Satyam Computers
 |
|
| Public company | |
| Industry | IT services, IT consulting |
| Fate | Merged into Tech Mahindra |
| Successor | Tech Mahindra |
| Founded | 2009 |
| Defunct | 2013 |
| Headquarters | Hyderabad, India |
| Services | IT, business consulting and outsourcing services |
| Website | www |
Mahindra Satyam (formerly Satyam Computer Services Limited) was an Indian IT services company based in Hyderabad, India. The company was listed on the Pink Sheets, the and . It offered a range of services, including software development, system maintenance, packaged software integration and engineering design services. In June 2009, the company unveiled its new brand identity Mahindra Satyam subsequent to its takeover by the $14 billion Mahindra Group's IT arm on 13 April 2009. It subsequently merged within Tech Mahindra on 24 June 2013.
Milestone affiliates, State Farm Mutual Automotive Insurance Company, Megasoft Inc., Caterpillar Inc. and NCR Corporation. They together accounted for 42.4% of its IT services revenues. About 26.1% of its total IT services revenues were generated from fixed-price contracts. Satyam also claimed topline growth of 68% to $164 million at 45% gross profit margin. All of its personnel in the USA were working pursuant to extended H-1B visas (570 persons) or temporary L-1 visas (574 persons).
In a 2005 SEC filing, Satyam claimed topline growth of 40% to $794 million at 36% gross profit margin. There were 20,690 technical associates. The five largest customers accounted for 29.5% of IT services revenues. About 34.2% of its total IT services revenues were generated from fixed-price contracts.
Mahindra Satyam's proposed merger with Tech Mahindra may be delayed all because of legal issues, and ambiguity over jurisdiction between investigating agencies and the government. The merger has been delayed due to two tax cases pending with the Income Tax claiming over ₹27 billion for both.Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after the board of two companies gave the approval. The two firms have received the go-ahead for merger from the Bombay Stock Exchange and the National Stock Exchange.Competition Commission of India(CCI)approved the proposed merger of Mahindra Satyam and other companies with Tech Mahindra. Mahindra Satyam will hold its annual general meeting (AGM) on 8 June 2012 to consider the proposal to merge the company with Tech Mahindra. It is mandatory for the firm to get the AGM nod to go ahead with the merger. The shareholders of both Tech Mahindra and Mahindra Satyam have unanimously approved the scheme of amalgamation and merger of Satyam Computer Services Ltd, Venturbay Consultants, C&S System Technologies, CanvasM Technologies and Mahindra Logisoft Business Solutions with Tech Mahindra. Mahindra Satyam chairman, Vineet Nayyar said on 2 August 2012, that the merger with Tech Mahindra was at the final stage of getting approval from the Andhra Pradesh and Maharashtra High Courts. The two firms had received the go-ahead for merger from the and the . On 11 June 2013, Andhra Pradesh High Court gave its approval for the merger of Mahindra Satyam with Tech Mahindra, after Bombay high court already gave its approval. Vineet Nayyar said that technical approvals from the Registrar of Companies(RoC) in Andhra Pradesh and Maharashtra are required which will be done in two to four weeks, and within 8 weeks, a newly merged entity will be in place. A new organisation chart would also come into force led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman and C. P. Gurnani as the CEO and Managing Director. Tech Mahindra on 25 June 2013 announced completion of Mahindra Satyam's merger with itself to create nation's fifth largest software services company with a turnover of USD 2.7 billion. Tech Mahindra got the approval from the registrar of companies for the merger late in the night at 11:45 (pm) on 24 June 2013. 5 July 2013 has been determined date on which the Satyam shares will be swapped for Tech Mahindra shares which was approved by both the boards. Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from 4 July 2013, following its merger with Tech Mahindra . Tech Mahindra completed share swap and allocated its shares to the shareholders of Satyam Computer Services on 12 July 2013. The stock exchanges have accorded their approval for trading the new shares effective 12 July 2013. On 24 July 2013, a division bench of Andhra Pradesh High Court admitted a petition filed by Ekadanta Greenfields and Saptaswara Agro Farms private limited challenging the Mahindra Satyam-Tech Mahindra merger order.The order was given by a single judge of the court in June, allowing the merger and dismissing the objections raised by a few parties.After admitting the petition, the bench comprising N.V. Ramana and Vilas V. Afzulpurkar posted the matter to 26 August 2013.
...
Wikipedia