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Coforge

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Coforge Ltd.
FormerlyNIIT Technologies
Company typePublic
ISININE591G01017
IndustryInformation technology
Founded13 May 1992; 32 years ago (1992-05-13)
HeadquartersNoida, Uttar Pradesh, India
Area served
Worldwide
Key people
Sudhir Singh (CEO)[1]
Services
RevenueIncrease ₹9,179 crore (US$1.1 billion) (FY24)[2]
Increase ₹1,618 crore (US$190 million) (FY24)[2]
Increase ₹808 crore (US$97 million) (FY24)[2]
Number of employees
24,607 (December 2023)[3]
Websitewww.coforge.com

Coforge, formerly known as NIIT Technologies, is an Indian multinational information technology company based in Noida, India and New Jersey, United States. The company's stock trades on the Bombay Stock Exchange and on the National Stock Exchange of India under the ticker symbol COFORGE.[4][5][6]

Current office and presence

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Coforge has at the moment 18 locations in India, 15 locations in the "Americas", ten in Europe, six in APAC and two offices in Middle East. [7]

History

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The company was incorporated in 1992 as NIIT Technologies Ltd, the software services division of NIIT.[6][8]

In 2006, the company acquired UK Insurance Solutions Company. In the same year company partnered with Adecco SA.[9] In 2008, the company signed a multi million pounds deal with British Airways.[10]

In 2012, the company implemented "Intranet Prahari" project for Border Security Force approved by Government of India.[11] In the same year, Indian Tobacco Board awarded a contract to the company for the implementation of e-auction system in Karnataka and Andhra Pradesh.[12]

In September 2012, the company launched Crew Wings, an application for Airline Cabin Crew Members.[13] In the same year, the company acquired Sabre Holdings' Philippines Development Center.[14]

In 2018, the Company acquired controlling interest in RuleTek, a US-based BPM architecture services company. After the acquisition, Coforge's digital arm Incessant Technologies control 55% of Ruletek.[15]

Coforge reach to about a US$ 1 billion in revenue in 2024 as the revenue was right below in 2023 - US$ 980 million. That means an increase from over 100% in 4 years[16]

In April 2019, Baring Private Equity Asia acquired a 30.6% stake in NIIT Technologies from the promoter group for ₹2,627 crore / ₹ 26,27 billion / US$ 380.915 million (Exchange rate April 2019) [17] In July 2019, Baring increased its shareholding by 35% via an open offer to public shareholders for ₹3,045 crore / ₹ 30.45 billion.[18]

In 2020, NIIT Technologies was re-branded as Coforge.[1][19]

In April 2021, Coforge acquired 60% stake in SLK Global Solutions for ₹918 crore / ₹ 9,18 billion /US$123.930 million (Exchange rate April 2021). After this acquisition, the company's employee count rose to 21,000 having inherited SLK's employee strength of 10,000.[20]

By August 2023, Baring Private Equity Asia divested its entire 70% stake in Coforge, selling it across multiple tranches beginning in October 2020.[21][22]

In December 2023, the company received an income tax demand notice of ₹122 crore / ₹ 1.22 billion consisting of a tax demand of ₹97.97 crore / ₹ 979.7 million and an interest liability of ₹23.79 crore /₹ 237.9 million as declared in a regulatory filing.[23][24]

In May 2024, Coforge board of directors approved an acquisition of a 54 per cent stake in Cigniti Technologies [25] and in July 2024 executed a block deal of 17% of Citi shares for ₹ 645.85 crore / ₹ 6.4585 billion .[26] In november 2024 increased its total shareholding in Cigniti to 32.68% by completing its open offering.[27]

Philanthropy

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Coforge collaborated with NIIT Foundation and launched a CSR initiative "Shiksha." Coforge has four operational centers training over 5,000 underprivileged youth in IT skills and employability. Coforge also sponsored the restoration of Neknampur Lake, a 98 acres lake in Telangana.[28] In February 2024, Coforge inaugurated a free public library in Noida.[29]

References

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  1. ^ a b "NIIT Technologies rebrands as Coforge - ET BrandEquity". ETBrandEquity.com.
  2. ^ a b c "Audited financial results for the quarter and year ended March 31, 2024" (PDF). BSE. 2 May 2024. Retrieved 16 July 2024.
  3. ^ Sureban, Haripriya (24 January 2024). "Coforge to increase employee headcount in a bid to target growth". BusinessLine. Retrieved 30 January 2024.
  4. ^ "Coforge Limited". NSEIndia.
  5. ^ "COFORGE Ltd. BSE India". BSEIndia.
  6. ^ a b "Coforge Ltd Stock Price - (2369.60), Coforge Ltd Share Price Live Today, Coforge LtdStock Live BSE/NSE Share Price". Financialexpress.com.
  7. ^ ""Who we are - Global presence"". Retrieved 25 November 2024.
  8. ^ "The Men Behind NIIT". DATAQUEST. 24 October 2002. Retrieved 24 March 2023.
  9. ^ "NIIT partners with Adecco to provide enhance services". Moneylife NEWS.
  10. ^ "NIIT Tech signs 3-yr multi-mn pound deal with British Airways". mint. 26 September 2008.
  11. ^ "NIIT Tech - 'Intranet Prahari' project for Border Security Force launched by Hon'ble Union Home Minister". Moneycontrol.com.
  12. ^ "NIIT Technologies in pact with India Tobacco Board". The New Indian Express.
  13. ^ "NIIT Technologies Launches Crew Wings, For Airline Cabin Crew Members". Firstpost. 5 September 2012.
  14. ^ "NIIT Technologies acquires Sabre's Philippines Development Center". The Economic Times.
  15. ^ "NIIT Tech's arm to acquire 55% interest in US firm RuleTek". mint. 31 May 2017.
  16. ^ "Revenue for Coforge (COFORGE.NS)". Retrieved 25 November 2024. According to Coforge's latest financial reports the company's current revenue (TTM) is €1.15 Billion. In 2023 the company made a revenue of €0.98 Billion an increase over the revenue in the year 2022 that were of €0.88 Billion.
  17. ^ Pandey, Piyush (7 April 2019). "Baring Private Equity to acquire 30% stake in NIIT Technologies for ₹2627 crore". The Hindu. Retrieved 24 March 2023.
  18. ^ "Baring PE Asia ups open offer size for NIIT Technologies". VCCircle. Retrieved 24 March 2023.
  19. ^ "New strategy under a new brand? | CEO Sudhir Singh of Coforge to ET Now". Timesnownews.com.
  20. ^ "Coforge to acquire 60% of SLK Global Solutions for Rs 918 crore". The Economic Times. 12 April 2021.
  21. ^ Ramarathinam, Ashwin (19 May 2021). "Baring PE Asia sells 5.12% stake in Coforge for Rs1,008 crore". mint. Retrieved 30 January 2024.
  22. ^ "Baring PE sells its entire stake in Coforge". The Economic Times. 25 August 2023. Retrieved 30 January 2024.
  23. ^ "Coforge Gets Rs. 122 Crore Income Tax Demand Notice". Economic Times. Retrieved 22 December 2023.
  24. ^ "Coforge Faces Rs 122 Cr Income Tax Demand Notice". BW Businessworld.
  25. ^ Mukherjee, Saurav (2 May 2024). "Coforge to acquire Cigniti Technologies' 54% stake at ₹1,415 per share". Mint. Retrieved 3 May 2024.
  26. ^ "Coforge buys 17% stake in Cigniti Technologies for Rs 645 cr via block deal". Mint. 25 November 2024. Retrieved 25 November 2024.
  27. ^ "COFORGE COMPLETED ITS OPEN OFFER FOR CIGNITI TECHNOLOGIES LIMITED". Mint. 25 November 2024. Retrieved 25 November 2024.
  28. ^ "Coforge Directors Report | Coforge Director Details - The Economic Times". economictimes.indiatimes.com.
  29. ^ "How Noida's Public libraries are providing a haven for competitive exam aspirants". Hindustan Times. Retrieved 26 February 2024.
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