Satyam Computer Services was founded in 1987 and by 2008 had revenues of over $2 billion, employing 52,000 IT professionals across the world. It was one of India's five top IT companies, and focused on the enterprise segment. It had an extensive client list including 185 Fortune 500 companies. The company was the subject of what was called India's biggest corporate scandal in January 2009 when then-chairman Byrraju Ramalinga Raju admitted in a letter to the Securities and Exchange Board of India that the corporate accounts had been falsified, adding approximately $1 billion to the company's cash and cash-related assets. The government appointed a board to oversee the sale of the company. Tech Mahindra offered to purchase a majority stake in April, 2009, and the company was rebranded as Mahindra Satyam in June 2009.