MindTree completes one year

By : |August 18, 2000 0

BANGALORE: The target is $123 million turnover by 2005. And, MindTree
Consulting is well on its way to achieving it. The company says it is expecting
revenues of $15 million or Rs 70 crore for the year 2000-01. Speaking to the
media on the completion of its first of operation, MindTree chairman and chief
executive officer Ashok Soota said, “Though we launched MindTree on August
18, 1999, all these days went for warming up the operations and building the
team. For the current financial year, from April 2000 to March 2001, we are
expecting $15 million revenues.”

MindTree Consulting, an international consulting company that delivers
e-business and networking technologies, has been able to establish fully
functional development centers in Bangalore and New Jersey as well as set up a
business development office in the Silicon Valley, California, in the last one
year. Along with these, MindTree will have a 55,000 sq. ft. facility in
Bangalore by September this year to accommodate an additional 440 software
developers. The company has invested Rs 12.5 crore in the three facilities.
Currently, around 300 engineers are working in the company, which is expected to
reach 500 by the year 2001.

During the past year, MindTree has garnered a customer base of 27, both from
India and the US. Its clientele include Amber Networks, Business Standard,
Fabmart.com, Hindustan Lever Limited, Mirapoint, Lucent Technologies, Avis and
Franklin Templeton. During the year, the company also announced alliances with
Ariba, ATG, Autonomy, Interwoven and Vignette.

The past one year was not just about ‘targets and achievements’. MindTree
is devoting a significant portion its revenue and time for social causes too. It
is deeply involved with the Spastic Society of Karnataka. It is in fact here
that the “MindTree” logo was created–by Chetan KS, a student with
cerebral palsy.

The company is also committed to parting a significant portion of its profits
to the cause of primary education. It is working with the Akshara Foundation on
this front. It is also launching the MindTree Foundation this year to give a
specific direction to these social initiatives.

MindTree Consulting was formed with a $9.5 million initial investment by its
founders and VC funding from Walden International and Global Technology
Ventures. The company has allotted stock options to all its employees.

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