IT firm Mindtree on Friday said its co-founder and executive chairman Ashok Soota has resigned from the post in order to take on a new business venture.
Happiest Minds, expected to be formally launched for customer delivery in five months, would have six lines of businesses, namely IT services, R&D services, product engineering services, remote infrastructure management, testing and consulting.
Ashok Soota has launched a new firm, Happiest Minds, at the age of sixty-nine, proving that there is no such thing as retirement.
In a scenario where the stock markets are being ravaged across the world, the MindTree stock which debuted on BSE on Wednesday listed at a premium of more than 40 per cent while the other stocks which opened for listing traded below the listing price
Ashok Soota, founder chairman of MindTree, who recently left the company he co-founded in 1999, is preparing the grounds for his new venture.
For MindTree, he met the other co-founders through the VC. He is enjoying himself thoroughly and "excited and very pleased with the team" he has been able to build. Given the depth of experience assembled, he considers it "the strongest start-up team for an IT services company."
Ashok Soota, former chairman of IT firm MindTree, on Thursday sold half of his 11.4 per cent stake in the company in a block deal.
Happiest Minds expects revenue to touch $100 mn in 3 years, the fastest in India's tech services sector.
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Learn from your successes more than your failures remarked Ashok Soota at an event held in Bangalore.
The Rs 702-crore IPO received bids for 2,93,41,84,140 shares against the total issue size of 2,32,59,550 shares, according to data available till 3.30 pm on Wednesday.
Blame it on improved business climate, restructuring within companies or just the basic need to pursue better opportunities -- the Indian information technology industry is seeing heavy churn at the top.
The 12-member team includes seven senior executives of MindTree, including Soota himself, three from Wipro and one from Infosys.
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For MindTree, he met the other co-founders through the VC. He is enjoying himself thoroughly and "excited and very pleased with the team" he has been able to build. Given the depth of experience assembled, he considers it "the strongest start-up team for an IT services company."
Ashok Soota, one of the co-founders of MindTree and a veteran of the IT industry knows what it takes to try and reach $100 million in five years -- his ambitious goal for his new company titled 'Happiest Minds.'
MindTree tried its hand at making wireless handsets but failed. Now co-founder Ashok Soota has moved on to start a competing business.
Bangalore-based information technology services firm MindTree has set up an ambitious target of becoming a $1-billion (around Rs 4,600-crore) company over the next five years.
Turn to yoga and meditation at work place to beat stress levels and fight health blues, says an IT industry veteran to techies. Impressed by the value yoga adds in his own company in terms enhancing enthusiasm and output, chairman of city-based IT firm MindTree, Ashok Soota, says the practice certainly helped the firm's professionals energise themselves.
Ashok Soota has cited 4 challenges that India Inc is facing. He stressed on a robust risk management strategy for Indian companies. He also stated responding to changes in market environment, resolving legal and regulatory differences and encouraging leadership and accepting cultural diversity as other challenges. Highlighting the challenges faced by the India Inc, experts said globalisation is essential to pursue growth opportunities and leverage comparative advantage.
Leading industrialists met with Prime Minister Manmohan Singh (not in picture) in New Delhi on Thursday to discuss the general state of the Indian economy and other industry-related matters.
The Confederation of Indian Industry has set up a Mission for Manufacturing Innovation to create "100 new billion-dollar companies over three years".
The company will grow better than the industry
City-based mid-sized IT services company MindTree Consulting has acquired Linc Software Services Private Limited in an undisclosed stock and cash deal.\n\n
The Confederation of Indian Industries, on Friday, was all praise for the Atal Bihari Vajpayee-led coalition governments in terms of being development-oriented and helpful to the industry.
Confederation of Indian Industry president Ashok Soota said on Friday that India should take up at the World Trade Organisation the issue of protectionism that affects natural movement of professionals across borders.\n\n\n\n
Bangalore-based MindTree Consulting is floating an Initial Public Offering of 5.6 million equity shares of Rs 10 each to raise anywhere between Rs 200-240 crore
I would prefer a government that is stable and progressive, a government that takes quick decisions, a government that is much more oriented towards creating jobs, and one that attracts a lot of foreign investments, says N R Narayana Murthy.
Gautam Adani, who is diversifying into many businesses, saw a 48 per cent rise in his wealth to Rs 1.40 lakh crore and moved up two places in rankings to being the fourth richest Indian. Hinduja Brothers and HCL's Shiv Nadar were ranked 2nd and 3rd. Wipro's Azim Premji slipped two places to fifth place.
While the leadership change in Mindtree is yet to happen, there's a buzz that the co-founders of the IT firm may float another company.
Ashok Soota of Happiest Minds shares the secret recipe with us.
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