Completes a decade of growth, accomplishments and recognitions; gears up for the next phase of growth
August 18, 2009 - Bangalore, INDIA
MindTree Ltd., a global IT Solutions Company, today reached a major milestone by completing 10 years of its journey. During this period, MindTree has realized significant achievements and global recognitions to evolve as the industry's best mid-sized company, including being ranked 14th among the top IT Services exporters by the National Association of Software and Services Companies (NASSCOM) for 2008-09.
Since its inception on August 18, 1999, MindTree became the fastest Indian IT Services Company to surpass the $100 Million revenue mark, and has built a customer base that includes more than 250 Global 2000 companies. The 7,600 MindTree Minds, along with MindTree's valuable customers and partners, are responsible for this impressive growth which allows the Company to offer differentiated services in a cross section of industry domains and technologies.
On the occasion of MindTree's 10th anniversary, MindTree Executive Chairman Ashok Soota said, "MindTree was conceptualized in 1999 by its 10 co-founders with the objective of creating a different kind of company, through a unique consulting-led approach to our IT Services and Intellectual Property-led approach to our Product Engineering Services. We always remained true to our value system called CLASS (Caring, Learning, Achieving Sharing and Social Responsibility). We soon became globally recognized for our people practices, customer centricity, inclusion and corporate governance. MindTree was among the youngest companies in the world to be assessed Level 5 in CMMi and P-CMM. Our growth during the 10 years also included a few successful acquisitions that further strengthened our offerings to our customers. We were the first venture capital-backed IT services company to be listed on the Indian stock exchanges in 2007."
"In these 10 years, we have put in place the necessary foundation to launch the next phase of our growth. Our Vision is to achieve revenues of $1 Billion by 2014. I am confident that MindTree has the necessary strength, skills and management capabilities to achieve this Vision and emerge as one of the most admired companies globally," he added.
MindTree Minds are celebrating the 10th anniversary of the organization across the globe. As part of the celebration, the Company has adopted a forestation initiative in Bangalore. Named MindTree Forest, it will have 8,000 trees - one each in the name of every MindTree Mind and every customer. Over the years, as these 8,000 trees grow, they will create a forest providing the much needed green cover to the growing city of Bangalore.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
MindTree Ltd. is a global IT Solutions company specializing in IT Services, Independent Testing, Infrastructure Management and Technical Support (IMTS), Knowledge Services and Product Engineering, which comprises of R&D Services and Software Product Engineering. MindTree partners with its clients to create a transparent, value-based relationship. Our people build innovative solutions in a wide range of technology domains that enable our customers to succeed in their business goals.
MindTree was ranked 45th among the leaders in The 2009 Global Outsourcing 100 by the International Association of Outsourcing Professionals. Widely known for its focus on human capital development, MindTree has been consistently rated among the most admired employers by several industry surveys, including Great Places To Work Institute, Hewitt Associates and Mercer. MindTree was ranked No. 1 among the Most Admired Knowledge Enterprise (MAKE) India Award winners for the second consecutive year in 2008. MindTree is the winner of the National Award for Excellence in Corporate Governance in India in 2007-08. The Company is publicly listed in India. Please visit us at www.mindtree.com.