Coforge Share price and Fundamental Analysis

Company History

Coforge Limited was originally incorporated as Public Limited Company on May 13th, 1992 under the name 'NIIT Technologies Limited'. On 14 June 2020, Shareholders of the Company approved the proposed change in name of the Company from 'NIIT Technologies Limited' to 'Coforge Limited' and consequently, name of the Company was changed from 'NIIT Technologies Limited' to 'Coforge Limited' w.e.f. 03 August 2020.

Coforge is a global digital services and business solutions provider with in-depth domain expertise that specializes in selected industry verticals. The Company delivers services around the world directly and through its network of subsidiaries and overseas branches. Presently, it is rendering Information Technology solutions and is engaged in Application Development and Maintenance, Managed Services, Cloud Computing and Business Process Outsourcing to organizations in a number of sectors viz. Financial Services, Insurance, Travel, Transportation and Logistics, Manufacturing and Distribution and Government.

The Company is certified in accordance to the ISO 27001 standard and also assessed at SEI CMMI - Level 5 Version 1.2. The Company has world-class development centres at New Delhi, Kolkata, Mumbai, Bangalore, Atlanta, London and Singapore. The company delivers services around the world directly and through its network of subsidiaries and overseas branches. The company also has a sound Business Continuity Plan in place that can address any natural or accidental disasters at its development and operation centres.

The year 2002 marked a significant milestone for NIIT's software arm for the first time, it notched up revenues higher than that of the education division. This triggered the move to establish NIIT Technologies as a separate company. A restructuring exercise initiated in 2003, resulted in the creation of NIIT Technologies in June 2004. The company's commitment to quality and adherence to global standards has further strengthened its credentials among discerning customers. NIIT Technologies was among the early few software companies to upgrade its ISO certification to ISO9001: 2000. Subsequent re-certifications have been completed in 2003 and 2006. The formal assessment for HR practices was done in 2004 for Level 3 practices and in 2005 for Level 5. In February of the year 2006, the company formally made its foray into the Managed Services space to enhance its portfolio of services offerings. In February of the year 2006, the company formally made its foray into the Managed Services space to enhance its portfolio of services offerings. During the same year 2006, a joint venture company 'ADECCO NIIT Technologies Private Limited' was incorporated in which the company is 50% JV partner.

Inorganic growth, an important element of the growth strategy of NIIT Technologies, received fresh impetus during 2006-07, when the company acquired ROOM Solutions, a leading name in the Insurance market in the UK. The Company had ranked in ET 500, 2007 among the Top 20 wealth creator companies of India. During the year 2007-08, the company was felicitated with numerous awards. The company was presented the prestigious Banking & Finance ICT Innovation Award for Belgium/Luxembourg, along with the KBC bank. During the same period 2007-08, the company had obtained the official project completion signoff for the prestigious and operationally critical Comprehensive Maintenance Management System (CMMS) of the Indian Navy, which was executed at the Western Navy Headquarters of the Indian Navy at Mumbai by the Delivery Team of the India (Government) line of business in the APAC and India Business Unit. NIIT Technologies ranked No. 1 in the prestigious Black Book of Outsourcing 2008 Travel Industry user survey.

The Company made a partnership with the Centre for Development of Advanced Computing (C-DAC), Noida in March of the year 2008, to offer value added application services through the Software as a Service mode of delivery. As at August 2008, NIIT Technologies launched its unique Fleet Management System (FMS) Solution Accelerator in keeping with its focus to address the growing public, passenger transportation and trucking business for logistics support.

The total number of new clients added during the year 2014 under review stood at 16; these included several multi-million dollar and multi-year deals in both international and domestic markets, including business worth $300 million from a top BFSI client, a Rs. 3440 million contract with the Airports Authority of India (AAI) to set up state-of-the-art Airport Operations Control Centers (AOCCs) across 10 cities, and two contracts over $25 million (secured during the last quarter of the year) from existing BFSI clients in the US.

The financial year 2014 also saw NIIT Technologies foray into two new geographies, Latin America and Ireland. In Latin America, the Company entered into an engagement with GRU Aeroporto Internacional de So Paulo (Sao Paolo International Airport) in Brazil to implement and transform the Cargo Handling system at that airport. This has further expanded the Company's presence within the Airports sub-segment of its Travel & Transportation vertical. It also reflects the Company's ability to leverage its Spanish operations created after the earlier acquisition of Proyecta Sistemas de Informacion S.A. (Proyecta) as a gateway to Spanish-speaking countries in Latin America. In Ireland, the Company entered into a multi-year contract with the national airline there and opened a new global delivery centre at its Greater Noida campus (an SEZ facility) to provide a range of services from Business Intelligence and Service-Oriented Architecture (SOA) Testing to Responsive Website Development and Migration.The Company made substantial progress in its implementation of the Airports Operations Control Centre for the Airports Authority of India (AAI), with successful go-live across multiple airports during the year 2015. This programme is the first multi-airport installation in Asia, which is aimed at enabling information sharing across these airports instantly and hence benefits AAI, airlines, as well as other stakeholders at those airports.

In May 2015, the Company made its foray into the high opportunity area of Digital Integration by acquiring 51% stake in Incessant Technologies, a global BPM specialist sharply focused on enabling its clients to automate and integrate back end systems with a digital front end. This acquisition provides NIIT Technologies with the capability to be a significant player in the Digital Integration space with Digitization and Automation of business processes for seamless customer experience, and also enables the Company to reinforce its position in the BSFI vertical across geographies including North America, Europe, and Australia.

As a responsive, customer-centric organization, NIIT Technologies keeps evaluating opportunities where it can leverage its innovative capabilities and domain expertise to make its clients more competitive. In line with this approach, in FY2015 the Company invested in and launched +ADVANTAGE suite, a next generation platform designed to support growth and underwriting profitability of Commercial Insurance firms. The newly launched +ADVANTAGE suite's highly configurable business-user led platform readily adapts to the needs of specific classes of business, allowing new lines to be brought to market quickly.

During the year 2015, NIIT Technologies made significant progress in the transformation of its sales and marketing activity in line with the corporate agenda, with major improvements in internal processes as well as induction of fresh talent into the organization. The Company now has a new global marketing head, supported by new marketing heads in each of its key geographies - North America, Europe, and Asia-Pacific. It also added new sales heads in the both the US and Europe for the Travel & Transportation vertical. In addition to that, the company inducted new heads to lead its sales efforts in the BFS and Insurance segments in the US. In addition to the induction of fresh talent into its sales and marketing functions, the Company has reinforced its senior leadership team with a new head for its European business.

During the year 2016, the Company completed some key flagship digital experience projects for several clients and secured multiple new Digital engagements. In addition to that, it expanded the capability of its advanced analytics platform Digital Foresight. Towards this end, the Company has partnered with UiPath; a Software Company that specializes in Robotic Process Automation (RPA).

During FY 2018, the Company acquired controlling interest in RuleTek; a BPM architecture services company with a track record of successful implementations for Fortune 500 companies.

In 2019, Company acquired majority stake in WHISHWORKS IT Consulting, an IT services and consulting company specializing in MuleSoft and Big Data technologies. It opened a new location at Princeton, NJ

In year 2021, Company acquired M/s SLK Global Solutions Private Limited (the Investee Company)on April 12, 2021.

During the year 2023, two new step down subsidiary companies, Coforge Solution Pvt. Ltd., India and Coforge Japan GK, Japan were incorporated. The Company launched ELEVATE- Navigating Leadership Transitions in building the mindsets and skill sets for role effectiveness.