The Untold Story behind Tech Mahindra's Satyam Acquisition
The Untold story behind Tech Mahindra’s Satyam Acquisition
Now that’s a very powerful title for an article coming as it does from an ex Tech Mahindra staffer who spent close to 13 years at the company and who had a front row seat, if not the ringside view.
However, let me state here that this is not an official version nor have I been encouraged by any of Tech M’s management team to write this piece. This story has been put together through my personal observations, side line conversations during offsite meetings, parties and also from my discussions with the media; I have some dear friends in the media you see.
When the results of the government lead auction was declared, I was at the offices of Oracle in Dubai Internet City in Dubai.
“Hey! Did you hear? Tech M is the successful bidder for Satyam at the auction.”
"WHAT!!!!?" we exclaimed.
Satyam’s Oracle Alliance executive was there too and we ran into him in the lift and I noticed his face pale.
For the media, Anand Mahindra, Vineet, CP and Sanjay had become poster boys overnight who had saved India and the Indian IT industry from a potential humiliation.
In the following weeks after the Raju admission, the gloves had come off with all leading IT companies and it was like the wild carnivores circling the fallen animal and trying to pick up the choicest pieces of meat. Analysts provided their shrill views on how IT companies may want to target Satyam’s customers and wean them their way. Even at Tech Mahindra there was a constant buzz on how we should be targeting Satyam's telecom customers or hiring away their sales people.
As all of this panned out, the government constituted a committee headed by Deepak Parekh to conduct an auction of the troubled company.
The committee came up with a unique set of terms and conditions for conducting the bidding process. 1. Satyam had to be bought in an As Is Where Is basis. Almost like an accident hit car. You could go around the vehicle,
Now that’s a very powerful title for an article coming as it does from an ex Tech Mahindra staffer who spent close to 13 years at the company and who had a front row seat, if not the ringside view.
However, let me state here that this is not an official version nor have I been encouraged by any of Tech M’s management team to write this piece. This story has been put together through my personal observations, side line conversations during offsite meetings, parties and also from my discussions with the media; I have some dear friends in the media you see.
When the results of the government lead auction was declared, I was at the offices of Oracle in Dubai Internet City in Dubai.
“Hey! Did you hear? Tech M is the successful bidder for Satyam at the auction.”
"WHAT!!!!?" we exclaimed.
Satyam’s Oracle Alliance executive was there too and we ran into him in the lift and I noticed his face pale.
For the media, Anand Mahindra, Vineet, CP and Sanjay had become poster boys overnight who had saved India and the Indian IT industry from a potential humiliation.
In the following weeks after the Raju admission, the gloves had come off with all leading IT companies and it was like the wild carnivores circling the fallen animal and trying to pick up the choicest pieces of meat. Analysts provided their shrill views on how IT companies may want to target Satyam’s customers and wean them their way. Even at Tech Mahindra there was a constant buzz on how we should be targeting Satyam's telecom customers or hiring away their sales people.
As all of this panned out, the government constituted a committee headed by Deepak Parekh to conduct an auction of the troubled company.
The committee came up with a unique set of terms and conditions for conducting the bidding process. 1. Satyam had to be bought in an As Is Where Is basis. Almost like an accident hit car. You could go around the vehicle,