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07 January 2014

Where is Satyam now? Well, it’s not Satyam for a start

One-time top-tier Indian IT services provider Satyam was rescued from collapse in 2009 following a massive internal fraud, but what is its recipe for once again being top billing? In January 2009, then Satyam chairman B Ramalinga Raju admitted to misreporting the company's financial figures to the tune of $1bn. Now, after periods in life support, the company is back. Satyam was once ranked among the giants in India. Its name was not out of place alongside Wipro, Infosys, TCS, Cognizant and HCL. In fact, this group and Satyam were together known as the Switch group. Folding Satyam into Tech Mahindra The former Satyam business is now part of Tech Mahindra, after the Indian network services specialist acquired Satyam and its IT services expertise. Satyam is not just an add-on to the Tech Mahindra business – it accounts for a major chunk of its $3bn global sales and has doubled Tech Mahindra’s revenues. Tech Mahindra had revenues of $1.2bn before the two businesses came together. In 2003, Tech Mahindra had revenues of $175m. The ...

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