Mindtree Releases Q1 Results, U.S. Component Leads in Growth

15, August 2013

2013 is looking to be a banner year for Mindtree Limited. In releasing its 2013 1st Quarter results, Mindtree revealed a 52% growth in net profit and achieved its 15th consecutive quarter of revenue growth, resulting in a stock price jump of almost 6%. As for its U.S.-based operations, they led the growth for Mindtree with 9% in revenues.

The U.S. Delivery Center, located in Innovation Square, is on track with its plans to employ 400 people. Mindtree hired 75 people as of April 2013, with plans to hire 100 people per year over the next four years.

Mindtree chose Gainesville in March of 2012 and opened its office in Ayers Technology Plaza in November of that same year, citing the perfect combination of business climate and resources. Additionally, Gainesville as a location choice was apt considering its proximity to one of the region’s leading engineering schools at the University of Florida. According to Scott Staples, President, Americas, “We were looking for a location that could offer our clients a pool of enthusiastic people in a community and state that would be supportive of our efforts to grow the company.”

“We hit the ground running when we located in Gainesville,” said Joelle Smith, General Manager of Mindtree’s U.S. Delivery Center. The talent we need is right here with two of the country’s leading universities and community colleges located just outside our doors. The collaboration and passion for innovation that we have here are key factors for why Mindtree continues to be proud to call Gainesville home for its first U.S. Delivery Center.”

Mindtree’s corporate expansion to Gainesville has not only benefited the company, but it has benefited the community in which it resides. Since Mindtree’s location to Gainesville, it has recruited additional major companies such as Sears Holdings and Mobiquity, creating jobs and establishing roots to retain talent and boost the economy. Both Sears and Mobiquity credited contacts made or recommendations from Mindtree when considering Gainesville as a potential location for their own corporate expansions.

“Mindtree, the company, and its faith in Gainesville turned into a key recruitment example that we utilized when courting other companies and their expansion plans. Mindtree is an inspiration in our economic development plan because its positive effect went beyond merely the creation of 400 jobs,” said John Carlson, Chair of the Council for Economic Outreach, the economic development arm of the Gainesville Area Chamber of Commerce for Alachua County. “Mindtree is that major company telling the story of why Gainesville is truly a destination for business. Mindtree is telling that story to companies throughout the world, and we have seen the results of that in the past year. Mindtree has been a welcome addition, on so many levels, to the Gainesville community.”