History
In August 1999, Mindtree Consulting Private Limited was founded by ten IT professionals, three of which invested through an entity incorporated in Mauritius.[9] It was funded by the venture capital firms Walden International and Sivan Securities and received further funding in 2001 from the Capital Group and Franklin Templeton.[10]
It became a public company in December 2006, and was listed on the Bombay Stock Exchange and National Stock Exchange. Its IPO debuted in February 2007, and closed in February 2007.[11] The IPO was oversubscribed by more than a hundred times.[12]
Mindtree announced a new brand identity and logo, with the slogan "Welcome to possible" in September 2012.[13] In 2012, Mindtree set up its first U.S. delivery center (USDC) in Gainesville, Florida, under the leadership of Scott Staples, co-founder and Global Head of Sales.[14]
In 2017, the company had 43 offices in over 17 countries.[15]
Larsen & Toubro (L&T), an infrastructure major and one of the largest conglomerates in India, took over control of Mindtree in June 2019 and currently has a 61.08% stake in the company.[16][17][18] L&T's takeover of Mindtree was described at the time as the first hostile takeover in the Indian IT industry.[19][20]
In March 2020, Mindtree announced the appointment of Dayapatra Nevatia as COO with immediate effect. He joins the company from Accenture where he was the managing director as well as the director for delivery for advanced technology centers in India.[21]
In May 2022, L&T announced that Mindtree will be merged into Larsen & Toubro Infotech (LTI).[22] The merger was completed in November 2022 and the combined entity was named LTIMindtree.[23][24]
