PRZOOM - /newswire/ -
Chennai, Tamil Nadu, India, 2006/04/01 - MindTree Consulting, an international IT and R&D Services Company, today announced that it has become the fastest Indian IT Company to cross the $100 million mark in revenue. Announcing its financial performance for the fiscal year 2005-06 - MindTree.com.
Reaches the mark in six years, revenue grows by 80%
MindTree Consulting, an international IT and R&D Services Company, today announced that it has become the fastest Indian IT Company to cross the $100 million mark in revenue. Announcing its financial performance for the fiscal year 2005-06, the company said that it achieved revenue of $100 million, crossing the important milestone in just six years. Historically, Indian software services companies have taken two or three times as long to reach the $100 million mark. MindTree’s $100 million revenue represents about 80% growth over the previous year.
“The IT Services business of MindTree experienced solid growth during the year. We acquired several new customers across the globe. Significant among them were Imperial Tobacco Group, Essilor and Burger King. Our differentiated horizontal offerings have helped us maintain the momentum. Practices such as data warehousing and testing have grown in excess of 100%. Even as we grew in each of the geographies we are present in, we opened our offices in newer geographies of Continental Europe and Australia,” said MindTree Consulting President & Chief Executive Officer, IT Services, Krishnakumar Natarajan. The highlight of the year was the number of high-end consulting engagements that MindTree was involved in during the year for large organizations such as IATA, DeBeers and Emirates.
“It was one of the best years for MindTree’s R&D Services business, which has grown to become one of the largest R&D teams in India. During the year, R&D Services business acquired significant customers, for whom we offered high-end services and solutions in cutting edge technologies. For telecom major Nera, MindTree conceptualized and developed state-of-the-art satellite handset. MindTree won a global bid to offer its industry-leading intellectual properties in Bluetooth to NEC for the latter’s cell phone,” said MindTree Consulting President & Chief Executive Officer, R&D Services, Janakiraman S.
During the year, MindTree led the way with several international recognitions. MindTree was rated as the leader in “human capital development” by Global Services magazine. It was also recognized among the world’s top 100 outsourcing companies by Fortune and the International Association of Outsourcing Professionals. It also figured in all the best employer surveys conducted during 2005-06. “One of our Visions is to be among the top 20 globally admired companies in our industry. The numerous recognitions that MindTree garnered during the year are testimonies to the fact that we are on the right path to realize our Vision,” said MindTree Consulting Chief Operating Officer Subroto Bagchi.
“Reaching the $100-million mark is a special moment for MindTree. And, achieving this in the shortest time reflects MindTree’s ability to grow nimbly on a higher base. This gives us the confidence to aim for our next target - $231 million by 2007-08. We strongly believe that the high levels of customer satisfaction that we have repeatedly been able to achieve through better quality of our processes and talent will help us realize our dream,” said MindTree Consulting Chairman & Managing Director Ashok Soota.
About MindTree Consulting
MindTree Consulting (mindtree.com) is an international IT services company with development centers in India and the U.S. The Company provides end-to-end project execution through a hybrid delivery model called OneShore™.
With clients ranging from Fortune 50 companies to enterprise software organizations, MindTree delivers global technology solutions and outsourced R&D services to innovative technology leaders around the world.
MindTree has been named the leading service provider in the “Human Capital Development” category by Global Services magazine. MindTree was also among the top 10 leading service providers worldwide on the publication’s inaugural 2006 Global Services 100 ranking. MindTree was rated among the world’s top 100 outsourcing companies by the International Association of Outsourcing Professionals. MindTree has been recognized as one of the fastest growing technology companies in India by Deloitte Touche Tohmatsu in the “Deloitte Technology Fast 50 India” program.
MindTree has been ranked among the “Best Companies to Work for in 2005” in the Business Today-Mercer-TNS study. MindTree has also been ranked among “Great Places to Work” for the second consecutive year in 2005 in a study conducted by Grow Talent Company and Businessworld, and as one of the “Best Employers in India” for the second consecutive year in 2004 by Hewitt Associates. MindTree is also the world's youngest company to be assessed at Level 5 in both CMMi and P-CMM.