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 Thirty Fourth Annual Report together with the
audited accounts of your Company for the year ended March 31, 2021.
FINANCIAL RESULTS (STANDALONE)
(Rs in Million)
| For the year ended March 31 |
2021 |
2020 |
| Income |
305,627 |
315,916 |
| Profit Before Interest, Depreciation and Tax |
62,521 |
60,663 |
| Interest |
(632) |
(667) |
| Depreciation |
(6,623) |
(6,674) |
| Profit Before Tax |
55,266 |
53,322 |
| Provision for Taxation |
(12,875) |
(7,977) |
| Profit After Tax |
42,391 |
45,345 |
| Other Comprehensive Income |
2,453 |
(3,234) |
| Balance brought forward from previous year |
184,021 |
171,952 |
| Transition impact of Ind AS 116, net of tax |
- |
(78) |
| Balance |
184,021 |
171,874 |
| Profit available for appropriation |
226,432 |
217,130 |
| Equity Dividends (Including tax on Dividends) |
(19,335) 2 |
(27,522)1 |
| Transfer to retained earnings on account of
options lapsed |
96 |
59 |
| Others |
- |
26 |
| Transferred to Special Economic Zone
re-investment reserve (net of utilisation) |
(6,319) |
(5,540) |
| Buyback of equity shares (refer note 18(v)) |
- |
(132) |
| Balance carried forward |
200,874 |
184,021 |
1 Interim Dividend for the financial year ended March 31, 2020 and
Final Dividend for the financial year ended March 31, 2019
2 Interim Dividend (Special Dividend) for the financial year ended
March 31, 2021 and Final Dividend for the financial year ended March 31, 2020
DIVIDEND
The Board of Directors on October 23, 2020 approved a special dividend
of Rs 15/- per equity share (i.e. 300%) on par value of Rs 5/- each which was paid by the
Company to the shareholders whose names were appearing in the Register of Members as on
November 2, 2020 being the record date for the payment of dividend. Your Directors are
pleased to recommend a final dividend of Rs 30/- per share (including a special dividend
of Rs 15/- per share) on par value of Rs 5/- (i.e. 600%), payable to those Shareholders
whose names appear in the Register of Members as on the Book Closure Date. Thus, the total
dividend for the Financial Year 2020-21 will be Rs 45/- per share (i.e. 900%) as against
Rs 15/- per share (i.e. 300%) in the Financial Year 2019-20.
Your Company has formulated a Dividend Policy which is disclosed on the
website of the Company at https:// insights.techmahindra.com/investors/tml-dividend-
distribution-policy.pdf
SHARE CAPITAL
During the year under review, your Company allotted 2,407,703 equity
shares on the exercise of stock options under various Employee Stock Option Schemes.
Consequently, the issued, subscribed and paid-up equity share capital has increased from
Rs 4,829 million divided into 965,852,364 equity shares of Rs 5/- each to Rs 4,841 million
divided into 968,260,067 equity shares of Rs 5/- each.
BUSINESS PERFORMANCE / FINANCIAL OVERVIEW
The Company provides connected experiences, offering innovative and
customer-centric information technology experiences, enabling Enterprises, Associates and
the Society to Rise™. The Company has over 121,000 professionals in over 90
countries, helping 1,007 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 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 the three companies from India
to be included in the DJSI World Index 2020 and one of the eleven Indian companies in the
Emerging markets category.
During the Financial Year 2020-21, the Company's consolidated
revenues increased to Rs 378,551 million from Rs 368,677 million in the previous year, a
growth of 2.7%. The geographic split of revenue is 47.5% from the Americas, 26% from
Europe and 26.5% from the Rest of the World.
The consolidated Profit (including other income) before Interest,
Depreciation and Tax was at Rs 75,846 million, against Rs 66,955 million in the previous
year.
The consolidated Profit after Tax amounted to Rs 43,530 million as
against Rs 38,974 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 and startups, academia and
partners under TechMNxt charter to provide customized yet simplified solutions for
customers.
IMPACT OF COVID-19
The COVID - 19 pandemic that began in Q4 of FY 2019-20, continues to
impact people globally, causing healthcare crisis, impacting economies and businesses at
large. Economic activity took a backseat as most efforts were channelized in strengthening
health infrastructure and supporting weaker sections of the economy. The Company did
witness impact in several of its clients, as organizations resorted to cash conservation
and reduction of discretionary spending. This impacted demand in the first half of
Financial Year 2020-21. Your Company undertook several initiatives to ensuring safety of
its people, assets and communities at large. The Company deployed business continuity
plans ensuring continues service to customers throughout these tough times. Your Company
realigned its strategy, modified the delivery model and crafted solutions focused on
enabling the clients to imagine the future of their business, building and running it for
them. This led to a robust demand in the second half of the year, as your Company helped
adopt massive technological changes and new business models.
ACQUISITIONS CERIUM
The Company on April 9, 2020 acquired 51% of the share capital of
Cerium Systems Private Limited (Cerium). The enterprise value of Cerium is Rs 2,450
million. Cerium is an integrated circuit and embedded software design service provider
that 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 remaining 49% to be acquired over the next three years at a valuation
linked to the financial performance of Cerium. During the year, the Company acquired a
further 6% stake thereby taking the total shareholding to 57%.
ZEN3
The Company on April 9, 2020, acquired 100% of the share capital of
Zen3 for a cash consideration of USD 64 million, out of which USD 35 million was paid
upfront, USD 4 million will be paid over two years and maximum upto USD 25 million will be
paid over three years linked to financial performance. Zen3 is 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.
TENZING
The Company acquired 100% of the share capital of Tenzing Ltd and
Tenzing Australia Ltd (Tenzing Group) through its wholly owned subsidiary Tech Mahindra
(Singapore) Pte Ltd at a consideration of USD 29.5 million including earnouts. The Company
is headquartered in Auckland, New Zealand and is engaged in the business of Management
Consulting, Digital Transformation and Technology services. It has 145 employees and a
turnover of USD 27.4 million. The acquisition will bring strong capabilities primarily in
the Insurance vertical along with expanding footprint in the Australia and New Zealand
(ANZ) market. The acquisition was completed on December 1, 2020.
MOMENTON
Momenton Pty. Ltd. ("Momenton") was acquired by the Company
through its wholly owned subsidiary viz., Tech Mahindra (Singapore) Pte Limited at a
consideration upto AUD 14.3 million including earnouts. The company is headquartered in
Melbourne, Australia and has approximately 55 employees. Turnover for the financial year
ended 30th June 2020, was AUD 10.8 million. Momenton is a cloud and engineering
services provider with a Banking and Financial Services (BFS) focus. The acquisition will
enhance Tech Mahindra's digital transformation capabilities and provide Tech Mahindra
a scaled-up presence in the Australian BFS market. This acquisition was completed on 12th
February 2021.
PERIGORD
The Company acquired 70% of Perigord Asset Holdings Limited
("Perigord") through its wholly owned subsidiary Mahindra Engineering Services
(Europe) Ltd at a consideration of EUR 21 Million and the remaining 30% will be acquired
over the next four years at a valuation linked to financial performance of the company.
Perigord is headquartered in Dublin, Ireland with a presence in Germany, USA and India
with 380 employees. For the financial year ending 31st December 2020, the
company had revenue of EUR 19.5 million The Indian subsidiaries of Perigord were acquired
by the Company directly.
Perigord specialized in end to end packaging supply chain solutions to
the life sciences industry with services such as packaging artwork & labelling
services, strategic consultancy, creative and digital, strategic outsourcing, managed
services and software solutions. The acquisition was completed on 15th March,
2021.
PAYMENTS TECHNOLOGY SERVICES LIMITED
The Company announced the acquisition of Payments Technology Services
Limited, Hongkong on 12th January 2021 at a consideration of USD 9 million. The
company is headquartered in Hong Kong and has approximately 109 employees. Turnover of the
Company for the financial year ended 31st December 2019 was USD 5.4 million.
The Payments Technology Services entity is a step- down subsidiary of
Fidelity Information Services (FIS). The acquired capabilities in the payments space will
give us access to IPs and licenses for two products, which is consistent with the strategy
of pivoting the business towards products and platform implementations as well as
participating in the banking transformation programs. This acquisition will open up other
opportunities for Tech Mahindra across a number of areas in partnership with FIS.
DIGITALONUS
The Company announced the acquisition of DigitalOnUs, Inc.
("DigitalOnUs") on 19th April 2021 at an enterprise value of USD 120
million through its wholly owned subsidiary, Tech Mahindra (Americas) Inc. The company is
headquartered in San Jose, California, USA. DigitalOnUs is focused on Cloud Native
Development and Hybrid Cloud Automation services. The acquisition of DigitalOnUs will
enhance Tech Mahindra's capability in cloud native engineering and position it to
develop cutting-edge digital solutions for its customers. DigitalOnUs has more than 380
employees. For the financial year ending 31st December 2020, the company had
revenue of USD 30.6 million. The Indian subsidiary of DigitalOnUs namely DigitalOps
Technology Private Limited has been acquired by the Company.
EVENTUS
The Company announced the acquisition of Eventus Solutions Group, LLC.
("Eventus") on April 26, 2021 through its wholly owned subsidiary Tech Mahindra
(Americas) Inc. at a consideration of USD 44 million. Eventus provides end-to-end customer
engagement solutions, such as strategy consulting, cloud based tools and automation
services and managed services. The company is headquartered in Denver, Colorado. It has a
turnover of USD 33.2 million in CY2020, with an employee base of around 100 spread across
various states in the US.
The acquisition of Payment Technology Services Ltd, DigitalOnUs and
Eventus are yet to be consummated on the date of this report.
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 I" 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
II" to this report. The Company is actively pursuing the initiative on consolidation
of its subsidiaries/branches to optimise the operational costs. During the year under
review, your Company has closed/merged Eight subsidiaries.
In terms of the provisions of Regulation 24 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations 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:// insights.techmahindra.com/investors/Policy-For-
Determining-Material-Subsidiaries.pdf
UPDATE ON MERGER
The Board of Directors at its meeting held on January 31, 2021 approved
the Scheme of Merger of Tech Mahindra Business Services Ltd and Born Commerce Private Ltd
with the Company. Accordingly, the companies filed the applications before Hon'ble
National Company Law Tribunal (NCLT), Mumbai and Chennai Benches respectively. The
applications are pending for admission as on the date of this Report.
HUMAN RESOURCES
Your Company has taken several initiatives in the development of human
resources, the most important asset of the Company. Some of the initiatives taken in this
area are -
Wellness: Putting Well-being at the Forefront
Since 2017, your Company has been leading a unique corporate wellness
program called "Wellness Before Business" that has helped prioritize health as
the foundation of its associates' professional, personal, and spiritual well-being.
Your Company was able to adapt faster to the challenges of the COVID-19 pandemic, with all
actions aligned to this belief. It also gave birth to the mantra of #WellnessFirst and
encouraged mental & virtual connect amongst teams while remaining physically apart.
Your Company launched the AMIGO Program for holistic emotional and mental wellness for
associates and their dependents. Your Company conducted daily health sessions for mental
(psychological experts with byte sized videos), emotional (stay connected virtually while
maintaining social distance) and physical (how to stay healthy and fit) wellness. By
transitioning to virtual wellness services, daily sessions with experts and incentivizing
wellness benefits, your Company has encouraged its associates stay distant, yet connected.
Pandemic: Enabling Work from Home
Your Company was amongst the first to publicly express the need for
staying distant and being safe with a logo tweak, the "e" in "Tech
Mahindra" being boxed inside a home. Your Company formed Rapid Action Task forces at
different locations for business continuity and enabling work from home. These teams
helped in collaborating with government authorities, complying with health advisories,
implementing best practices like travel restrictions and defining local emergency
protocols. Your Company also rolled out several new policies like Remote Workstation set
up, Laptop Rental, Special COVID-19 Leave Benefit, Insurance cover for Home Quarantine and
Vaccination Cost Reimbursement to support working from home. Associates were also provided
with infrastructure support for networking and security requirements. To make associates
and managers accustomed to working from home, the WFH101 program was launched within a
week of the lockdown. These activities enabled over 90% of associates to work from home
productively within 72 hours of the government's lockdown announcement.
Leadership: Peacetime Leaders to Wartime Generals
The COVID-19 pandemic changed the leadership paradigm and style of
functioning. Your Peacetime Leaders became Wartime Generals. Like in war, one does not
have the luxury of time to mull over decision making, the pandemic called for leaders to
become agile, think fast and act faster. It meant being focused and yet open to revisiting
strategies, taking bold risks, judiciously deploying resources and above all, working
tirelessly till the war was won! This new model of ‘Wartime Generals' is what
your Company sought to create. These new leaders helped rally their teams, kept the team
engaged and communicated clear, crisp messages frequently while challenging conventional
thinking. Your Company has launched a real-time Performance Management System for its top
300 leaders to drive a high-performance culture which ensures that key business
initiatives and leaders' goals are in-sync and tracked regularly. Your Company has
also setup five transformation offices and identified 36 strategic initiatives along with
output metrics, targets and RACI.
Communication: Frequent, Transparent and Empathetic
With associates working from home, your Company faced natural
challenges in ensuring that a distributed workforce stayed connected. Your Company
communicated with urgency, transparency and empathy to help associates adjust to the
constantly changing conditions crises bring and to maintain a single source of truth. Your
Company created a live microsite to prioritize consistent and continuous communication.
Your Company launched a daily newsletter called TechM Coronicles that included a video
message from a leader, inspirational stories, clarification of rumours, training
calendars, associate engagements and customer kudos. Additionally, a new connect series
called PrimeTime was introduced to keep associates updated and inspired by external
speakers. This was a daily one-hour virtual connect and it featured global leaders from a
cross section of industries including Sports, Cinema and Politics. There were close to 150
episodes of Primetime over the course of the year.
Engagement: lovetobeTechM has no boundaries
Your Company used connected technologies to create meaningful
experiences for associates working remotely and organized several collaborative activities
that included their families. Through the "Each One House One" initiative
associates welcomed their colleagues from their neighborhood into their homes. Your
Company also facilitated the return of approximately 2000 associates and their families
who were stranded abroad through repatriation flights.
Rewards: Nurturing A Culture of Giving
Your Company and its associates believe in driving positive change
especially the vulnerable communities impacted during pandemic through individual and
Company social responsibility. Last year associates donated '1.5 million towards social
causes - a 105% increase over the previous year. Associates also helped vulnerable
communities through voluntary services like grocery/grain distribution, tree plantation
and community drives, taking care of migrant workers, donating PPE kits / medical supplies
etc. Your Company also facilitated the screening of around 10,000 third-party vendors,
associates and members of the partner ecosystem including those working in pantry,
sanitation and security departments through the Mhealthy platform. Mhealthy was launched
in July 2020 with 32 screening tests, risk profile, access to medical care, antibody test
for COVID-19 to secure the workplace. Through these numerous measures,
your Company has continued to recognise the extra ordinary resilience
shown by associates through its digital platform that nurtures appreciation and social
sharing.
Hiring: Reversing the pyramid
Your Company has taken proactive steps to introduce young talent that
will thrive in the ‘new normal.' With the launch of new programs like LEAP and
ELEVATE, your Company gives fresh graduates the flexibility of remote work from home.
These programs in addition to the existing ELITE Engineering graduate hiring, Management
Trainee program (for hiring fresh talent from B-schools) and Global Leadership Cadre
program (for fast-tracking the growth of young leaders) help your Company reverse the
pyramid. Your Company has also expanded the use of the #NewAgeDelivery platform in the
hiring process by checking for internal talent that are to be released from projects or
those already on the bench so as to reduce external hiring costs.
Learning: Becoming Fit4Future
During the year virtual learning picked up momentum as your Company
prioritized re-skilling and upskilling through the NAD Learn (formerly Upskilling as a
Service) platform. This self-learning ecosystem has offered more than 55,000 associates
the opportunity to become full-stack/ full cycle professionals. 20,000+ associates are
engaged in the RIDE Future Skilling program that is helping your Company transition to new
age technologies. Your Company launched EMBARK to train 500+ Program Managers on ten
special competencies. The top 300 Leaders who completed the Chrysalis program last year
had a special 3-month development journey to help them lead during this unprecedented
time. Your Company has also helped 400+ customers across 31 countries prepare for a post
COVID-19 world by sharing best practices and learning content.
Diversity: Creating a sense of Belonging
Your Company reinforced its commitment to being intentionally diverse
by becoming a signatory of UN Women and a part of the WEP (Women's Empowerment
Principles) Community. The Women Leaders Program has helped your Company identify more
than 50 trailblazers who can drive future business in the ‘new normal.' Focussed
efforts were made towards generational diversity as young leaders were developed through
programs like AIM, Ascend and Transcend.
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 multiple standards during the year in order 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 6.2/ R5.6 (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 helped resume services to
customer's 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 that showcase the information security posture of the
Organization.
During the pandemic year, the entire quality management system was put
to test, associates were working from home while complying with all security requirements
and able to deliver the services to the desired quality as per customer contractual
commitments.
Tech Mahindra (IT Division) has been assessed for the 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 continued to strengthen the process for transforming
Quality Assurance processes & delivery methods to New Age Delivery processes through
the #NewAgeDelivery Engine. This engine focuses on asset creation and re-usability,
enabling associates to be rightly skilled through Upskilling as a service, enabling
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 has lead to
better customer experience and faster quality delivery. This engine is further
strengthened with command center view for the programs and units to access their realtime
performance against the targets. Moreover the system is enabled with automated signals and
alerts when the performance breaches the threshold for the owner to take corrective
actions. The Company is putting all these initiatives in place to ensure that it deliver
as stated in its 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, Dr. Anish Shah is liable to retire by rotation and offers himself for reappointment.
Dr. Anish Shah (DIN: 02719429) who was appointed as an Additional
Director with effect from September 10, 2019 has been appointed as Director of the Company
at the Annual General Meeting held on July 28, 2020.
Your Directors co-opted Mr. Manoj Bhat (DIN: 05205447) as an Additional
Director with effect from 2nd April 2021 whose term will end at the ensuing
Annual General Meeting and being eligible offers himself for appointment.
Mr. V.S. Parthasarathy, (DIN: 00125299) resigned as director of the
Company with effect from 31st January 2021. Your board places on record its
sincere appreciation for the valuable services rendered by Mr. Parthasarathy to the
Company during his tenure.
In terms of Regulation 24(1) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015, Mr. T. N. Manoharan, Independent Director of
the Company has been appointed as Director in Tech Mahindra (Americas) Inc., a Wholly
owned unlisted material subsidiary of the Company with effect from May 21, 2019.
Mr. T. N. Manoharan was also appointed as Lead Independent Director by
the Board of Directors at its Meeting held on April 26, 2021.
In the opinion of the Board of Directors the Independent Directors have
relevant proficiency, expertise and experience.
FAMILIARISATION PROGRAMME
These programmes 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://insights. techmahindra.com/investors/tml-familarisation- progarmmes-for-IDs.pdf
The Board members are also regularly updated on changes in the
statutory provisions like changes in Corporate Laws, SEBI Regulations, Taxation Laws and
People related laws as applicable at the quarterly Board meetings. The Board members are
also updated on the Risk universe applicable to the Company's business. The MD &
CEO of the Company had a quarterly session with Board members sharing updates about the
Company's business strategy, operations and the key trends in the IT industry that
are 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 evaluating the performance of the Board of Directors, the Chairman, Committees, and
Individual Directors. The evaluation process was carried out through a web-based portal.
The summary of the evaluation reports was presented to the respective Committees and the
Board. The Directors had a positive feedback on the overall functioning of the Committees
and the Board. The suggestions made by the Directors in the evaluation process have been
suitably incorporated in the processes.
NUMBER OF MEETINGS OF THE BOARD
The Board met seven times during the financial year 2020-21. 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 and SEBI Listing Regulations.
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
III".
The policies are available on the Company's website on
https://insights.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 its Board of Directors, Key Managerial
Personnel & senior management appointments, remuneration and evaluation. In line with
these Governance policies, the Company has established a formal Succession Planning
Program for key managerial persons across the organization. The Board evaluates all such
plans at a regular intervals and institutes a formal program for filling any such critical
position. The Board evaluates both internal and external candidates for such positions
alongwith the recommendations of the Company. The Company also has a leadership
development program where it identifies high potential managers, and trains them to take
up the positions of higher responsibilities. The Company has identified the second line of
leadership, which provides stability to the business in any contingencies.
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 (KMP)
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. Mr. Milind Kulkarni
was appointed as Chief Financial Officer of the Company w.e.f. 2nd April 2021.
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, 2021 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 WITH RESPECT TO 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 and 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
and completeness of accounting records and timely preparation of reliable financial
information.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / PROCEEDINGS
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 the future.
Further no application against the Company has been filed or is pending
under the Insolvency and Bankruptcy Code, 2016, nor the Company has done any one time
settlement with any Bank or Financial institutions.
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 201718 until the conclusion of the
AGM of the Company for the financial year 2021- 22 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 that they are eligible
to continue as auditors.
There are no qualifications, reservations, adverse remark or disclaimer
made in the audit report for the Financial Year 2020-21.
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 IV" to this report. There are no qualifications, reservations,
adverse remark or disclaimer made in the Secretarial Audit Report.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards.
ANNUAL RETURN
Pursuant to the provisions of Section 92(3) read with Section 134(3)
(a) of the Companies Act, 2013, the Annual Return in Form MGT-7 is available at the web
link: https://insights.techmahindra.com/investors/mgt7- annual-return-202021.pdf
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 V".
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 Corporate Governance 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.
POLICY ON PREVENTION OF SEXUAL HARASSMENT
Your Company laid down Prevention of Sexual Harassment (POSH) policy
which is available on its website. 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.
The status of complaints received under POSH and redressed by the POSH
Committee of the Company, during the financial year under review, are given below:
a) Number of complaints received - 30
b) Number of complaints redressed - 28
c) Number of complaints pending - 2
The Company carried out focused campaign on POSH and Awareness drives
with the help of its BPS teams. Further the employees are required to undertake mandatory
certification on POSH to strengthen the POSH awareness and sensitivity.
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://
insights.techmahindra.com/investors/Details-of- ESOPs-FY-2020-21.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 guides the
operating management to identify risks, analyze their probability and impact and prepare
mitigation plans. It periodically reviews the Risk Management Framework & Enterprise
Risk Register which is presented by the Chief Risk Officer. The Company identifies all
potential risks, economical, business, currency, operational, climate, governance,
financial etc and prepares a mitigation plan for each of the risks. The elements of risk
as identified by the Company with the 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 under review 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 the materiality of Related Party
Transactions and dealing with Related Party Transactions which has been uploaded on the
Company's website and can be accessed at following link
https://insights.techmahindra.com/investors/Related- Party-Transactions-Policy.pdf
The particulars of related party transactions in prescribed Form AOC -
2 are attached as "Annexure VI".
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 VII" 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 has constituted a Corporate Social Responsibility (CSR)
Committee of the Board. The CSR policy, covering the Objectives, Focus Areas, Governance
Structure Monitoring and Reporting Framework among others is approved by the Board of
Directors. In accordance with the amendments made in Section 135 in January 2021, the CSR
Policy has been duly revised and is available at https://files.
techmahindra.com/static/img/pdf/csr-policy-techm- v3-march2021.pdf
The Company has spent more than 2% of the average net profits of the
Company during the three immediately preceding financial years on CSR. During the year
under review, the Company contributed a significant amount towards COVID-19 relief
efforts.
The Company's social initiatives are mainly 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 disadvantaged urban communities in India, with a special focus on women
and persons with disabilities. During the year under review, Tech Mahindra Foundation has
successfully implemented 150 high-impact projects with more than 90 partners, directly
benefitting 31,767 individuals. In addition, the Foundation reached out to over 1.5
Million people across the country through its COVID Relief efforts.
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 202021 worked with 30 government schools to turn them
around into model schools of excellence. Around 6,400 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 2,776
differently-abled students to become better learners and more independent in managing
themselves. As the interventions shifted to online mode, 430 students were provided
digital tablets to ensure continuity of learning.
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, as many as 6,378 teachers were trained as part of this initiative. This
included specially designed modules for Digital Literacy, Cyber Security and Mental Health
that were delivered to the teachers through online sessions.
MOBILE SCIENCE LAB
In order to increase the footprint of its work in education and reach
the unreached, TMF launched a unique initiative in 2019-20 - the Mobile Science Lab. For
this, a Mahindra bus was remodeled into a science lab on wheels that travelled across
schools in East Delhi to provide STEM learning for children in grades 3 and 4. Though the
program could not be implemented because of COVID, a second Mobile Science Lab was
commissioned through funding received from the National Scheduled Caste Finance &
Development Corporation.
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 three 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 financial year 2020-21, your Company trained 14,394 young women and
men under its SMART program, of which, 1,687 were persons with disabilities. Upon
successful completion of the course, more than 70% of the graduates are placed in jobs
across multiple industries. A significant achievement for the year was that the average
salaries earned by the students increased by over Rs 500 per month, despite the severe
impact of the pandemic.
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 2020-21, 1,317 students were enrolled to the four
Healthcare Academies in Delhi, Mohali, Mumbai, and Pune, the last of which started
functioning in March 2021. In addition, another 710 students were enrolled at the SMART
Academies for Digital Technologies in Vizag, Hyderabad and Mohali.
TMF's work in COVID Relief
As soon as the pandemic broke out in the beginning of the Financial
Year, the TMF team shifted its emphasis towards carrying out relief activities for those
who were the hardest hit - daily wagers, migrant workers, farmers, persons with
disabilities and the transgender community. Through a structured and efficient
intervention, the Foundation distributed nearly 6 lakhs ration kits, 3.20 lakhs cooked
meals, PPE kits, masks, and medical equipment to hospitals. In all, relief efforts worth
Rs 14.82 crores were carried out over the year that continued into the current financial
year as well. Till date, over 20 lakhs people have benefitted through these efforts.
MAHINDRA EDUCATIONAL INSTITUTIONS (MEI)
MEI - a not-for-profit, 100% subsidiary of the Company has set up
Mahindra Ecole Centrale in August 2014 - through a collaborative venture between Mahindra
Educational Institutions and Ecole Centrale of Paris, France (now known as Centrale
Supelec) and the JNTU Hyderabad - to offer undergraduate engineering programs. 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.
MEI has sponsored the setting up of Mahindra University to introduce
diverse streams of education in addition to Engineering.
MAHINDRA UNIVERSITY
Mahindra University (MU) was notified by the Government of Telangana
vide Telangana Ordinance No. 1 of 2020 dated 20th May 2020 as per the
Telangana State Private Universities (Establishment and Regulation)
Act, 2018 for "educating future citizens for and of a better world".
Mr. Anand Mahindra, Chairman of the Company and the Mahindra Group is
the Founding Chancellor of the University and he believes that Professional Courses have
the greatest potential to contribute to economic inclusivity and sustainable development.
The University will drive a meaningful shift in the way we deliver
higher education, besides focusing on infusing emerging technologies into the education
space, it will drive interdisciplinary academic excellence, integrating science
technology, humanities, ethics, philosophy and design, with purpose. It will also stress
on developing multiskilled leaders, who are ethical and empathetic, and capable of
reflection as well as innovation.
The University is India's first to leverage AI & EI
(artificial & emotional intelligence) for both education as well as collaboration,
across the board.
Besides the existing programs in Civil Engineering, Computer Science
Engineering, Electrical & Electronics Engineering, and Mechanical Engineering, the
Ecole Centrale School of Engineering is offering 4-year UG programs of study in
Electronics & Computer Engineering, Artificial Intelligence, and Computation and
Mathematics from academic session 2020-21.
In the 2020 academic session, 657 students were admitted to the
University in UG engineering programs, including 42 students in the PhD program in
Engineering. Due to constraints imposed by the pandemic, classes had to be held online for
most of the academic session.
The University started its accreditation process with submission of
requisite documentation to the National Board of Accreditation for the four UG programs in
CSE, EEE, Civil and Mechanical Engineering.
The Annual Report on CSR activities is provided as "Annexure
VIII".
SUSTAINABILITY
The pandemic has reinforced the fact that a focused sustainable
strategy is needed for business continuity and profitable growth. All businesses have a
critical role to play as a source of finance, driving innovation, and ensuring economic
growth and employment.
The environment, social and governance (ESG) principles built-in the
Tech Mahindra long-term growth strategy have helped to mitigate risks and drive profitable
growth even in this crisis situation. Adopting resilient strategies and sustainable
transformation with a focus on low carbon future have helped the Company to quickly adapt
to disruptions and leverage the processes towards Business continuity. The Company's
commitment to environment sustainability, climate change and water security spans the
entire business. As a Company with a purpose, it has delivered on its promise to run
better, change faster and grow greater while also creating meaningful human experiences
for all. The Cpmpany 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 our sustainability
credentials but also reinforces its overall business philosophy. The Company is breaking
through new frontiers, turning to renewable energy to achieve ecological balance while
ensuring that when it comes to investments, the Company is pioneering new solutions for
sustainable development. Your Company emphasis on green eco-system is seen through its
commitment to going carbon neutral, making optimum use of resources and moving towards a
low emission technology. The profitability of the Comopany is aligned with its principles,
allowing 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 installation of
LEDs, sensors; boost green investments by implementing Carbon Price; optimize business
travel by enabling virtual meetings; encourage use of public transport and carpool to
reduce commute emissions; plant trees to offset carbon footprints; move towards a low
carbon economy ensuring environmental protection
• Saying No to plastic: Maintain plastic-free campuses and
encourage associates and stakeholders 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 and enable a circular
economy
• 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 our 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 sustainable solutions with technologies like loT,
Automation, Blockchain and AI in sustainability that will help enable a pathway to reduce
emissions and other impacts of climate change.
• Green solutions: Investing in Smart grid,
Microgrid-As-A-Services, Community Action Platform for Energy, Integrated Electric Vehicle
Charging systems, Smart data hubs and Smart Cities for our Customers to reduce their
emissions
• Individual Social Responsibility: encourage associates in making
sustainability a part of their daily lives even while working from Home
• Transparency: Showcase our organizational policies, processes,
risk management along with financial, environmental and social data in the Integrated
Reports available online
The commitment and performances are validated by the external
recognition the Company received:
> The only Indian company to be listed in Carbon Clean 200 by
Corporate Knights and As You Sow
> The only Indian IT company to score double ‘A' in CDP
Climate and CDP Water
> Included in the Climate Disclosure Project (CDP) Supplier
Engagement Leaderboard 2020
> One amongst only 3 companies from India to be in DJSI World Index
2020
> One of only 11 Indian Companies in DJSI Emerging Markets 2020
> Only Indian company recognized amongst the ‘2021 Global 100
Most Sustainable Corporations' by Corporate Knights
> Scored A+ and included in the top 5 of India's most
Sustainable companies by Business World in collaboration with Sustain Labs Paris
> Awarded Gold rating with 94 percentile in 2020 by ECOVADIS
> Constituent of FTSE4Good Index 2020 by Financial Times Stock
Exchange-Russell Group
> Winner of Mahindra Group Sustainability Performance Award 2020
> Leaders with 99 percentiles in SUSTAINALYTICS
The Integrated Annual Report is based on various global standards and
frameworks like TCFD (Taskforce on Climate Related Financial Disclosures), CDSB (Climate
Disclosure Standards Board), SASB (Sustainability Accounting Standard Board) and GRI
standards and assured by third party according to ISAE International Standard on Assurance
Engagement) 3000 standard.
Tech Mahindra discloses climate-related risks and opportunities in line
with the recommendations of TCFD which focusses on the financial impact of climate-related
changes on our operations.
The TechM Board is accountable for all risks and opportunities. The MD
and CEO of the Company chairs the CSR Committee of the Board and has the ultimate
responsibility for Sustainability. 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.
The pandemic has made it imperative to make this a time of change and a
time of learning. Your Company embed sustainability into COVID-19 economic recovery,
implement their promises and stretch its commitments to provide for a better and more
sustainable future. Tech Mahindra is committed to the SDGs and is transitioning to a
low-carbon economy to achieve the goals of Paris agreement. The strategy includes
futureproofing its growth against impending changes in policies and regulations and
increasing its compliance readiness. The Company is 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. The Company has a robust business continuity
management framework and incident response team that ensure it is 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 here- 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 2020-21 include:
• Tech Mahindra ranked 10th - winner of ATD Best Award
in the ‘Other - IT' category
• Tech Mahindra won Gold Stevie and Bronze Stevie at "2020
Stevie Awards for Great Employers"
• Tech Mahindra's Mhealthy won ETHealth Award for Best
Technology Solution for COVID-19
• Tech Mahindra amongst 50 best workplaces for women by the Great
Place to Work Institute.
• Tech Mahindra recognized amongst ‘India's Top 20
Companies for Sustainability and CSR 2020' by The Economic Times and Futurescape 7th
Responsible Business Rankings during ETSDG Impact Summit 2020.
• Tech Mahindra recognized as a leader in 2020 Gartner Magic
Quadrant for IT Services for communications service providers, worldwide.
• Tech Mahindra has featured amongst the Top 10 "Best
Companies for Women in India (BCWI)" by Avtar and Working Mother for the third year
in a row and declared ‘Champions of Inclusion' in the most inclusive companies
of India Index.
• Mr. C. P. Gurnani recognized as ‘The Technology Icon of
India' by VARINDIA Brand book on ICT industry.
• Tech Mahindra featured in Fortune India 500 most valuable firms.
• TMF is a winner for the category ‘Best Corporate Foundation
COVID-19 Relief Project [Large Impact]' at the 9th India CSR Awards 2021.
• Tech Mahindra's Surveillance Solution for Kanpur Smart City
is amongst the winners at FICCI India Smart Urban Innovation Awards 2021.
• Tech Mahindra amongst Forbes Top 50 Organizations in Blockchain
for 2021.
• Tech Mahindra recognized as a Leader in Gartner 2021 Magic
Quadrant for Customer Service BPO.
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-19 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 26, 2021 |
(DIN:00004695) |