MindTree Limited is an expertise-led global IT and product engineering services company with a deep knowledge of specific domains
Founded in 1999, MindTree became the fastest Indian IT services company to cross $100m in revenues in the sixth year of its operations. It is acknowledged as the best mid-size software services company in India for its capability to build, test and deploy solutions. After 12 straight years of growth and achieving $330m in 2011’s financial year, MindTree recently crossed $100m in a single quarter and now employs over 10,000 “MindTree Minds”.
MindTree’s commitment to being a responsible corporate citizen is enshrined in its vision statement:
- to achieve $1bn in sales;
- to be among the global top 20 in the IT services business in profitability, as measured by PAT to sales and ROCE;
- to be among the top 20 most admired companies globally in the IT services business, known for its customer satisfaction, people practices, knowledge management and corporate governance;
- to touch and improve upon the lives of the differently-abled, through leadership in assistive technologies.
MindTree realises that demand for specialisation as well as the ability to transform customers’ businesses is increasingly gaining significance. Taking this as the theme, MindTree has clearly identified the verticals and micro verticals that it would like to focus on: Manufacturing, banking, financial services, insurance, travel, hospitality and leisure are the focus verticals in the IT services space. Consumer and communication products, portals and web products and enterprise software products are focus areas in the product engineering space.
Along with this, the identification of growth service lines such as testing, data and analytic solutions and infrastructure management will facilitate faster growth for its verticals and help in the journey of realising the above vision. This thought process has seen some notable client wins over the last few quarters. The recent wins are not only large but also offer multi-year relationships due to MindTree’s strong capabilities in chosen verticals.
MindTree has 258 active customers including 44 Fortune 500 clients and has a proven track record with global enterprises in terms of long relationships. MindTree would like to continue to capture the growth opportunity through focused account mining, build deep domain expertise to win new clients, expand service offerings in newer technologies – such as cloud – and aggressively pursue large deals. This will also enable the company to achieve its goal of delivering higher growth than the industry estimates year over year.
MindTree’s mission is to generate successful customers, happy people and innovative solutions, reiterating that the two most important stakeholders are its customers and its people. The company believes that happy people lead to happy customers and that innovative solutions are a means of contributing to the success of its customers.
Success comes through an enduring commitment to a value system steeped deep in its history. Defined as CLASS – Caring, Learning, Achieving, Sharing and Social Responsibility – this series of commitments is at the heart of everything the company does. At MindTree, innovation, knowledge sharing and collaboration extend through all three of its DNA elements, beginning with imagination, extending into action, and culminating in joy. MindTree’s corporate governance philosophy is: Act in the spirit of law and not just the letter of law; do what is right and not what is convenient; provide complete transparency on our operations; follow openness in our communication to all our stakeholders.
MindTree believes in ethical business conduct, integrity and commitment to values, which in turn, enhance and retain stakeholders’ trust and are the hallmarks of corporate governance. The company has an articulated integrity policy and all MindTree Minds, irrespective of level, role and location are bound by it. This is presented as part of the value session that every new MindTree Mind is taught. The company has defined internal policies that direct and control the activities and mechanisms to optimise economic results for shareholders’ welfare and in the interest of all the stakeholders of the company. Corporate responsibility involves adopting principles of fairness, transparency in corporate disclosure and accountability with all the constituents and stakeholders of the company.
Nurturing future developments
At MindTree, the paradigm of corporate sustainability is a business imperative, where its approach to corporate sustainability is in sync with its approach to business, workplaces, community and environment. At MindTree, environment sustainability includes industry, market/customer, workplace, governance and ethical practices, as well as ecological and social environments. MindTree has made the following strides in each of these areas:
- MindTree identifies and proactively addresses risks and opportunities, protecting and creating value for its stakeholders.
- A clear focus on customer satisfaction has uniquely defined quality processes. Certifications, competency development, integrated management tools and peer networking through community based benchmarking enhance project management capabilities.
- Nourish, nurture and grow are the pillars around which MindTree has built the workplace, thereby committing to building an organisation for future generations. Communicate, express and share facilitates the principle of 95:95:95, where 95 percent of the people should have access to 95 percent of the information communicated 95 percent of the time.
- The compensation philosophy is driven by three mutually exclusive and collaboratively exhaustive mottos – ‘Pay for Performance’, ‘Pay Competitively’ and ‘Inclusive Meritocracy’. ‘Healthy Mind in a Healthy Body’ is the corporate wellness programme aimed at improving health and safety standards. at MindTree.
- MindTree’s green agenda is enshrined in its green mission statement: “To work closely with all stakeholders to identify, implement and sustain eco-friendly initiatives to achieve a carbon-neutral footprint.”
- ‘Having a conscience’, ‘Doing what is right by the communities we live in’ and ‘Being ethical and principled in our dealings with the environment’ – all these and more are covered under the term Corporate Social Responsibility (CSR). MindTree Foundation’s charter supports differently-abled people with a specific focus on assistive technologies, primary education and Mindshare – a programme that allows MindTree Minds to interact with people outside their normal course of life.
For a company that only has a 12-year history, the tributes that have come MindTree’s way have been truly humbling. These accoldaes include ‘Leading Mid-Size Provider’ from the Everest Research Institute, the ‘Winner 2011′ at the Asian Most Admired Knowledge Enterprise Award (MAKE) among many others. Such recognition must be seen as seminal moments in India’s entrepreneurial history.