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LTI, Mindtree Merger Forms $3.5 Billion IT Service Provider

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The long-expected LTI and Mindtree merger has been completed. The resulting business -- known as LTIMindtree -- is India's fifth-largest IT services and consulting company. The newly branded IT consulting giant expects to generate roughly $3.5 billion in annual revenues.

The merger, first announced in May 2022, gained regulatory approval and was finalized on November 14, 2022.

LTIMindtree: IT Services and Consulting Reach

Among the business metrics to note, LTIMindtree:

  • Serves more than 750 global enterprises across all key industry verticals; and
  • employs nearly 90,000 professionals across more than 30 countries.

The merger was deal number 452 of 2022 when we first covered it in May 2022.

Through the merger, LTIMindtree expects to gain scale for digital transformation protections that span enterprise solutions and hyperscale clouds such as Microsoft Azure, Google Cloud Platform and Amazon Web Services.

In terms of market capitalization and scale, LTIMindtree's larger India-based rivals include Tata Consultancy Services, Infosys and either HCL Technologies or Wipro, ChannelE2E believes. Other key India-based IT consulting firms include Mphasis, Quess Corp, Tech Mahindra and Hexaware Technologies.

LTIMindtree: Executive Perspectives

In a prepared statement about the M&A deal, LTIMindtree Chairman A. M. Naik said:

“LTIMindtree is integral to L&T’s technology-led growth vision and is poised to play a crucial role in the expansion and diversification of our services portfolio. The highly complementary strengths of LTI and Mindtree make this integration a win-win proposition for all our stakeholders — clients, partners, investors, shareholders, employees, and communities — furthering L&T’s tradition of innovation, excellence, trust, and empathy.”

Added Vice Chairman S. N. Subrahmanyan:

“We are grateful to the authorities for the swift passage of the proposed transaction through statutory processes and for its approval in a record time. This integration is much more than just the coming together of two highly successful companies. It is about turning the collective wisdom of the two companies into a much larger force for creating long-term value for all our stakeholders.”

Concluded LTIMindtree CEO Debashis Chatterjee:

“Amid the proliferation of new business models and revenue streams in a rapidly converging world, LTIMindtree will help businesses proactively take on and shape the future by harnessing the full power of digital technologies. Armed with top talent, comprehensive offerings, and a cumulative experience of more than five decades, LTIMindtree brings the diversity of scale and capabilities required to help businesses reimagine possibilities, deliver impact, and get to the future, faster.”

Joe Panettieri

Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.