualization, CA Mobile App Analytics and CA Unified Infrastructure Management (CA UIM) with Tech Mahindra's expertise to build and deliver mobile applications. This effort will offer enterprise customers advanced management capabilities resulting in improved operational efficiency and customer loyalty.
On 10 March 2015, Tech Mahindra announced the opening of the first Center of Excellence (CoE) for Google tools at Tech Mahindra's Global Solution Center in Cyberjaya, bringing transformational solutions to enterprises across Malaysia and the Asia Pacific region. The CoE aims to be the hub for innovation within the region and to focus on nurturing and building solutions with the best combination of products and technologies.
On 20 March 2015, Tech Mahindra announced that it has signed a strategic agreement with Gao Feng Advisory Company (Gao Feng), a global management consultancy with roots in China. Both firms will seek to join forces to deliver a unique and comprehensive set of services to their clients in China and worldwide.
On 15 April 2015, Tech Mahindra and Nasdaq listed Comverse announced that they have reached an agreement in principle on a strategic relationship, whereby Comverse will accelerate its transformation as a global innovator in digital services by leveraging Tech Mahindra's expertise and scale in development and delivery of digital offerings. As part of this initiative, employees from certain functions within Comverse's Digital Services business unit are anticipated to join Tech Mahindra.
On 22 April 2015, Tech Mahindra announced the launch of its fourth center in Philippines. The company will service global enterprise & telecommunication clients from the new facility.
On 30 April 2015, Tech Mahindra announced that the company was selected by Clark County Water Reclamation District (CCWRD) to implement Oracle Utilities Customer Care and Billing. Clark County Water Reclamation District is a water reclamation utility with offices in Clark County, Las Vegas, Nevada. Tech Mahindra is a Platinum level member of Oracle PartnerNetwork (OPN).
On 6 May 2015, Tech Mahindra announced the inaugurating a new office space in G g, Sweden.
On 13 May 2015, Tech Mahindra and MDS, a leading provider of real-time charging, billing and customer management solutions, announced a strategic global alliance with the first client win at Dixons Carphone. Tech Mahindra has implemented the leading billing and customer management solution of MDS and will manage the entire services infrastructure for Dixons Carphone iD, which will operate on three networks.
On 19 May 2015, Tech Mahindra announced that it will build an Intelligent Electric Vehicle Charging System (IEVCS) designed to help build Ontario's clean energy future. The project, sponsored by Ontario's Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative, will analyze the effects of electric vehicle charging on transformers by creating a real time transformer monitoring and analytics solution. The key benefit of the solution is the real time monitoring of the transformers and the ability to automatically manage the charging between vehicles to ensure the transformers do not overload as a result of EV charging.
On 11 June 2015, Tech Mahindra announced the launch of its next generation Cloud Management Platform mPAC (managed Platform for Adaptive Computing) for Hybrid IT Management. It leverages technologies from HP and VMTurbo suite of products.
On 24 June 2015, Tech Mahindra announced that it has been selected by Circle Health after a competitive procurement process to become their chosen technology partner for the next 10 years. The project will be delivered by nth Dimension, a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom. The value of the contract is 50 million over 10 years.
On 29 June 2015, Tech Mahindra said in an investor update ahead of the announcement of its Q1 June 2015 results that there have been some headwinds and tailwinds which could see a risk of marginal decline in the company's revenue and EBITDA margin on a sequential basis in Q1 June 2015. The company also warned at that time that FY 2016 organic communications business growth could remain subdued due to delayed decision making by clients.
On 8 July 2015, Tech Mahindra and PNMsoft, a global provider of Intelligent BPM Software (iBPMS) solutions, announced a collaboration to offer superior customer experiences.
On 20 August 2015, Tech Mahindra announced that the Reserve Bank of India has granted an in-principle approval to the company to set up a Payments Bank. The bank will be an independent unit under the Mahindra Group led by Tech Mahindra and Mahindra Finance, a leading rural NBFC, as equal contributors to the new entity.
On 14 September 2015, Tech Mahindra announced that it has joined Real-Time Innovations' (RTI) rapidly expanding Services Delivery Partner (SDP) program, designed to help companies capitalize on the growing Industrial Internet of Things (IIoT) market. RTI SDPs offer outsourced product development, system integration and domain-specific consulting across multiple industries.
On 5 October 2015, Tech Mahindra and Bombardier Commercial Aircraft announced that they have signed an agreement under which Tech Mahindra will develop the Aircraft Ground Support System (AGSS) for Bombardier's Aircraft Health Management System (AHMS) for the C Series family of aircraft. The AGSS will facilitate real-time and post-flight recorded data management, fault notification and diagnostic reporting. By leveraging the large amount of data recorded and transmitted from C Series aircraft, the AHMS will allow operators to make sound decisions on aircraft performance and maintenance.
On 14 December 2015, Tech Mahindra and its parent company Mahindra & Mahindra (M&M) jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design. The investment by Tech Mahindra and M&M will be done via a joint venture company held 60% by Tech Mahindra and 40% by M&M. Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot.
On 23 December 2015, Tech Mahindra announced the launch of India's first contactless digital payment ecosystem branded MoboMoney.
On 7 January 2016, Tech Mahindra announced that it has entered into a strategic alliance with MetricStream, Inc, the global market leader in Governance, Risk and Compliance (GRC) Management Apps, to deliver GRC Solutions across the globe. Tech Mahindra has established a dedicated MetricStream Center of Excellence (CoE) in Bangalore, India, which will be supported by expert consulting services worldwide in various geographical markets. The GRC offering will target verticals such as BFSI, Retail, Manufacturing, Healthcare, Telecom and Infrastructure.
On 17 February 2016, Tech Mahindra and Qlik, a leader in visual analytics, announced that the companies have expanded their global alliance. Qlik and Tech Mahindra will work together to bring further value to joint customers through Tech Mahindra's platform offerings and Qlik's unique platform approach to visual analytics.
On 23 February 2016, Tech Mahindra announced that it has been selected by Nationwide Building Society to provide Network and Infrastructure Transformation services in a five year, partnership agreement. Tech Mahindra will provide specialist resources to support Nationwide's network upgrade and digital banking strategy, enabling the Building Society to improve efficiencies across its branches and offices and to expand its customer-facing digital services.
On 23 February 2016, Tech Mahindra announced plans to build Internet of Things (IoT) solutions by utilizing the Microsoft Azure IoT Suite. On 25 February 2016, Tech Mahindra and Comptel Corporation announced their collaboration to re-write telecommunications operators' billing playbooks. On 23 March 2016, Tech Mahindra announced that it has expanded its footprint in France with the launch of a new Development Centre facility in Toulouse, dedicated to projects for its existing partner and customers in the aerospace industry.
On 28 March 2016, Tech Mahindra announced its participation as a member of the new GE Digital Alliance Program that is dedicated to growing the digital industrial ecosystem. Tech Mahindra and GE Digital will work together to create innovative solutions that will address the need of the Power, Oil and Gas, and Transportation industries. Tech Mahindra has been an early adopter of the Predix platform, GE's cloud platform-as-a-service for the Industrial Internet.
On 25 April 2016, Tech Mahindra and Newtec, a specialist in designing, developing and manufacturing equipment and technologies for satellite communications, signed an agreement which will see the two companies cooperate on future projects. Newtec and Tech Mahindra will initially work together on a contract awarded by satellite operator Yahsat.
On 18 May 2016, Tech Mahindra announced the launch of Fresh Produce End to End Digital Supply Chain (FEEDS) solution. This revolutionary initiative manages the food supply chain, which enables companies to transport farm grown produce and deliver it as fresh as if it were grown locally. FEEDS enables business collaboration, maintains product quality and freshness while providing a 15-20% reduction in losses and wastes.
On 27 May 2016, Tech Mahindra announced that it has entered into an agreement to acquire Target Group, one of the leading processing platform companies in the UK. The acquisition strengthens Tech Mahindra's BFSI practice by access to IP and platform which helps automate end-to-end processes in the lending, investments and insurance market. As part of the agreement, Tech Mahindra has agreed to purchase 100% of the shares of Target Group for an Enterprise Value of GBP 112 million. Target Group had revenues of GBP 51 Million in 2015.
On 1 June 2016, Tech Mahindra announced that it has been selected by Department of Motor Vehicles (DMV) of Nevada, US to be the prime systems integrator for the System Modernization or 'SysMod' project - a transformational initiative to modernize the DMV operations.
On 13 June 2016, Tech Mahindra announced collaboration with ArisGlobal, a leading provider of cloud-based software solutions for life sciences, to provide the life sciences industry with a complete end-to-end solution for identification of medicinal products compliance.
On 22 June 2016, Tech Mahindra announced the acquisition of The BIO Agency (BIO), headquartered in the UK. The BIO Agency specialises in digital transformation and innovation, helping organisations change the way they engage with their customers.
On 26 July 2016, Tech Mahindra announced that it has launched its 17th Delivery Center in Cincinnati Blue Ash Area, US to primarily serve its customers with export control services within the Aerospace & Defense sector. The center will primarily be leveraged to provide Engineering, Big Data and Analytics services to a large conglomerate in the region and also other customers in the US.
On 26 September 2016, Tech Mahindra announced collaboration with DxContinuum, Inc., a leader in the field of predictive analytics for sales and marketing teams, to provide a highly intuitive and usable solution for business-to-business (B2B) sales organizations. The joint offering delivers highly accurate forecasts, dramatically boosts productivity and enables sales teams to get a jump on cross-sell/upsell opportunities on a subscription base.
On 27 September 2016, Tech Mahindra unveiled new strategy for network services business, which will enable communication service providers to transform and modernize their networks faster. Network services are a key part of Tech Mahindra's communication business, which accounts for nearly half the company's overall business.
On 28 September 2016, Tech Mahindra announced that it has successfully completed the first phase of transformation at Oklahoma Gas and Electric (OG&E), a regulated electric utility serving over 819,000 customers in Oklahoma and western Arkansas. Tech Mahindra has signed a multiyear, multimillion-dollar contract with OG&E.
On 30 September 2016, Tech Mahindra announced that it has been selected by the state government of Jharkhand as a strategic partner to help the state government in its digital journey and employment generation through skill development. As a strategic IT partner, Tech Mahindra will work towards promoting technology adoption by the citizens in the state apart from helping build an ecosystem with greater participation of industry players. The partnership also requires Tech Mahindra to work with the state government to promote digital literacy and skill development working with various industry organizations including Nasscom Foundation.
On 2 November 2016, Tech Mahindra announced that it has been chosen as the strategic ICT (Information and Communications Technology) supplier by Stockmann, a Finnish company engaged in retail operations.
On 2 November 2016, Tech Mahindra announced the launch of its Virtual Network Function (VNF) Exchange, along with a number of leading new age providers of Software Defined Networks (SDN) and Network Functions Virtualization (NFV) products. As the first product independent global industry platform, Tech Mahindra's VNF Exchange is aimed at pre-certifying VNF design, VNF stack and VNF performance.
On 23 November 2016, Tech Mahindra announced the launch of the Connected Service Experience Solution, which will enable the manufacturing industry to integrate connected devices with end-to-end business processes. Built on Pegasystems' industry-leading Pega 7 Platform, this solution allows organizations to harness the power of the Industrial Internet of Things (IIoT) for increased efficiency and better customer experiences.
On 4 January 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group announced the launch of a Joint Venture, Tech Mahindra Arabia Ltd. The JV Company in which Tech Mahindra holds majority stake would cater to the market in the Kingdom of Saudi Arabia (KSA). Al Fozan Group is a leading conglomerate with operations throughout the Middle East.
On 16 January 2017, Tech Mahindra announced the opening of a Centre of Excellence (CoE) in Dublin, Ireland. The Dublin CoE will be central to Tech Mahindra's operations in Ireland and would focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services. As a part of a new investment in Ireland, the Dublin CoE will bolster Tech Mahindra's regional footprint in the country and help the company deliver technology services to clients in Ireland as well as Europe.
On 6 March 2017, Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company that does business as (DBA) 'The HCI Group.' Tech Mahindra will make an upfront payment of US$ 89.5 million for purchase of 84.7% stake in the company. The balance stake of 15.3% will be acquired over a period of three years.
On 10 March 2017, Tech Mahindra announced that the company has selected Jacada Inc. a leading international provider of digital customer experience technology, to accelerate the digital transformation of customer operations for clients across industries. Jacada's digital customer experience technology helps in simplifying interactions between businesses and their customers.
On 17 March 2017, Tech Mahindra and Huawei Enterprise Business Group (EBG) signed a global partnership agreement. As per the agreement, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India. The alliance would also involve launching a joint go-to-market (GTM) strategy, thus giving a boost to the competitiveness of both companies in the global marketplace, by leveraging each other's core strengths. Huawei is a leading global ICT solutions provider.
On 3 October 2017, Tech Mahindra announced that it has won a multi-year, multi-million euro deal from Ahlstrom-Munksj to manage the company's end-to-end IT operations. Tech Mahindra will assist Ahlstrom-Munksj in its digital transformation journey, with end-to-end IT services and solutions including IT user support, infrastructure management and application support using next generation digital and automation tools and technologies. Besides, approximately 25 employees of Ahlstrom-Munksj are expected to be transferred to Tech Mahindra as per the agreement.
On 11 October 2017, Tech Mahindra and the Saudi Telecom Company (STC), represented by its enterprise focused business unit, STC Business, announced a strategic alliance aimed at enabling the Kingdom of Saudi Arabia (KSA) in its Vision 2030 through innovations in digitalization targeting a broad spectrum of sectors. As a part of the Vision 2030, the KSA is looking at making the kingdom a global model of excellence on all fronts by diversifying its economy and developing public sectors such as health, education, infrastructure, recreation, and tourism.
On 13 November 2017, Tech Mahindra and Toshiba Digital Solutions announced their strategic partnership to work in the area of smart factory. As strategic partners, the two companies will synergize their group manufacturing heritage, domain expertise and existing customer base to expand business in the smart factory market together. This partnership aims to leverage strengths of both the companies and offer a one stop solution for manufacturer customers with the latest IoT technologies and system integration capabilities from both sides.
On 21 December 2017, Tech Mahindra announced that it is partnering with Gao Feng Advisory Company to set up a Joint Artificial Intelligence (AI) Lab in Shanghai. The AI lab will work in the areas of futuristic digital technologies including AI Chatbot Services, Smart Process Automation, NLP (Text Analytics), Image Recognition & Processing, Machine Learning and Predictive Analytics. With this, both the firms aim to deliver unique and comprehensive set of services to their clients in the Greater China region starting from strategy to implementation and enabling clients in their Digital Transformation journey. Gao Feng Advisory Company is a global strategy and management consulting firms with strong roots in China.
On 15 January 2018, Tech Mahindra announced that the company is working with IBM to help Tech Mahindra's clients migrate their most demanding workloads to IBM POWER9. This multi-year relationship is designed to accelerate Power Systems adoption for IBM and strengthen Tech Mahindra's offerings around virtualization, data center transformation and high-performance computing. Tech Mahindra is an IBM Business Partner and assists clients with migrations to Power-based solutions.
On 15 January 2018, Tech Mahindra announced that it has partnered with ContextSpace Solutions Ltd, a privacy research and development firm based in Israel, to develop the world's first global software privacy ecosystem, MyData Shield. Tech Mahindra has developed MyData Shield, a cloud-based Privacy Protection as a service that will enable software developers to easily address security and personal data protection concerns.
On 23 January 2018, Tech Mahindra announced that it will now make available AT&T FlexWare, a transformative, global network infrastructure solution from AT&T Inc., to its global clients as well as use it internally. Tech Mahindra intends to combine AT&T FlexWare with its System Integration and Services Portfolio, and offer the solutions to its global clientele who are undergoing digital transformation.
Mahindra Racing, the only Indian team to compete in the ABB FIA Formula E Championship, announced the formation of a strategic partnership with Pininfarina and Tech Mahindra on 24 January 2018. This agreement gives Mahindra Racing access to Pininfarina's globally renowned design expertise and Tech Mahindra's digital technology prowess.
On 22 February 2018, Tech Mahindra announced a strategic investment of CAD 100 million over 5 years to establish a new Center of Excellence' (COE) in Canada. This strategic initiative will focus on major technologies such as Artificial Intelligence (AI) and Blockchain, which are driving innovation across industries and will cater to the exponentially growing need for AI and Blockchain application especially in the Fintech' and Smart Cities' spaces.
During the fiscal 2019, the company has entered into an agreement to acquire 100% stake in Dynacommerce Holdings B.V. vide Share Purchase Agreement dated 31 January 2019 for a value of EUR 0.48 million (Rs 37 million). Further during the year as per the agreement with minority stakeholders, company has acquired additional 4.07% stake in CJS Solutions Group, LLC (CJS) of USD 7.4 million (Rs 510 million).
During the FY2020, the IT and business process management industry is recalibrating to manage the impact of the COVID-19 outbreak. The industry powers critical healthcare, finance, and telecom services.
The Group, pursuant to the share purchase agreement acquired 100% stake in Dynacommerce Holdings B.V on 09 May 2019 for a consideration upto EUR 2.16 million (Rs 168 million), out of which EUR 0.48 million (Rs 38 million) was paid upfront and the balance amount of EUR 1.68 million (Rs 130 million) is payable on achieving performance based milestones.
The Company on 31 July 2019, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. acquired 65 % stake in Mad*Pow Media Solutions LLC for a upfront consideration of USD 16.71 million (Rs 1,151 million). Further the subsidiary of the company has entered into a binding agreement to purchase the balance 35% stake over a period of three-year, ending 31 March 2022 for which a financial liability of USD 11.52 million (Rs 793 million) as at balance sheet date of 31 March 2020 has been recognised.
Further, the company in October 2019, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. acquired 100 % stake in Objectwise Consulting Group Inc. for an upfront consideration of CAD 2.25 million (Rs 121 million).
The Company has invested an amount of GBP 7.77 million (Rs 720.82 millon) in Mahindra Engineering Services (Europe) Ltd by subscribing to the Preference Shares of the company on 19 November 2019.
The company, pursuant to the share purchase agreement acquired 100% stake in Born Commerce Private Limited on 25 November 2019 for a consideration of USD 12 million (Rs 873 million). Further the Company through its wholly owned subsidiary Tech Mahindra Singapore Pte. Limited, acquired 100% stake in Born Singapore Pte. Limited (Born Group) on 26 November 2019 for an upfront consideration of USD 59 million (Rs 4,224 million) and contingent consideration linked to financial performance of calendar year 2019. As at 31 March 2020, contractual obligation towards contingent consideration amounts to USD 23.10 million (Rs 1,657 million). Born Group is engaged in providing content production and commerce solutions services across USA, APAC and Europe.
The company, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. has entered into an agreement to acquire 100% stake in Zen3 Infosolutions (America) Inc., ('Zen3') vide Stock Purchase Agreement dated 24 February 2020 (Amended and restated 08 April 2020) for purchase consideration of USD 39 million (Rs 2,949 million), comprising cash consideration of USD 35 million (Rs 2,647 million) and retention pay-outs of USD 4 million (Rs 302 Million), payable over next two years. Further, the company has agreed to pay upto USD 25 million (Rs 1,891 million) for earned out linked to revenue and earnings before interest, depreciation and amortization (EBITDA) over three years.
The company has also entered into an agreement to acquire 51% stake in Cerium Systems Private Limited (the Cerium') vide Share Purchase Agreement dated 31 January 2020 (Amended and restated dated 09 April 2020) for estimated enterprise value of Rs 2,450 million. Further, company has agreed to buy 49% stake over the period of three years at valuation linked to financial performance of Cerium Systems Private Limited.
The company has sold its entire stake in Fixstream Networks Inc. as on 30 September 2019 for an amount of USD 2 million (Rs 142 Million ) of which USD 0.5 million (Rs 36 Million) is in Escrow Account.
The subsidiary of the company, Comviva Technologies Limited has sold its entire stake in Terra Payment Services South Africa (Pty) Limited and Terra Payment Services(Netherlands) BV and its subsidiaries, hereinafter referred as Terra Group, on 02 March 2020 for an amount of USD 9 million (Rs 652 Million). Consequently, the company has recognised a gain of Rs 691 million in the consolidated financial statements of FY2020.
Tech Mahindra Ltd
Directors Reports
Your Directors present their Thirty Third Annual Report together with the audited
accounts of your Company for the year ended March 31, 2020.
FINANCIAL RESULTS (STANDALONE)
| For the year ended March 31 |
2020 |
2019 |
| Income |
315,916 |
281,879 |
| Profit before Interest, Depreciation and tax |
60,663 |
61,289 |
| Interest |
(667) |
(431) |
| Depreciation |
(6,674) |
(6,592) |
| Profit Before Tax |
53,322 |
54,266 |
| Provision for taxation |
(7,977) |
(10,469) |
| Profit after tax |
45,345 |
43,797 |
| Other Comprehensive Income |
(3,234) |
1,671 |
| Balance brought forward from previous year |
171,952 |
150,495 |
| Additions* |
- |
8 |
| Transition impact of Ind AS 116, net of tax (refer note 46 of financial statements) |
(78) |
- |
| Balance |
171,874 |
150,503 |
| Profit available for appropriation |
217,130 |
194,309 |
| Equity Dividends (Including tax on Dividends) |
(27,522)1 |
(16,411)2 |
| Transfer to retained earnings on account of options lapsed |
59 |
62 |
| Others** |
26 |
23 |
| Transferred to Special Economic Zone re-investment reserve (net of utilisation) |
(5,540) |
(5,928) |
| Contractual Obligation for Buy back |
- |
(103) |
| Buyback of equity shares (refer note 18(v)) |
(132) |
- |
| Balance carried forward |
184,021 |
171,952 |
1
Interim Dividend for the financial year ended March 31,2020 and Final Dividend
for the financial year ended March 31,2019
2
Final Dividend for the financial year ended March 31,2018
* Tech Mahindra Growth Factories Limited and Dynacommerce India Private Ltd have been
merged with the Company consequent to the schemes of merger by absorption approved by
NCLT, Mumbai and Bengaluru (refer note No.33 to the financial statements)
**In FY 18-19 the business of Sofgen UK was transferred to Tech Mahindra UK Branch and
Sofgen India Private Limited has been merged with Tech Mahindra Limited.
DIVIDEND
The Board of Directors on February 24, 2020 approved interim dividend ofRs. 10/- per
equity shares (i.e. 200%) ofRs. 5/- each which was paid by the Company to the shareholders
whose names were appearing in the Register of Members as on March 3, 2020 being the record
date for the payment of dividend. Your Directors are pleased to recommend a final dividend
of f 5/- per Equity Share (100%), payable to those Shareholders whose names appear in the
Register of Members as on the Book Closure Date. Thus the total dividend for FY 19-20 will
beRs. 15/- per share (300%) as againstRs. 14/- per share (280%) in FY 18-19.
Your Company has formulated a Dividend Policy as provided at "Annexure I" to
this Report and the same is disclosed on the website of the Company at https://
www.techmahindra.com/investors/Dividend-Policy.pdf
SHARE CAPITAL
During the financial year 2019-20, your Company's authorised capital increased fromRs.
7,932 million divided into 1,586,300,000 Equity Shares ofRs. 5 each toRs. 8,337 million
divided into 1,667,300,000 Equity Shares ofRs. 5 each. The said increase in authorised
capital was consequent to the merger of Tech Mahindra Growth Factories Limited and
Dynacommerce India Private Limited with Tech Mahindra Limited with the effective date of
merger March 10, 2020.
The Board in February 2019 approved buyback of 20,585,000 equity shares of the Company
representing approximately 2.09% of the total number of equity shares in the paid up
capital of the Company, for an aggregate amount ofRs. 19,555.75 Million being 9.551% of
the total paid up equity share capital and free
reserves of the company, at a price ofRs. 950/- per equity share from the existing
shareholders of the Company on a proportionate basis under the Tender Offer method in
accordance with the provisions of Securities and Exchange Board of India (Buyback of
Securities) Regulations, 1998, the Companies Act, 2013 and rules made thereunder. It was
completed on April 15, 2019 and in compliance with Securities and Exchange Board of India
(Buy Back of Securities) Regulations, 2018 and Securities and Exchange Board of India
(Depositories & Participants) Regulations, 2018 and framed thereunder the shares
bought back were extinguished on April 17, 2019 by reducing the issued and paid up capital
of the company.
As a result, the issued, subscribed and paid-up equity share capital decreased from f
4,916.81 Million divided into 983,362,470 equity shares of Rs 5/- each to f 4,814 Million
divided into 962,777,470 equity shares of f 5/- each in the month of April 2019.
During the year under review, your Company allotted 3,074,894 equity shares on the
exercise of stock options under various Employee Stock Option Plans. Consequently, the
issued, subscribed and paid-up equity share capital has increased from f 4,814 Million
divided into 962,777,470 equity shares of f 5/- each to f 4,829 Million divided into
965,852,364 equity shares of f 5/- each.
BUSINESS PERFORMANCE / FINANCIAL OVERVIEW
The Company believes in providing connected experiences, offering innovative and
customercentric information technology experiences, enabling Enterprises, Associates and
the Society to Rise™. The company has more than 125,000 professionals in more than 90
countries, helping 973 global customers including many Fortune 500 companies. The
company's convergent, digital, design experiences, innovation platforms and reusable
assets connect across a number of technologies to deliver tangible business value and
experiences to the stakeholders. Your company also focuses on sustainable business
strategy, managing social and environmental impacts, while ensuring that corporate
decisions lead to an equitable growth. As a result, Tech Mahindra is one of only 3
companies from India to be included in the DJSI World Index and one of the twelve Indian
companies in the Emerging markets category.
During the Financial Year 2019-20, the Company's consolidated revenues increased toRs.
368,677 Million fromRs. 347,421 Million in the previous year, a growth of 6.1% The
geographic split of revenue is well balanced across regions, with 48.1% share from the
Americas, 26.9% share from Europe and 25% from the Rest of the World.
The consolidated Profit including other income before Interest, Depreciation and Tax
was atRs. 66,955 Million, againstRs. 68,056 Million in the previous year.
The consolidated Profit after Tax, amounted toRs. 38,974 Million as againstRs. 42,888
Million in the previous year.
In an age of regular technological disruption, Tech Mahindra is delivering value to its
customers with its domain expertise and wide range of offerings in Blockchain, Machine
Learning, Artificial Intelligence, Cloud, Cyber Security, Quantum computing and IoT
combined with an intimate understanding of each customer and their objectives. The company
has collaborated with industry leaders & start-ups, academia and partners under
TechmNxt charter to provide customized yet simplified solutions to the customers.
IMPACT OF COVID-19
During the last quarter of the year under review the incidence of Covid-19 developed
into a global pandemic. The directors have assessed the impact of Covid-19 on the business
at the balance sheet date and there are no significant changes as of the balance sheet
date. The company continues to provide the services to its customers, although some parts
of the business have been disrupted due to the current lockdown conditions in most part of
the world including India. Due to the worldwide uncertainty caused by Covid-19, and its
potential to impact the company, the company has put in place mitigation plans to minimize
the adverse impact on both revenue and profitability. However at this juncture it is
difficult to assess the overall impact on the economy and your company.
There are no material changes or commitments affecting the financial position of the
Company between the end of the financial year and the date of the report.
ACQUISITIONS
INFOTEK SOFTWARE & VITARAN
The Company, on April 9, 2019, announced the acquisition of 18.1% each of the share
capital of M/s lnfotek Software and Systems Private Limited (Infotek) and M/s Vitaran
Electronics Private Limited (Vitaran). lnfotek is engaged in trading of Radio Frequency
Identification ("RFlD") products and providing supporting installation and
software maintenance services while Vitaran is engaged in trading of RFID products which
form part of access control systems. Tech Mahindra intends to Ieverage the RFID space in
buiIding a strong footprint in the asset monitoring, tracking and automated billing
solutions space. Both the companies are based in India and will help expand Tech
Mahindra's solution portfolio to cater to the smart city projects.
OBJECTWISE
The Company acquired 100% of the share capital of Objectwise Consulting Group Inc.
through its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc., for an equity
value of CAD 2.25 Million. Objectwise is a Canadian entity with strong capabilities in
implementation and support of PEGA software. The acquisition was completed on October 4,
2019.
MAD*POW
The Company announced the acquisition of majority stake in Mad*Pow Media Solutions, LLC
(Mad*Pow) through its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc., at a
consideration of USD 28.23 Million for 100% shareholding of Mad*Pow. As per the terms of
the agreement, 65% of the shares are acquired at closing of the transaction while the
balance shares will be bought over the next 3 years linked to financial performance.
Mad*Pow is a US-based entity engaged in providing user-centered design services to a wide
range of clients throughout the United States. It has 70 employees including researchers,
designers, strategists, creative technologists, psychologists, and creative thinkers.
Mad*Pow is expected to bolster Tech Mahindra's capabilities in customer experience and
digital transformation such as research and testing, experience strategy and service
design, content strategy, data science and analytics and is in sync with Tech Mahindra's
global digital charter. The acquisition was completed on July 31, 2019.
BORN GROUP
The Company acquired 100% stake in Born Group through its wholly owned subsidiary viz.,
Tech Mahindra (Singapore) Pte Ltd., for an enterprise value of USD 94.1 Million. Born
Group is headquartered in New York and is the largest independent, integrated agency for
strategy, creative content and commerce offerings with strong technology capabilities. The
acquisition will enhance Tech Mahindra's transformation consulting capabilities through
addition of creative and design skills, technology and analytics platforms and commerce
expertise. The Company has offices in London, Singapore, Hong Kong and India and has a
strength of more than 1,100 employees. The acquisition was completed on November 26, 2019.
CERIUM
The Company announced acquisition of 70% stake in Cerium Systems Private Ltd., on
January 31, 2020 an Indian entity with headquarter in Bangalore for an enterprise value
not exceeding INR 2450 million. Subsequently on April 9, 2020, the Company changed terms
to acquire 51% of share capital. The remaining 49% will be acquired over the next three
years at a valuation linked to the financial performance of the Cerium. Cerium is an
integrated circuit and embedded software design service provider and is expected to help
bolster Tech Mahindra's capabilities in the areas of semiconductor design and testing,
embedded software development/ testing and product engineering. The Company also has
offices in Santa Clara, CA and Penang, Malaysia along with Cochin and Vishakhapatnam
(India) and has ~840 employees. The acquisition was completed on April 9, 2020.
ZEN3
The Company announced acquisition of 100% of the share capital of Zen3 Infosolutions
(America) Inc. through its wholly owned subsidiary viz., Tech Mahindra (Americas), Inc, on
February 24, 2020. Subsequently on April 9, 2020 the Company changed terms to acquire 100%
of share capital for a cash consideration of USD 64 Million, out of which USD 35 Million
is upfront, USD 4 Million will be paid over two years and USD 25 Million will be paid over
3 years linked to financial performance. Zen3 is a US-based company and a leading software
solution group with strong capabilities in AI enablement services, AI Speech solutions,
Cloud engineering, Software product engineering and DevOps. Zen3 has more than 1,300
employees across offices in Seattle, Dublin, Bengaluru, Hyderabad and Vishakhapatnam. The
acquisition was completed on April 9, 2020.
DIVESTMENTS
SALE OF STAKE IN FIXSTREAM
The Company entered into an agreement to divest its entire 73.38% stake on August 18,
2019, equity investment in Fixstream Networks Inc., USA, a subsidiary company for a
consideration of USD 2 Million. The turnover of Fixstream for the Financial Year 2018-2019
was USD 5.15 Million on which it incurred loss of USD 5.19 Million. The deal was concluded
on September 30, 2019.
SALE OF INVESTMENT IN TERRA PAYMENT SERVICES
Comviva Technologies Ltd, a subsidiary of the Company, announced on March 2, 2020 sale
of its 100% shareholding in Terra Payment Services (Netherlands) BV and Terra payment
services South Africa RS Pty. Ltd. along with its subsidiaries for, an upfront payment of
USD 9.0 Million and bonus pay-out upto USD 13.8 Million, subject to threshold and
milestones. The turnover of Terra Payment Services for the Fiscal year ended March 31,
2019 was USD 2.3 Million.
DETAILS OF SUBSIDIARIES/JOINT VENTURES/ ASSOCIATE COMPANIES
The performance and financial position of the subsidiaries, associate companies and
joint venture companies included in the consolidated financial statement is provided in
accordance with the provisions of Section 129 read with Rule 5 of the Companies (Accounts)
Rules, 2014 containing the salient features of the financial statement of Company's
subsidiaries/joint ventures or associate companies in Form AOC - 1 in "Annexure
II" to this report.
Pursuant to Rule 8(5)(iv) of the Companies (Accounts) Rules, 2014, the names of the
companies which have been incorporated or ceased to be the subsidiaries, joint ventures or
associate companies during the year are provided in "Annexure III" to
this report. The Company is actively pursuing the initiative on consolidation of its
subsidiaries/branches to optimise the operational costs and reduce the compliance risks.
During the year under review, your company has closed/merged 29 subsidiaries.
In terms of the provisions of Regulation 24 of SEBI (Listing Obligations and Disclosure
Requirements) Regulation 2015, Tech Mahindra (Americas) Inc. is a wholly owned unlisted
material subsidiary of the Company.
The policy for determining Material Subsidiaries formulated by the Board of Directors
is disclosed on the Company's website and is accessible on https://www.
techmahindra.com/investors/Policy-For-Determining- Material-Subsidiaries.pdf
UPDATE ON MERGER
The Board of Directors at its meeting held on May 21, 2019 approved the Scheme of
Merger by absorption of Tech Mahindra Growth Factories Limited (TMGFL) and Dynacommerce
India Private Ltd (Dynacommerce) with the Company. Accordingly, the companies filed the
applications before Hon'ble National Company Law Tribunal ("NCLT") Mumbai and
Bengaluru respectively.
NCLT Mumbai and NCLT Bengaluru vide their order dated January 31, 2020 and February 28,
2020 respectively, approved the scheme of merger by absorption of the TMGFL and
Dynacommerce with the Company and their respective shareholders. As per the Scheme, the
appointed date for merger of TMGFL is April 1, 2019 and for Dynacommerce it is June 1,
2019 The Scheme of Amalgamation has become effective on March 10, 2020.
HUMAN RESOURCES
Your company has taken several initiatives in the development of human resources which
are the main assets of the company. Some of the initiatives taken in this area are stated
below:
#LOVETOBETECHM
In the year 2019-2020, the Company redefined its people policy to on-board the right
talent, build their capability, create an innovation-centric work environment and promote
inclusion. Each one of our Associates have played a major role in our transformation
journey and have been responsible for living our culture and making a difference. This has
nurtured a natural fondness and love between the Company and every Associate. Love
sustains Associates through tough times and inspires them to give their best. The Company
believes this appreciation, affection and pride for the Company expressed through
#lovetobeTechM has helped boost the image as a great place to work in.
LIVING THE CULTURE
Our unique culture of driving positive change, celebrating each moment and empowering
all to Rise defines what the Company stands for as an organization and what differentiates
and unites all of the Associates. Last year, the Company aligned all internal HR processes
and practices to reflect the culture code.
HIRING & TRAINING
Hiring at the Company is "intentionally diverse" because of our belief in the
saying "if you do not intentionally include, you unintentionally exclude." Last
year, the Company launched the UK & US Undergrads program to add global talent to our
sales force. By starting a Young Leaders Program to hire ex-entrepreneurs, the Company has
gained potential leaders who use creative thinking "hacks" to help solve complex
business issues, a skill often missing in traditionally trained Managers. The Company has
also digitized the hiring processes by leveraging internal #NewAgeDelivery platform to
match Demand Vs Resource Supply. Through proactive skilling programs for Associates
approaching the end of their project assignment's along with bench fests, the Company
reduced deployable bench to 4.9% from 6.3% last year which is one of the best in the
industry. Through this, the Company has increased internal fulfilment by 9.1% thus
reducing dependency on external hiring.
INTENTIONALLY DIVERSE
The Company has made significant progress in its efforts to enhance its Diversity and
Inclusion. The Company has also launched several initiatives for women like reserved
parking slots and improved ergonomics at the workplace for expectant mothers, on campus
creche, extended work from home option amongst others. The Junior TechMighty program sends
across a personalized gift to the new mother to convey wishes and assure her of the
organization's support even as she is away. We are also amongst the first to provide
support for sexual reassignment survey and include same-sex partners in insurance
coverage. Through these interventions at moments that matter, the Company is providing
Associates the wellness and psychological safety net to contribute their best. The Company
was amongst the only three Indian companies to be included in the Bloomberg 2020
Gender-Equality Index (GEI).
CONNECTED EXPERIENCES
The Company had continued to invest in tools and technologies to improve service
delivery efficiency for HR services. During the year, self-service options for Associates
and ex-Associates have been enhanced resulting in significant reduction in service request
volumes. The Company continues to leverage Robotic Process Automation (RPA) technology to
improve service delivery and introduce new services. The "Dove" mobile
application is a unique pre-on-boarding platform available to TechMighties who are joining
the Company. The Company has also developed a humanoid robot employee called K2 which
stands for Knowledge and Kindness. With a knowledge base of 800+ HR queries and more than
2000 utterances programmed into it, K2 is our big leap to future and is going to change
the way our associates interact with HR team.
DRIVING PERFORMANCE THROUGH PURPOSE
The Company is empowering Associates through integrated performance management and
continuous learning. This year, the Company has launched the Career Development Plan
platform for Associates to plan their Career Aspirations and goals in the beginning of the
year and work towards achieving it along with their Managers. the Company has also
introduced the Manager Change Feedback platform wherein Associates automatically receive
feedback when there is a Manager/Unit change.
BECOMING FIT4FUTURE
The Company prioritizes the professional and attitudinal development of its Associates
as a business imperative. The Company has developed a skill marketplace called #UaaS
(Upskilling as a Service). This AI based system is part of our ‘New Age Delivery'
platform and identifies the relevant future technologies and provides contextual and
real-time upskilling to employees. The platform is proving to be the X factor in the
pursuit of being Fit4Future with inclusive growth which are strategic priorities for your
Company.
DEVELOPING FUTURE LEADERS
The Company has invested in developing a robust leadership pipeline. With programs like
Chrysalis, your Company has built our Leadership capability to meet our aspirations of
orbit shifting goals. This year the Company has focussed on building capability of the
middle-managers with programs like Transcend and Ascend. Both these programs have deeply
collaborative, academically rigorous learning journeys that give Associates a new way to
experience Leadership Learning— while at work.
STAYING CONNECTED
The Company ensured that Associates stay connected with the Company and with each other
through myriad platforms, publications, campaigns, stories, contests, connects and
initiatives. Besides the daily newsletters, interactive intranet & weekly news update,
the Company also focuses on ensuring 360-degree feedback through multiple channels. One of
the flag ship events called Connect with the CEO nurtures pride and bonding with the
management and the teams. The CEO spends a qualitative half day with chosen members from
across locations exchanging information and highlights. Our special series called
"Rise from within" brings to the Associates inspiring stories about accepting no
limits and driving positive change within the organisation.
NURTURING A CULTURE OF APPRECIATION
The Company believes that while rewards are important to creating a happy organisation,
it's equally important to nurture a culture of non-monetary mutual appreciation amongst
the Associates too. The Company has a robust digital platform ensures both - recognition
and appreciation. This year 47.04% of associates were recognized for their achievements
while over 30,000 Associates exchanged wishes and gratitude.
WELLNESS BEFORE BUSINESS
Wellness before business is a mantra the Company has adopted to ensure the complete
wellbeing and fitness of our Associates. To ensure all-round wellness - including
physical, mental, emotional, financial and social aspects - of our Associates, your
Company has run a number of initiatives in partnership with external agencies.
BECOMING A COMPANY WITH A PURPOSE
The Company has focused efforts in corporate and individual social responsibility and
corporate sustainability to bring alive the promise of being a Company with a Purpose. On
August 1st 2019, The Company launched 3-4-3 (Every Associate to plant 3 trees a
month, take 4 carpool rides and volunteer 3 hours a month), introduced a complete ban on
smoking and single-use plastic across all offices in India. To fulfil our Associates'
aspirations of giving back to society, Your Company initiated a focused drive on
Individual Social Responsibility (ISR) where Associates can take time off work to donate
to social causes.
QUALITY
The Company continues its focus on quality and strives to exceed customer expectations
at all times. During the year, it continued to strengthen the implementation of CMMI Dev
v1.3 (Capability Maturity Model Integration) Dev v1.3 (Capability Maturity Model
Integration) (Development) for which the organization is assessed at L5. Similarly it
underwent various upgrade and continuous evaluation audits for various standards during
the year to meet client demands and enhance value delivery - Successfully assessed for,
CMMI Dev v 1.3, Level 5, ISO 9001:2015 (Quality Management System), ISO 20000-1:2018
(Information Technology Service Management System), ISO 27001:2013 (Information Security
Management System), TL9000 R 6.1/ R5.5 (Quality Management Systems for Tele Communications
industry), ISO 13485:2016 (Quality Management Systems for medical devices - scope of
certification limited to medical devices business within Tech Mahindra), AS9100 Rev D
(Standard for Aerospace domain - scope of certification limited to the aerospace business
within Tech Mahindra).
In addition to these, your Company also maintains its commitment to health, safety and
environment by continually improving its processes in accordance with ISO 14001:2015
(Environmental Management System) and ISO 45001: 2018 (Occupational Health and Safety
Assessment Series) standards. Your Company is also certified on ISO 22301:2012 (Societal
Security and Business Continuity Management System) and has a comprehensive Business
Continuity and Disaster Recovery framework, to prevent potential business disruptions in
the event of any disaster. It has processes that will help resume services to customers'
acceptable service levels. Automated Service Desk with SLAs for enabling business and
Vulnerability Assessment and Penetration Testing Lab for secured corporate network
operations are highlights showcasing information security posture of the Organization.
Tech Mahindra (IT Division) has been assessed for implementation of high maturity business
excellence practices at Mahindra Group (Services Sector). It has been assessed at TMW
Maturity Stage 6 (on scale of 1-10 stages) of Mahindra Business Excellence Framework - The
Mahindra Way. These certifications are testimony of the robustness of business processes
and at large the quality culture imbibed in the organization. Your Company has also
strengthened Process/Practice and Tools Industrialization of various Engineering
activities for Development, Testing and Managed service portfolio to achieve
standardization, better efficiency and best practices being implemented across the
businesses. Your Company has continued to strengthen the process for transforming Quality
Assurance processes & delivery methods to New Age Delivery processes through
#NewAgeDelivery Engine. This engine focuses on asset creation and re-usability, enabling
the associates to be rightly skilled through Upskilling as a service, enabling the
projects and programs to deploy smart planning and crowd sourcing through Capability as a
service, providing an automated workflow environment for the associates to execute the
project seamlessly through Digital inside and Continuous Delivery, all of this leading to
better customer experience and faster quality delivery. Your Company is putting all the
initiatives in place in order to ensure we deliver as stated in Quality Policy.
DIRECTORS
During the year under review, all Independent Directors have given declarations that
they meet the criteria of independence as laid down under Section 149(6) of the Companies
Act, 2013 and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The Independent Directors have
also given declaration of compliance with Rules 6(1) and 6(2) of the Companies
(Appointment and Qualification of Directors) Rules, 2014, with respect to their name
appearing in the data bank of Independent Directors maintained by the Indian Institute of
Corporate Affairs.
Pursuant to the provisions of Section 152(6)(c) of the Companies Act, 2013, Mr. C. P.
Gurnani, Managing Director & CEO (DIN: 0000018234 ) is liable to retire by rotation
and offers himself for reappointment.
The tenure of Mr. Anupam Puri, Mr. M. Damodaran, Mr. T. N. Manoharan, Ms. M.
Rajyalakshmi Rao and Mr. Ravindra Kulkarni who were appointed as Independent Directors of
the Company on August 1, 2014 ended on July 31, 2019. The Shareholders at the Annual
General Meeting held on July 31, 2019 re-appointed Mr. M. Damodaran (DIN:0002106990) up to
March 31 2022, Mr. T. N. Manoharan (DIN:0001186248), Ms. M. Rajyalakshmi Rao
(DIN:0000009420) for a further period of 5 years.
Mr. Anupam Puri and Mr. Ravindra Kulkarni retired as Independent Directors of the
Company with effect from close of business hours of July 31, 2019. Mr. Ulhas Yargop ceased
as Non-Executive Director of the Company with effect from close of business hours of July
31, 2019, consequent to his superannuation from Mahindra & Mahindra Limited.
The Board places on record its sincere appreciation for the valuable advice and
guidance given by these directors during their tenure.
Ms. Mukti Khaire (DIN: 0008356551), Ms. Shikha Sharma (DIN: 0000043265) and Mr.
Haigreve Khaitan (DIN: 0000005290) were appointed as Independent Directors of the Company
for a period of 5 years w.e.f. August 1, 2019 by the shareholders at the Annual General
Meeting held on July 31, 2019.
Your Directors co-opted Dr. Anish Shah (DIN: 0002719429) as an Additional Director with
effect from September 10, 2019 whose term will end at the ensuing Annual General Meeting
and being eligible offers himself for appointment.
In terms of Regulation 24(1) of SEBI (Listing Obligations and Disclosure Requirements)
Regulation 2015, Mr. T. N. Manoharan Independent Director of the Company has been
appointed as Director in Tech Mahindra (Americas) Inc. with effect from May 21, 2019, a
Wholly owned unlisted material subsidiary of the Company.
In the opinion of the Board of Directors the Independent Directors have relevant
proficiency, expertise and experience.
FAMILIARISATION PROGRAMME
These Programs aim to provide insights into the Company to enable the Independent
Directors to understand its business in depth and contribute significantly to the Company.
The details of program for familiarisation of the Independent Directors with the Company
are available on the Company's website and can be accessed at;
https://www.techmahindra.com/tml- familarisation-progarmmes-for-IDs.pdf
The Board members are also regularly updated on strategic investments, mergers,
acquisitions, business updates, business models and competitive environment. The Board is
also updated on geographical and organisational risks, industry review, internal financial
controls, changes in Corporate and allied laws, Taxation laws & related matters
through presentations and updates made by the respective functional leaders. Our MD &
CEO has a quarterly session with Board members sharing updates about the Company's
business strategy, operations and the key trends in the IT industry relevant for the
Company. These updates help the board members in keeping abreast of the key changes and
their impact on the Company.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Regulation 19 read with
Schedule II, Part D of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has devised a policy on evaluation
of performance of Board of Directors, Committees and Individual directors. Accordingly,
the Chairman of the Nomination and Remuneration Committee obtained from all the Board
members duly filled in evaluation templates for evaluation of the Board as a whole,
evaluation of the Committees and peer evaluation. The summary of the evaluation reports
was presented to the respective Committees and the Board.
NUMBER OF MEETINGS OF THE BOARD
The Board met 5 times during the financial year. The meeting details are provided in
Corporate Governance report that forms part of this Annual Report. The maximum interval
between any two meetings did not exceed 120 days as prescribed in the Companies Act, 2013.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Governance policies laid down by the Board of Directors of your Company include:
i. Policy on appointment and removal of Directors, Key Managerial Personnel and Senior
Management.
ii. Policy on remuneration to the Directors, Key Managerial Personnel and Senior
Management and other Employees.
The extract of these two policies are provided in "Annexure IV".
The policies are available on the Company's website on
https://www.techmahindra.com/investors/Governance-
Policies-including-remuneration-to-Directors-KMPS.pdf
SUCCESSION PLAN
In accordance with the principles of transparency and consistency, your Company has
adopted governance policies for Board of Directors, Key Managerial Personnel & senior
management appointments, remuneration & evaluation. These governance policies inter
alia outline Succession Planning for the Board, Key Managerial Personnel and Senior
Management.
TRAINING
The Company has laid down a policy on training for Independent Directors, as part of
the governance policies. The Senior Leadership of the Company update the directors on the
regulatory changes, Business strategy and operations periodically.
key MANAGERIAL PERSONNEL (KMPs)
Pursuant to provisions of Section 203 of the Companies Act, 2013, Mr. C. P. Gurnani,
Managing Director & Chief Executive Officer, Mr. Manoj Bhat, Chief Financial Officer
and Mr. Anil Khatri, Company Secretary & Compliance Officer were the Key Managerial
Personnel of the Company during the year under review.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors, based on the
representation(s) received from the Operating Management and after due enquiry, confirm
that:
i. in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures, if any;
ii. they have, in the selection of the accounting policies, consulted the Statutory
Auditors and these have been applied consistently and, reasonable and prudent judgments
and estimates have been made so as to give a true and fair view of the state of affairs of
the Company as at March 31, 2020 and of the profit of the Company for the year ended on
that date;
iii. proper and sufficient care had been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
iv. the annual accounts have been prepared on a going concern basis;
v. they had laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively;
vi. the proper systems to ensure compliance with the provisions of all applicable laws
are in place and are adequate and operating effectively.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS
The Company has internal financial controls which are adequate and were operating
effectively. The controls are adequate for ensuring the orderly & efficient conduct of
the business, including adherence to the Company's policies, the safe guarding of assets,
the prevention & detection of frauds & errors, the accuracy & completeness of
accounting records and timely preparation of reliable financial information.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant and material orders passed by the regulators or courts or
tribunal impacting the going concern status and the Company's operations in future.
STATUTORY AUDITORS
The members, in the 30th Annual General Meeting held on August 1, 2017,
appointed B S R & Co. LLP, Chartered Accountants, [Firm's Registration No. 101248W/W-
100022] as the Statutory Auditors of the Company, to hold office for a term of five years
from the conclusion of the 30th Annual General Meeting (AGM) of the Company
held in the financial year 2017-18 until the conclusion of the AGM of the Company for the
financial year 202122 on such remuneration as may be determined by the Board of Directors.
The members may note that the Ministry of Corporate Affairs vide notification dated May
07, 2018, has done away with the requirement of yearly ratification of appointment of
Statutory Auditors, at the AGM.
Pursuant to Section 139 of the Companies Act, 2013 the statutory auditors B S R &
Co. LLP, Chartered Accountants have confirmed they are eligible to continue as auditors.,
There are no qualifications, reservation or adverse remark or disclaimer made in the
audit report for the Financial Year 2019-20.
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed Dr. K. R. Chandratre, Practicing Company Secretary, Pune to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is available at "Annexure
V" to this report. There are no qualification, reservation or adverse remark or
disclaimer made in the Secretarial Audit Report.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable mandatory Secretarial Standards.
extract OF THE ANNUAL RETURN
Pursuant to the provisions of Section 134(3) (a) of the Companies Act, 2013, the
extract of the Annual Return in Form MGT-9 is attached as "Annexure VI".
The same is available at the weblink: https://www.techmahindra.com/
en-in/investors/MGT9-Extract-of-Annual-Return.pdf
The Annual Return will be hosted on website after necessary certification and filing
the same with the authority.
MANAGERIAL REMUNERATION
Disclosures of the ratio of the remuneration of each director to the median employee's
remuneration and other details as required pursuant to Section 197(12) of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 as amended from time to time, are provided as "Annexure
VII".
None of the directors or Managing Director & CEO of the Company, received any
remuneration or commission from Subsidiary Companies of your Company.
The details of remuneration paid to the Directors including the Managing Director &
CEO of the Company are given in Form MGT-9 forming part of the Directors Report.
PARTICULARS OF EMPLOYEES
The information required under Section 197(12) of the Companies Act, 2013 ("the
Act") read with Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 forms part of this Report. However, pursuant to first
proviso to Section 136(1) of the Act, this Report is being sent to the Shareholders
excluding the aforesaid information. Any shareholder interested in obtaining said
information, may write to the Company Secretary at the Registered Office / Corporate
Office of the Company and the said information is open for inspection at the Registered
Office of the Company.
PREVENTION OF SEXUAL HARASSMENT POLICY
Your Company laid down Prevention of Sexual Harassment policy and it is made available
on the website of the Company. The Company has zero tolerance on Sexual Harassment at
workplace. During the year under review there were no cases filed pursuant to the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
employee stock option schemes
During the year under review, there were no material changes in the Employee Stock
Option Schemes (ESOPs) of the Company and the Schemes are in compliance with the SEBI
Regulations on ESOPs. As per Regulation 14 of SEBI (Share Based Employee Benefits)
Regulations, 2014 read with SEBI circular dated June 16, 2015 the details of the ESOPs are
uploaded on the Company's website; https://www.techmahindra.com/en-in/investors/
corporate-governance/Details-of-ESOPs-2020.pdf
CORPORATE GOVERNANCE
A report on Corporate Governance covering among others composition, details of meetings
of the Board and Committees along with a certificate for compliance with the conditions of
Corporate Governance in accordance with the Securities and Exchange Board of India
(Listing Obligations And Disclosure Requirements) Regulations, 2015, issued by the
Statutory Auditors of the Company, forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed analysis of your Company's performance is discussed in the Management
Discussion and Analysis Report, which forms part of this Annual Report.
COST RECORDS
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148 (1) of the Companies Act, 2013 are not applicable for the
business activities of the Company.
RISK MANAGEMENT
The Risk Management Committee of the Board of Directors periodically reviews the Risk
Management framework, identifies risks with criticality and mitigation plan. The elements
of risk as identified for the Company with impact and mitigation strategy are set out in
the Management Discussion and Analysis Report (MDA).
ESTABLISHMENT OF VIGIL MECHANISM
The Company has laid down Whistle Blower Policy covering Vigil Mechanism with
protective Clauses for the Whistle Blowers. The Whistle Blower Policy is made available on
the website of the Company.
DEPOSITS / LOANS & ADVANCES, GUARANTEES OR INVESTMENTS
The Company has not accepted any deposits from the public during the year under review.
The particulars of loans/advances, guarantees and investments under Section 186 of the
Companies Act, 2013 are given in the notes forming part of the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All transactions entered into with Related Parties as defined under Section 2(76) of
the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India
(Listing Obligations And Disclosure Requirements) Regulations, 2015, ("The Listing
Regulations"), during the financial year were in the ordinary course of business and
at an arm's length pricing basis and do not attract the provisions of Section 188 of the
Companies Act, 2013. There were no transactions with related parties in the financial year
which were in conflict with the interest of the Company and requiring compliance of the
provisions of Regulation 23 of the Listing Regulations. Suitable disclosure as required by
the Indian Accounting Standards (Ind AS 24) has been made in the notes forming part of the
Financial Statements.
The Company has formulated a policy on materiality of Related Party Transactions and
dealing with Related Party Transactions which has been uploaded on the Company's website
which can be accessed at following link https://www.techmahindra.com/investors/Related-
Party-Transactions-Policy.pdf
The particulars of related party transactions in prescribed Form AOC - 2 are attached
as "Annexure VIII".
Pursuant to Regulation 23(9) of the Listing Regulations your company has filed half
yearly report on Related Party Transactions with the stock exchanges.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN ExCHANGE EARNINGS AND OUTGO
The particulars as prescribed under Section 134(3)(m) of the Companies Act, 2013 read
with Rule 8 of the Companies (Accounts) Rules, 2014 are provided in "Annexure
Ix" which forms part of this report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The CSR vision of the Company is "Empowerment through Education."
In compliance with the guidelines prescribed under Section 135 of the Companies Act,
2013, your Company constituted a Corporate Social Responsibility (CSR) Committee. The
Board of Directors of the Company laid down the CSR Policy, covering the Objectives, Focus
Areas, Governance Structure and Monitoring & Reporting Framework among others. The
Company has spent more than 2% of the average net profits of the Company during the three
immediately preceding financial years on CSR. In addition, the Company also donatedRs. 200
mn towards PM CARES Fund to fight against COVID-19 pandemic. The policy is available at
https://www.techmahindra.com/CSR_Policy.pdf
The Company's social initiatives are carried out by Tech Mahindra Foundation and
Mahindra Educational Institutions, Section 8 (erstwhile Section 25) Companies promoted by
the Company.
TECH MAHINDRA FOUNDATION (TMF)
The Foundation was set up in 2006, as a Section 25 Company (referred to as a Section 8
Company in the Companies Act, 2013). Since then, it has worked tirelessly towards the
overarching vision of "Empowerment through Education", establishing itself as a
prominent CSR player within the Mahindra Group as well as a leading social organization at
the national level. The Foundation essentially works with children, youth and teachers
from urban, disadvantaged communities in India, with a special focus on women and persons
with disabilities. During the year under review, Tech Mahindra Foundation has successfully
implemented 175 high-impact projects with more than 90 partners, reaching out to more than
180,000 children, teachers and youth across these locations.
EDUCATION
The key initiatives in the area of School Education include:
ALL ROUND IMPROVEMENT IN SCHOOL EDUCATION (ARISE)
Tech Mahindra Foundation's educational initiatives under ARISE are long-term school
improvement programmes, in partnership with local governments and partner organisations.
The Foundation in 201920 worked with 36 government schools to turn them around into model
schools of excellence. Around 9,817 students were covered under this programme.
During the year, the Foundation expanded its work for children with disabilities
through its ARISE+ programme. This programme is a variant of ARISE in which children with
disabilities are provided chronic therapy as well as special education to help them lead
more fulfilling lives. Through 25 projects, the programme enabled 2,864 differently-abled
students to become more independent in managing themselves and better learners.
SHIKSHAANTAR
Shikshaantar, envisioned as a programme for enhancing capacity of government school
teachers, has emerged as an important programme in the education portfolio of the
Foundation. TMF works with the Municipal Corporations in East Delhi and North Delhi by
running their In-Service Teacher Education Institutes, and during the year under review
over 2,800 teachers were trained as part of this initiative. Through this training, these
teachers were able to improve the learning standards for over 110,000 children.
MOBILE SCIENCE LAB
In order to increase the footprint of its work in Education and reach the unreached,
TMF launched a unique initiative during the year: the Mobile Science Lab. A Mahindra bus
has been remodelled to be a science lab on wheels, and has been going from school to
school in East Delhi to provide STEM learning for children in grades 3 and 4 in these
schools. The initiative has received a tremendous response from over 1,500 children it
reached during the year, and has the potential to expand manifold in the years ahead.
EMPLOYABILITY
Skills-for-Market Training (SMART) is the Foundation's flagship programme in
employability. It is built on the vision of an educated, enabled and empowered India, and
the belief that educated and skilled youth are the country's true strength. The programme
started with 3 Centres in 2012 and is currently running over 100 Centres at 11 locations
across India. These include SMART Centres, SMART+ Centres (training for people with
disabilities), and SMART-T Centres (training in technical trades).
In 2019-20, your Company trained close to 20,000 young women and men under its SMART
program, of which 1,566 were persons with disabilities. More than 70% of the graduates are
placed in jobs upon successful completion of the training, across multiple industries.
The Foundation's commitment to setting new benchmarks in skill development in India has
been underscored by the setting up of Tech Mahindra SMART Academies, which provide the
highest quality of skill training to youngsters in Healthcare and Digital Technologies.
During FY 19-20, 1,138 students were enrolled to the three Healthcare Academies in Delhi,
Mohali, and Mumbai, while at the SMART Academy for Digital Technologies in Vizag,
Hyderabad and Mohali, another 356 students were enrolled.
MAHINDRA EDUCATIONAL INSTITUTIONS (MEI)
Mahindra Ecole Centrale was established in August 2014 - through a collaborative
venture between Mahindra Educational Institutions (MEI - a not-for-profit, 100% subsidiary
of Tech Mahindra).
Ecole Centrale of Paris, France (now known as Centrale Supelec) and the JNTU Hyderabad
- to offer undergraduate engineering programs in Computer Science Engineering, Mechanical
Engineering, Electrical & Electronics Engineering, and Civil Engineering - and located
at the Tech Mahindra Technology Centre campus in Hyderabad. Through this strong
Indo-French Collaboration with Centrale Supelec and Industry connect with Tech Mahindra,
MEC has emerged as a disruptive player in the field of Technical Education.
Today MEC is a six years old institution with a rich footprint in the areas of
Engineering education and Research. MEC has a team of internationally acclaimed faculty,
every one of whom is holding Ph.D. in their own areas of interest. With a strong student
to faculty ratio of 15:1, the students of MEC are guided through the disciplines of
Engineering Sciences, Natural Sciences, Humanities and Creative Sciences.
During the year 2019-20 MEC has signed MOU with one of the leading Australian
telecommunications giant, with Cybersecurity Centre of Excellence (CCoE) which is a joint
initiative of the Government of Telangana and Data Security Council of India (DSCI), with
Government of Telangana in the space of Artificial Intelligence, Babson College, IIT
Chicago, University of Porto, IIT Guwahati and many more. These MOU's provide
multidimensional opportunities to the students in developing critical technical skills in
the areas of Research and Innovation, Internships and Placements.
Adding to its state-of-the-art academic infrastructure MEC has launched the
Entrepreneurship & Innovation Cell, (EIC) named Mahindra e-HUB - Incubation Centre on
campus with an intent of providing opportunities to students to bring their ideas to
fruition. It would host events, workshops, industrial visits and seminars, all aimed at
providing a conducive environment for students to develop their entrepreneurial skills.
The Incubation Centre, spread over 2000 sq. feet of area, and can accommodate 15
entrepreneurs, facilitates through the process of starting, shaping and scaling up new
innovative ventures resulting from student-faculty research. In addition to providing
creative working space, we help in mentoring, technology, business development, legal,
IPR, funding, networking and GTM strategy.
The Annual Report on CSR activities is provided as "Annexure X"
SUSTAINABILITY
Being a company with a purpose, Tech Mahindra has integrated sustainability into its
core strategy. Company believes that Environment, Social and Governance (ESG) principles
built into its long-term growth strategy helps mitigate risks and drives profitable
growth. The commitment to environment sustainability, climate change and water security
spans its entire business and is pursuing plans that will have long-term impacts on the
planet and communities, leading to a balance between sustainability and overall business
profitability.
With a structured stakeholder engagement process, Tech Mahindra has been able to design
strategies and initiatives, which not only improves the sustainability credentials but
also reinforces its overall business philosophy. Company is breaking through new
frontiers, turning to renewable energy to achieve ecological balance while ensuring that
when it comes to investments, and pioneering new solutions for sustainable development.
The emphasis on green ecosystem is seen through the company's commitment to going carbon
neutral, making optimum use of resources and moving towards a low emission technology. The
Company has taken ambitious emission targets, which have been approved by the SBTi
(Science based Targets Initiative). The profitability of the Company is aligned with its
principles, allowing the company to set sustainability milestones on its journey toward a
secure future.
Your Company is aligned to the SDGs (Sustainable Development Goals) and its
sustainability focus areas are as below:
• Going Carbon Neutral: Increase use of renewable energy through onsite
installation and open access; improve energy efficiency through LEDs, sensors; boost green
investments by implementing Carbon Price; optimize business travel; encourage use of
public transport and carpool to reduce commute emissions; plant trees to offset carbon
footprints; move towards low carbon economy and ensure environmental stability.
• Saying No to plastic: Maintain plastic-free campuses and encourage
associates and stakeholders also to use eco-friendly & biodegradable materials. Spread
awareness and initiate campaigns on preventing single-use plastic.
• Reduce, Reuse, Recycle, Recover: Implement process of Reduce, Reuse, Recycle
and Recover across the value chain to limit waste.
• Sustainable supply chain: Ensure our suppliers follow the highest standard
of sustainable and ethical best practices; optimise logistics and transportation to reduce
emissions.
• Work-life balance: Provide an assured career development path and a feasible
and flexi work- life balance to the associates along with a range of associate-friendly
policies and processes.
• Innovation: Becoming future ready by proactively encouraging Innovative
thinking across the organization, adopting technology disruption to reduce emissions and
going digital. Developed a COVID-19 chatbot, SoS Seva application, SEIR- based disease
prediction model- all that helped during the pandemic.
• Green solutions: Investing in Smart grid, Microgrid- As-A-Services,
Community Action Platform for Energy, Integrated Electric Vehicle Charging systems and
Smart Cities to shape Company's business responsibly and increase its economic success.
• Individual Social Responsibility: Encourage associates in making
sustainability a part of their daily lives.
• Transparency: Showcase the organizational policies, processes, risk
management along with financial, environmental and social data in the Integrated Reports
available online.
Company's commitment and performances are validated by the external recognition, the
Company received:
> Awarded Highest ‘Gold CSR Rating- 2019' by EcoVadis with 94 percentile;
> Microsoft Global Supplier Leadership Award on Climate Change 2019;
> One of the only 4 Indian companies recognized as part of CDP Global Supplier A
List 2019;
> One of 12 Indian companies who are part of the DJSI Emerging markets category
2019;
> Recognized with Leadership ranking of A- in CDP 2019;
> Ranked among the Top 6 companies of the world in the "TSV* IT services &
Internet Software and Services" segment by RobecoSAM;
> Bronze Class distinction for excellent sustainability performance in the RobecoSAM
2020 Sustainability Yearbook
> Constituent of the FTSE4Good Series 2019;
The Company's Sustainability reporting is based on various global standards and
frameworks like TCFD (Taskforce on Climate Related Financial Disclosures), CDSB (Climate
Disclosure Standards Board) and GRI standards.
The Tech Mahindra Board has an oversight to all aspect of sustainability and climate
change and consider Task Force on climate related financial Disclosures (TCFD)
recommendation for climate change risk. The next level has the CSR committee of the Board
responsible for all aspects od sustainability and sets the course for promoting
sustainability agenda within the Company. Our MD & CEO who is a Board member and
chairs the CSR Committee of the Board has the ultimate responsibility for Sustainability
and Climate Change issues of the organisation. He is ably supported by the Chief
Sustainability Officer who directly reports to him and Senior Management members of the
Sustainability Council who manage all aspects of climate change including climate-related
risks and opportunities.
We are transitioning to a low-carbon economy to achieve the goals of Paris agreement.
The Company's strategy includes futureproofing the growth against impending changes in
policies and regulations and increasing the compliance readiness. We are agile and
adaptive to dynamic changes in internal and external environment with strategies in place
to manage all business and climate change risks in an effective way. Company has a robust
business continuity management framework and incident response team that ensure we are
resilient to any climate change risks.
The targets and the metrics used for managing climate related risks and the progress
against these targets are disclosed in the externally assured Integrated reports available
at - https://www.techmahindra.com/en-in/sustainability/
AWARDS AND RECOGNITION
Your Company continued its quest for excellence in its chosen area of business to
emerge as a true global brand. Several awards and rankings continue to endorse your
Company as a thought leader in the industry. Few of the Awards / recognitions received by
the Company during the year 2019-20 include:
• Tech Mahindra Recognized as Winner for 2019 Microsoft Partner of the Year Award.
• Winners of BW Businessworld Digital India Awards 2019.
• Certified as a Great Place to Work for the period February 2020 to January 2021.
• Winners of ‘The Golden Peacock HR Excellence Award' for the year 2019 in
the IT sector.
• Winners of the Economic Times Innovation Award 2020 in the People Innovation
category.
• Winners of Association for Talent Development (ATD) BEST Awards 2020 for
Learning & Development.
• Being in the top 10 of Working Mother & Avatar Best Companies for Women in
India list.
• Winner at the 6th IDC Insights Awards 2019 for Excellence in Operations for the
Facial Recognition tool.
• Three awards at the PeopleFirst HR Excellence Awards with Winners in Technology
Deployment in HR, 1st Runners Up in Diversity and Inclusion & 2nd
Runners Up in Health and Wellness. •
• Mr. C P Gurnani won Business Today's ‘Best CEO' Award 2019 in the IT &
ITES category and have also won the ‘Gold at the CEO World Awards 2018' for his
Organisation's Wide Reskilling Initiative.
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the contributions made by
employees towards the success of your Company more particularly ensuring business as usual
in spite of COVID-2019 impact. Your Directors gratefully acknowledge the co-operation and
support received from the shareholders, customers, vendors, bankers, regulatory and
Governmental authorities in India and abroad.
|
For and on behalf of the Board |
|
Anand G. Mahindra |
| Place: Mumbai |
Chairman |
| Date: April 30, 2020 |
(DIN: 0000004695) |