MindTree Limited, originally incorporated as Mindtree Consulting Private Limited, is a mid-sized international information technology (IT) consulting and implementation company. It operates in two units: Product engineering Services and IT Services. Stated in the year 1999 by 10 industry professionals from Cambridge Technology Partners, Lucent Technologies, and Wipro, company made remarkable growth in a short span and surpassed USD 100 million in revenues in April 2006. In 2007, MindTree went Public and called for an IPO thereby becoming the First Indian Listed IT company. By 2011, Mindtree ranked #18 in Indian IT companies and overall #445 in Fortune India 500 list.
On January 28, 2011, Ashook Soota, one of the co-founders and Executive Chairman sent a mail to media that he has requested the MindTree Board to release him by March 31 as an employee and also as executive chairman and member of the MindTree Board. The Board accepted his resignation.
Ashok Soota, one of the icons of the Indian IT industry had a major role in Mindtree’s success story. There are very few people who can claim to have succeeded both as a CEO and as an entrepreneur. Ashok Soota is one of them. He became a CEO when he was just 34 years old, and went on to lead Wipro Infotech from a Rs 7- crore company in 1984 (when he joined) to a Rs 1,000- crore giant in 1999 (when he left to found MindTree Consulting). Soota’s entrepreneurial run at MindTree was a proven success, but he was not ready to rest on his laurels.
On 29 August 2011, Ashok Soota launched his new brainchild “Happiest Minds Technologies”. Within 2 months of its launch, Soota’s Happiest Minds secured funding of US $45 Million and was joined by people from his old brainwave Mindtree Limited.
In just less than five months since its inception, Happiest Minds Technologies, the IT services start-up promoted by Ashok Soota, the co-founder and former chairman of MindTree, has added nine clients including two Fortune 100 companies. The company says the portfolio of clients is distributed across the US, UK and India even though the deal sizes are not larger in size.
In September 2012, Mindtree announced a new brand identity with the unveiling of its mission, values, and logo, which includes the new tagline ‘Welcome to possible’. The rebranding initiative was fronted by Siegel + Gale, a brand strategy, customer experience, and design consultant based out of the U.S.A.
“Mindtree is looking confidently at the future, standing on the strong foundation we have built in the last 13 years”, said Subroto Bagchi, chairman, Mindtree. “Our difference is our unique approach balancing a human perspective with deep strategic thinking that enables us to create possibilities for our clients’ success.”
Talking about the new identity, the company’s CEO and MD, Krishnakumar Natarajan said, “The new identity captures our values and beliefs. The brand—voice-bright, confident and active—will drive our behavior and lead us to greater successes. We focus to deliver business value to our customers. Our expert solutions make us the trusted partners who drive a positive impact for businesses and societies.”
When asked about the new tagline ‘Welcome to possible’ and its relevance to Mindtree’s competitors, Bagchi said, “The kind and amount of work Mindtree has done is disproportionate to its size and age. We won a big project like the UID in the final shortlist against two biggies—IBM and Accenture.”
“Mindtree is for sure not significantly better than the two companies, but show me another Indian IT services company with the same resources as Mindtree that has managed to win such an important project that will actually change the lives of millions of Indians,” Bagchi added with confidence.
With its new brand identity, Mindtree is also heavy with advertising on Internet using PPC and PPI models.
MindTree re-branding exercise that talks about values and beliefs; is it merely that way or actually it is gearing up to possess the competition threat from small yet rapidly growing Happiest Minds ?Posted: 25th October 2012 in Brand Update by Vipul Gambhir
Tags: Ashok Soota, Brand Management, branding, Competition, digital, MindTree, Re-branding