Definition

Mahindra Satyam

Mahindra Satyam (formerly Satyam Computer Services) is a software services company, owned by Tech Mahindra, part of India’s Mahindra Group. It provides IT consulting, outsourcing, and back-office processing services to global corporations.

Hyderabad-based Satyam Computer Services, established in 1987, was among the top four technology outsourcing companies in India. In early 2009, its founder and then Chairman B. Ramalinga Raju admitted to having committed accounting fraud for years by falsifying Satyam's revenues, profits, cash reserves,and even its employee-count.

The Indian government appointed a three-member committee headed by NASSCOM president Kiran Karnik to oversee the revival of the company and find a suitable bidder for it. In 2010, Tech Mahindra emerged as the successful bidder to acquire a 51% stake in Satyam for Rs 2,890 crore ($518.7 million, approximately).

Satyam has been renamed Mahindra Satyam and is in the process of being merged with Tech Mahindra at the time of this writing.

This was last updated in October 2012
Posted by: Margaret Rouse

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