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Cyient

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Cyient
FormerlyInfotech Enterprises Limited
Company typePublic
ISININE136B01020
IndustryTechnology
Founded1991; 33 years ago (1991)
FounderB. V. R. Mohan Reddy
HeadquartersHyderabad, India
Area served
Worldwide
Key people
Karthikeyan Natarajan (CEO)[1]
RevenueIncrease ₹7,147 crore (US$860 million) (FY24)[2]
Increase ₹986 crore (US$120 million) (FY24)[2]
Increase ₹702 crore (US$84 million) (FY24)[2]
Number of employees
10,000+ (2018)
Websitewww.cyient.com

Cyient (formerly Infotech Enterprises Limited) is an Indian multinational technology company that is focused on engineering, manufacturing, data analytics, networks and operations. It was established in 1991 in Hyderabad as Infotech Enterprises Ltd.[3] Infotech Enterprises was re-branded as Cyient in 2014.[4]

History

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Cyient office in Manikonda, Hyderabad
Cyient office in Manikonda, Hyderabad

Cyient was established as Infotech Enterprises Ltd in 1991 in Hyderabad[3] by B. V. R. Mohan Reddy. In 1995, the company received its first ISO 9002 certification from BVQi London for its conversion services. Infotech Enterprises started to provide engineering service outsourcing, but found immediate opportunity in the GIS arena.[5]

Infotech Enterprises became a public limited company in 1997, had an IPO of equity shares at ₹ 20/- per share and listed in all major stock exchanges in India.[citation needed] Around 1999, it signed a breakthrough contract to provide GIS conversion and consultation mapping services worth US$5.5 million to US based Analytical Surveys, Inc. Within the same year, the company acquired Cartographic Sciences from Analytical Surveys, Inc. In June 1999, the company acquired Dataview Solutions Limited, a UK based GIS Software Company.[6][7] The company continued to pursue engineering services, and won a major engineering services contract with an aircraft engine manufacturer in 2000.[8]

In 2000, Infotech announced the acquisition of a German company, Advanced Graphics Software GmbH (AGS), a mechanical engineering software and services company specialising in 3D CAD/CAM.[citation needed] In 2002, Infotech announced a strategic business relationship with the Pratt & Whitney division of United Technologies Corporation.[9] Pratt & Whitney participated in a preferential offer and obtained an 18.4% equity stake in Infotech.[10]

In 2005, Infotech acquired Tele Atlas India Pvt Ltd. Tele Atlas parent company joined as a strategic partner with preferential allotment of shares.[11] Company founder, B V R Mohan Reddy, was elected Chairman of the Confederation of Indian Industry (CII) Southern Region in 2008.[citation needed] In January 2010, Daxcon was acquired by Infotech Enterprises America Inc, a wholly owned subsidiary of Infotech Enterprises Limited India.[12][13]

Infotech Enterprises adopted the Cyient name in 2014 after approval from a shareholders' vote.[14][3] The process of determining the new identity, bearing connotations to the words client and science, while Cyient referencing Infotech Enterprises, involved various brand specialists, and the new name was tested in 17 languages.[14][15] After changing its name, Cyient relocated its US headquarters in Connecticut to a new building.[3] It acquired Softential, Inc in 2014.[16] Cyient also acquired Invati Insights in 2014, with the new entity named Cyient Insights.[14][17]

In 2015, Cyient acquired Pratt & Whitney Global Services Engineering Asia.[3] In 2015, Cyient acquired a 74% stake in Rangsons Electronics, a Mysore-based systems integrator and small series manufacturing firm. The Rangsons division was renamed to Cyient DLM.[18][14][19] On February 8, 2017, Cyient Inc. agreed to acquire Certon Software Inc.[20]

On April 25, 2022, Cyient announced to acquire the Finnish plant and product engineering services company Citec.[21] Shortly after, on June 6, 2022, Cyient also announced the acquisition of Portuguese wireless engineering services company Celfinet.[22]

In June 2023, Cyient's electronics manufacturing services subsidiary Cyient DLM launched its IPO and got listed on NSE and BSE.[23]

Operations

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U.S. Ambassador to India Nancy Powell and Deputy Secretary of Defense Ashton B. Carter are welcomed to Cyient by Mohan Reddy, chairman and managing director, and U.S. Consul General Katherine Dhanani; Hyderabad, July 2012.

Cyient Limited as of 2014 provides "software-enabled engineering & geographic information system (GIS) services."[20] In February 2017, Cyient had around 14,000 employees in 21 countries in Asia, Europe, and North America.[3]

In January 2017, Cyient opened facilities at the Incubation Centre of the Telangana State Industrial Infrastructure Corporation in Warangal, also began to build a 70,000 square feet Technology Development Centre at Madikonda Special Economic Zone in Warangal.[24][25] In February 2017, Cyient and ANSYS agreed to set up a simulation lab at Cyient's facility in Hyderabad to develop proof-of-concepts.[26]

With its United States headquarters in the state of Connecticut,[3] in return for a pledge to add 85 jobs to the state, in February 2017, Cyient Inc. in East Hartford received a $500,000 loan from the state Department of Economic and Community Development for new machinery and equipment. At the time, Cyient was a supplier to Connecticut engine builders and employed 456 full-time workers in Connecticut.[3]

See also

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References

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  1. ^ "Cyient to focus actively on India: CEO Karthikeyan Natarajan". Financial Express. 24 April 2023. Retrieved 26 April 2024.
  2. ^ a b c "Financial Results For The Quarter And Year Ended 31 March 2024" (PDF). BSE. Retrieved 26 March 2024.
  3. ^ a b c d e f g h Seay, Gregory (2 February 2017). "With CT's $500K, Cyient to expand, add jobs". Hartford Business. Hartford, Connecticut. Archived from the original on 8 May 2019. Retrieved 28 February 2017.
  4. ^ The 2014 Global Outsourcing 100, IAOP, 2014, retrieved 27 February 2017
  5. ^ Company History, hdfcsec.com, archived from the original on 4 March 2014, retrieved 28 February 2017
  6. ^ "Infotech Enterprises Stock Price and Quotes - Infotech Enterprises Company Profile". Archived from the original on 20 December 2011. Retrieved 20 January 2012.
  7. ^ SEI Partner Network | Infotech Enterprises America, Inc
  8. ^ "Infotech Enterprises Receive Honors From Indo-German Chamber Of Commerce | Top News". Archived from the original on 5 July 2011. Retrieved 25 January 2012.
  9. ^ "Infotech Ties Up With Pratt & Whitney". Business Standard. 26 February 2002. Retrieved 26 April 2024.
  10. ^ "Infotech To Issue 12 Lakh Shares To Pratt & Whitney". Business Standard. 15 December 2001. Retrieved 26 April 2024.
  11. ^ "Infotech Enterprises inks multi-year pact with Tele Atlas - Stock Watch". www.stockwatch.in. 17 March 2008.
  12. ^ "Infotech buys US engg services firm". Business Standard. 19 January 2010. Retrieved 26 April 2024.
  13. ^ "Infotech arm in all-cash deal to buy Daxcon". The New Indian Express. Retrieved 26 April 2024.
  14. ^ a b c d "Infotech Enterprises rebranded as Cyient". 7 May 2014.
  15. ^ "Infotech to Become Cyient Ltd". The Hindu Business Line. India. 2014. Retrieved 28 February 2017. [dead link‍]
  16. ^ Kesireddy, Raji Reddy (7 March 2014). "Infotech Enterprises to buy US firm Softential Inc for $20 million". The Economic Times. Retrieved 26 April 2024.
  17. ^ "Cyient Ltd buys data sciences start-up Invati Insights". The Economic Times. 21 August 2014. Archived from the original on 19 April 2015. Retrieved 28 February 2017.
  18. ^ "Cyient acquires Rangsons Electronics for Rs 360 crore". The Times of India. 3 January 2015. ISSN 0971-8257. Retrieved 21 July 2023.
  19. ^ Press Trust of India (2 January 2015). "Cyient acquires 74% stake in Rangsons Electronics". Business Standard India.
  20. ^ a b "Cyient enters a definitive agreement to acquire 100% equity in Certon Software Inc". IIFL. New York City. 9 February 2017. Retrieved 27 February 2017.
  21. ^ "Cyient clinches its largest deal with acquisition of Finnish player Citec for 94 million euro | India Business News - Times of India". The Times of India. 25 April 2022. Retrieved 26 April 2022.
  22. ^ "Hyderabad: Cyient to acquire Portuguese engineering services co Celfinet". The Times of India. 7 June 2022. Retrieved 26 April 2024.
  23. ^ "Cyient DLM sets IPO price band at Rs 250-265". The Economic Times. 23 June 2023. Retrieved 26 April 2024.
  24. ^ "Cyient starts operations at Warangal facility". The Hindu. India. 22 January 2017. Retrieved 28 February 2017.
  25. ^ "IT Incubation Centre Inaugurated in Warangal". Business Standard.
  26. ^ "Cyient, ANSYS ink MoU". The Hindu. India. 23 February 2017. Retrieved 28 February 2017.
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