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LTIMindtree

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LTIMindtree
FormerlyL&T Infotech
Company typePublic
ISININE214T01019
IndustryInformation technology
Consulting
Outsourcing[1]
Founded23 December 1996;27 years ago(23 December 1996)
Headquarters
L&T House,Ballard Estate,Mumbai
,
India
Area served
Worldwide
Key people
A. M. Naik(Chairman)
S. N. Subrahmanyan​(Vice-chairman)
RevenueIncrease₹35,517 crore(US$4.3 billion) (FY24)[2]
Increase₹6,048 crore(US$720 million) (FY24)[2]
Increase₹4,584 crore(US$550 million) (FY24)[2]
Number of employees
81,650 (March 2024)[3]
ParentLarsen & Toubro(68.73%)
Websitewww.ltimindtree

LTIMindtree Limitedis an Indianmultinationalinformation technologyservices andconsultingcompany based inMumbai.A subsidiary ofLarsen & Toubro,the company was incorporated in 1996 and employs more than 81,000 people.[4]

History

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Logos between 2001–2017 and 2017–2022

The company was founded as L&T Information Technology Ltd in December 1996 as a subsidiary of Larsen & Toubro.[5]During 2001–2002, the company's name was changed from L&T Information Technology Ltd to L&T Infotech Ltd and in the same year the company achieved the assessed level of Software Engineering Institute's (SEI) Maturity Level 5.[6][7]

Between 2009 and 2012, parent Larsen & Toubro sought to scale up L&T Infotech by making a series of acquisition attempts, forSatyam Computer Services,Patni Computer Systemsand Hexaware Technologies, all three of which proved to be unsuccessful.[8][9]

In 2013–14, L&T Infotech's engineering services segment was acquired by parentLarsen & Toubro's newly created technology and engineering services subsidiary calledL&T Technology Services.[10][11]

In July 2016, L&T Infotech wentpublicvia aninitial public offering(IPO) of₹1,243 crore(US$184.98 million).[12]

Between 2016 and 2017, L&T Infotech had contracts with theIncome Tax DepartmentandCentral Board of Direct Taxesto detect income tax evasion usingprofiling,data modelsandsocial media analytics.[13][14]

The company rebranded itself as 'LTI' with a tag line of 'Let's Solve' in May 2017.[15]

Mindtree merger

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In June 2019, Larsen & Toubro completed itshostile takeoverof Bengaluru-based companyMindtree,despite opposition from the latter's promoters.[16]

In May 2022, it was announced that Mindtree, which was then a different IT services subsidiary of Larsen & Toubro, will be merged into LTI,[17]and the company will be renamed as LTIMindtree.[17][18]Larsen & Toubro Group chairmanA. M. Naikcommented that there was not much overlap between the two companies in terms of industries and clientele; LTI had a plurality inBFSIindustry and was present in oil and gas sector, while Mindtree had a plurality intechnology, media and telecommunications(TMT) with a presence in travel and hospitality.[19]

The merger was completed in November 2022. After the merger, LTIMindtree became India's fifth largest provider of IT services by market capitalisation and sixth largest by revenue. Shares of Mindtree were delisted and shareholders were allotted 73 shares of LTI for every 100 shares of Mindtree held. The parent company, Larsen & Toubro, held a 68.73% stake in the merged entity.[20]

Global presence

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Ramanujan IT City,Chennai
Powai,Mumbai
Sattva Global City,Bangalore
LTIMindtree campuses

LTIMindtree has its presence across the following regions:[21]

Mumbai–Ballard Estate(HQ),Powai,Airoli,Mahape
Bangalore–Whitefield,Sattva Global City,Manyata Embassy Business Park,Electronic City
Pune–Hinjawadi,Shivajinagar,ICC Tech Park,Kharadi
Chennai–DLF Cybercity,Manapakkam
Hyderabad–Mindspace Madhapur,HITEC City,Gachibowli
Kolkata–Salt Lake City,New Town
Delhi NCR–Moti Nagar,Noida
Kochi–InfoPark
Coimbatore– Rathinam TechZone, TIDEL Park
Mysore– Silver Spirit Tech Park
Nagpur– North Ambazari Road
Bhubaneswar– Khurda
Indore–Vijay Nagar
Warangal–Hanamkonda

Acquisitions

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See also:Mindtree § Acquisitions
Company acquired Country Date Business Reference
Citigroup Fund Services Canada CanadaCanada February 2011 IT consulting [22]
Information Systems Resource Centre (ISRC) IndiaIndia October 2014 IT services [23]
AugmentIQ Data Sciences IndiaIndia October 2016 Big data,data analytics [24]
Syncordis LuxembourgLuxembourg November 2017 Core bankingtechnology [25]
Ruletronics IndiaIndia January 2019 Business process management [26]
Nielsen+Partner GermanyGermany February 2019 IT consulting [27]
Lymbyc IndiaIndia July 2019 AI,machine learning [28]
Powerupcloud Technologies IndiaIndia October 2019 Cloud computing [29]
Cuelogic Technologies IndiaIndia July 2021 Digital engineering [30]
Mindtree IndiaIndia May 2022 IT services [31]

See also

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Wikimedia Commons has media related toLTIMindtree.

References

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  1. ^"Larsen & Toubro Infotech Limited: Private Company Information – BusinessWeek".Investing.businessweek. Archived fromthe originalon 9 December 2008.Retrieved11 July2012.
  2. ^abc"Investor Presentation – Q4FY24"(PDF).LTIMindtree.Retrieved24 April2024.
  3. ^"LTIMindtree reports 1.2% Y-o-Y decline in net profit".Techcircle.24 April 2024.Retrieved24 April2024.
  4. ^Phadnis, Shilpa; Mani, Veena."LTIMindtree aspires to be $10bn in revenue: CEO".The Times of India.Retrieved9 December2022.
  5. ^"Sanjay Jalona CEO & MD of LTI".lntinfotech.L&T Infotech. 12 August 2015.Retrieved8 February2016.
  6. ^"expresscomputeronline".1 April 2002. Archived fromthe originalon 4 September 2004.Retrieved25 November2012.
  7. ^"Larsen & Toubro Infotech Ltd".Retrieved16 April2019– via Business Standard.
  8. ^Sanjai, P R.; Khan, Zahra (14 October 2013)."L&T Infotech plans to enter new markets, make acquisitions".Mint.Retrieved26 April2024.
  9. ^Barman, Arijit; Shinde, Shivani (7 March 2012)."Now, L&T jumps into Hexaware race to reboot Infotech".Business Standard.Retrieved26 April2024.
  10. ^"L&T to set up new arm L&T Technology Services".The Economic Times.Retrieved14 October2022.
  11. ^Sanjai, P. R. (15 July 2016)."L&T to sell 15% stake in L&T Technology Services via IPO".mint.Retrieved14 October2022.
  12. ^Shah, Ami (21 July 2016)."L&T Infotech falls 1.74% on debut; first IPO to list at a discount in 4 months".mint.Retrieved14 October2022.
  13. ^Seth, Dilasha (18 July 2016)."L&T Infotech bags contract for Project Insight".Business Standard.Retrieved30 July2024.
  14. ^"L&T Infotech gets $100 million project from CBDT to help pin down tax evaders".Mint.1 October 2017.Retrieved30 July2024.
  15. ^"L&T Infotech rebrands itself as LTI in keeping with new business reality".Moneycontrol.4 May 2017.Retrieved16 April2019.
  16. ^Laskar, Anirudh (26 June 2019)."With 60% stake, L&T completes its hostile takeover of Mindtree".mint.Retrieved17 August2023.
  17. ^abPress Trust of India (19 June 2022)."L&T Infotech-Mindtree merger likely by December, says LTI COO".Business Standard India.Retrieved7 July2022.
  18. ^"LTIMindtree to have fifth largest BFSI portfolio".The Times of India.9 May 2022.
  19. ^"LTIMindtree begins life in the big league".15 November 2022.
  20. ^"Merged entity. LTI-Mindtree merger takes effect; latter to delist from bourses on Nov 24".14 November 2022.
  21. ^"Global Footprint".LTIMindtree.Retrieved30 July2024.
  22. ^"L&T Infotech acquires Citigroup's Canadian IT unit".Business Standard.February 2011.Retrieved25 January2013.
  23. ^"L&T Infotech buys Otis Elevator's Information Systems Resource Centre".The Hindu Business Line.28 October 2014.Retrieved28 October2014.
  24. ^"L&T Infotech to acquire analytics start-up AugmentIQ".Mint.25 October 2016.Retrieved25 October2016.
  25. ^"Larsen & Toubro Infotech to acquire Syncordis SA".The Economic Times.14 November 2017.Retrieved14 November2017.
  26. ^"Larsen & Toubro Infotech acquires Ruletronics for $7.48 million".The Economic Times.17 January 2019.Retrieved17 January2019.
  27. ^"LTI to acquire Germany's Nielsen+Partner in a $31.6M deal".The Economic Times.14 February 2019.Retrieved14 February2019.
  28. ^"LTI to acquire advanced analytics firm Lymbyc".The Economic Times.17 July 2019.Retrieved17 July2019.
  29. ^"Larsen & Toubro Infotech to acquire PowerupCloud".The Hindu.17 October 2019.Retrieved17 October2019.
  30. ^"LTI concludes acquisition of Pune-Based Cuelogic".Business Standard.8 July 2021.Retrieved8 July2021.
  31. ^Mudgill, Amit."L&T Infotech announces merger with Mindtree".The Economic Times.Retrieved9 May2022.
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