Mahindra BT is now Tech Mahindra
17 Feb 2006
Mahindra BT, one of the top 10 software service companies in the country, has been renamed as Tech Mahindra. The company has also adopted a new corporate logo and colours.
The company is a joint venture between tractors and utility vehicles major Mahindra & Mahindra and global telecom giant BT. Initially set up to provide services to BT and support its operations, the company gradually grew to emerge as a large independent vendor of software services.
The share of BT in the total revenues of the company has come down significantly. However, BT is still the largest customer for the company. Headquartered in Pune, Tech Mahindra currently has seven development centres in India and one in the UK. The company employs more than 9,000 people worldwide. Tech Mahindra is currently the 9th largest software services exporter from the company and, according to the company, the fastest growing among the larger Indian technology companies.
The company had recently acquired a US-based product engineering services company for more than $52 million. The deal has been significant for the company as the reasonably large size indicated that the company is now aiming to grow inorganically. Tech Mahindra is widely expected to come out with an IPO in the near future. M&M holds a majority stake in the company at present.