MindTree completes one year

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.