Tech Mahindra – Mahindra Satyam merger accomplished
New Delhi, India, June 25, 2013: Tech Mahindra Limited and Mahindra Satyam has announced the formal amalgamation of Mahindra Satyam with Tech Mahindra. The Company is amongst the top 5 Indian IT services companies and the merged entity creates a technology services powerhouse, with revenues of USD 2.7 Billion, a team of 84,000 professionals servicing 540 customers across 46 countries.
The brand dons a new look and logo, reflecting the heritage of the Mahindra Group and our positioning represents the new connected world, offering innovative and customer-centric services and solutions.
Anand Mahindra, Group Chairman, Mahindra & Mahindra, said, “Today we have fulfilled the commitment made in 2009, when we acquired Satyam, to jointly become one-of-the largest, diversified players leveraging Technology for Business Solutions. Tech Mahindra is a testimony to the tireless efforts of our associates and the trust reposed by our investors. I’m confident that we are now geared to grow even faster in the future.”
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, said, Over the past four years while we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage best practices and deliver enhanced value to all our stakeholders. Today, as we formally become one, our unified Go-To-Market strategy will allow us to meet the growing needs of businesses with renewed vigor and pro-activeness.”
CP Gurnani, Managing Director, Tech Mahindra, said, “Consumerism across today’s connected world is being fuelled by a convergence of technologies. Our new positioning ‘Connected World. Connected Solutions.’ reflects this business opportunity and reality. Our innovative and customer centric offerings integrate technology with business, enabling Enterprises, Associates and the Society to Rise. I thank all stakeholders for their continuous and unfailing support at all times.”
The Boards of Tech Mahindra and Mahindra Satyam had approved the merger on Mar 21, 2012. After an approval from Mumbai high court, the merger had been awaiting clearance from the Andhra Pradesh High Court, which gave the nod on Jun 11, 2013.
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