Hexaware Technologies Share price and Fundamental Analysis

Company History

Hexaware Technologies Limited is a leading global provider of IT and BPO services. The company provides services to clients in Banking, Financial Services, Capital Markets, Healthcare, Insurance, Manufacturing, Retail, Education, Telecom, Professional services (Tax, Audit, Accounting and Legal), Travel, Transportation and Logistics verticals. Hexaware delivers highly differentiated services in Rapid Application prototyping, development and deployment; Build, Migrate and Run cloud solutions; Automation-based Application support; Enterprise Solutions for digitizing the back-office; Customer Experience Transformation; Business Intelligence & Analytics; Digital Assurance (Testing); Infrastructure Management Services; and Business Process Services. Hexaware Technologies Limited was incorporated in 20th November of the year 1992 as a public limited Company under the name Aptech Information Systems Ltd'. During the year 1993, the company added two new product lines called ARENA for training in computer Graphics Animation, Publishing & Multimedia and ASSET for Training engineers for software Export careers. As per the scheme of Arrangement & Reconstruction between Apple Finance Ltd and the company the erstwhile Information Technology division of Apple Finance Ltd was transferred to the company with effect from 1st July of the year 1995. In the same year 1995, Hexaware started its operations in North America and Europe. The Company entered into a tie-up agreement with M/s. Forte Inc. USA to distribute the range of Forte's products in India to provide systems Integrated Services to the clients all over Asia. The name of the Company was changed to Aptech Ltd from Aptech Information System Ltd effective from 5th August of the year 1996. During the year 1997, the company established an Airlines Practice and won the first client for Airlines Practice 'Air Canada' in the same period. Development centers of the company were established at Mumbai and Chennai with an overseas branch at Princeton during the year of 1998. Also in the same year, overseas operations in the US expand to Chicago, Pleasanton in the USA and Montreal in Canada, Shifted in focus to a more broad service spectrum that included Enterprise Application Integration, Application Management and key areas within e-Commerce and Partnerships established with global technology giants like IBM, BEA Systems, Vitria, Constellar help Hexaware deliver a suite of innovative technology solutions, business platforms and tools to clients, enhancing their profitability. The Company entered into collaboration with TACK Training International, UK, to offer TACK's training services to the Indian corporate peoples in the year 1998. Established the Insurance Practice in the year 1999 and achieved the SEI CMM - Level 4 assessment in the identical year for ODC's. After a year, in 2000, the company's ODC's assessed at SEI CMM - Level 5 and also Hexaware made a partnership with PeopleSoft in India, it was a major milestone in the partnership. During the year 2001, merged with the software division of Aptech, leaders in software training and development. This merged entity later demerged from the training arm and is now called Hexaware Technologies Limited, forming one of the largest high-end software companies in India and Hexaware goes public in January of the year 2001. The Company had sets up Design Lab for Embedded Systems Practice in July of the year 2002. Hexaware launched BPO practice in late 2002 and also in the same year partnership with PeopleSoft in the ASEAN region. The name of the company was changed from Aptech Ltd to Hexaware Technologies Ltd in the year 2002. During the year 2003, Hexaware signed up with Temenos, a leading banking solutions provider in January. Won the partnership engagement for setting up and managing PeopleSoft India Service Center in Bangalore and also in the identical year the Rational Center for Excellence was inaugurated. Hexaware opened a new office and proximity center in Germany in the year 2004. The Company achieved BS 7799 certification for Information Security. During the same year 2004, Hexaware launched SAP Practice, won first major SAP Implementation project and also launched Oracle Practice consolidating as a global provider of Enterprise Solutions. A dedicated Business Intelligence / Data Warehousing Lab was set up in Chennai. The Company ranked 11th in NASSCOM Top 20 in the year 2005 and in the same year Hexaware opened office in Japan. In 2006, Hexaware selected Fluensee as Partner for RFID-Enabled Asset Tracking Solutions and in the same year 2006, the company acquired FocusFrame, a US based specialized testing consulting firm. The Company expanded its physical presence and commenced work in Siruseri, Chennai. As of June 2007, Hexaware selected by a major System Integrator in Japan to develop a core bespoke application for the IT modernization of the Postal department of a South East Asian country. Hexaware launched a joint venture Risk Technology International Limited in 2007, where the company owns 85% stake. During October 2007, Hexaware bagged a contract worth Euro 5 million from a leading German financial institution. In November of the year 2007, the company inaugurated its second development center in Saltillo, Mexico. Hexaware arm RiskTech bagged three new contracts in July of the year 2008, a subsidiary and a leading provider of enterprise risk management and risk technology services has won three new consulting and implementation contracts in UK and Middle East. The Company entered into an agreement with General Atlantic. According to the agreement, the latter would invest USD 67.6 million through a preferential allotment. The company plans to utilize the proceeds of the allotment for creating infrastructure assets, enabling suitable acquisitions and meeting working capital needs of the company. This will facilitate the company in sustaining growth in the long term and also help it in realizing new growth opportunities in USA. In 2008, Hexaware Technologies launched remote infrastructure management services. During the year, the company's green campus at Siruseri, Chennai went live. In 2010, Hexaware Technologies expanded its reach to 20 countries across the globe. During the year, company established a global delivery centre in Bengaluru. During the year, the company signed its first USD 100+ million contract. In 2011, Hexaware Technologies won its largest contract till date valued at USD 250 million. In 2012, Hexaware Technologies bagged a multi-million-dollar, multi-year contract in the financial sector domain in Europe. During the year, the company expanded its facilities at all its major Global Delivery Centers located at Chennai, Mumbai, Pune and Bengaluru. During the year, the company launched several offerings through SaaS model, leveraging cloud solutions, mobile testing solutions and a new service offering in enterprise mobility. In 2013, Hexaware Technologies opened a delivery centre in Singapore. During the year, the company won a multi-million-dollar IT+BPO deal for a logistics major in APAC. In 2014, Hexaware Technologies announced the launch of HCM service offering. In 2015, the company launched manufacturing and consumer vertical. On 14 May 2015, Hexaware Technologies announced that the company has entered into a partnership with Riversand Technologies, a worldwide provider of Master Data Management (MDM), Product Information Management (PIM) and data quality solutions to assist customers with data management strategies and help them in building the information backbone. Hexaware has joined Riversand's MDM Watershed Alliance Partners program as a as a Gold partner. On 12 November 2015, Hexaware Technologies announced that the company has entered into a strategic partnership with Tele2, one of the leading European telecommunications operators to jointly develop solutions around Machine-to-Machine (M2M) and the Internet of Things (IoT). This is a global partnership, starting with Hexaware's key focus sector - Asset Finance & leasing. It will eventually expand to Hexaware's key focus industry sectors and markets. On 23 November 2015, Hexaware Technologies announced that the company has entered into a strategic partnership with Blue Prism, the leading developer of robotic process automation (RPA) software, to transform support processes by enabling rapid automation of manual, rules based, back office administrative processes through RPA. On 11 May 2016, Hexaware Technologies announced the opening of its latest Global Delivery Centre (GDC) at Tver, Russia to support its growing business in the European region. Addition of this GDC will strengthen the company's presence in the region and enable it to respond quickly and efficiently to clients' needs for accelerated solutions across the European region. On 26 May 2016, Hexaware Technologies announced that the company has entered into a strategic partnership with UiPath Inc., a leading vendor of Robotic Process Automation (RPA) software, to transform client's support processes by enabling rapid and intelligent automation of human intensive and rule-based back office administrative processes through RPA. On 14 September 2016, Hexaware Technologies announced its association with Oracle Insurance Policy Administration (OIPA), a leader in the Life Insurance solution space. The announcement highlights Hexaware's ongoing efforts to enable digital transformation of insurers by strengthening their Policy Administration, Rating, Underwriting and claims processing capabilities. On 5 October 2016, Hexaware Technologies announced the opening of its latest Global Delivery Centre (GDC) in Bucharest, Romania. This is in addition to the London and Tver (Russia) GDCs that Hexaware already uses to service its European and Global clients. The Bucharest Global Delivery centre is situated in a prime location and in close proximity to several key clients within the European region. On 5 December 2016, Hexaware Technologies announced the expansion of its BPS Services with a second delivery center in Chennai, India. The addition of this center in its global delivery network will further strengthen the company's delivery capabilities in providing accelerated business process solutions to clients across industries and various geographies. On 9 January 2017, Hexaware Technologies announced the launch of its latest delivery centre in Pune, India. The addition of this centre in its global delivery network will further strengthen the company's delivery capabilities in providing accelerated business process solutions for clients across industries and various geographies. On 28 February 2017, Hexaware Technologies announced the launch of package based fixed price and fixed scope Oracle HCM Cloud implementation services. Hexaware is an Oracle platinum partner and a co-development partner for Oracle HCM Cloud application. These offerings are a new addition to the existing 'pay as you use' support offerings. On 26 July 2017, Hexaware Technologies announced the launch of its new Professional Services unit. The company said at that time that increased demand for digital transformation and technology services has prompted the company to create its new Professional Services unit. On 8 August 2017, Hexaware Technologies announced a strategic partnership with Zynx Health, part of the Hearst Health network and a market leader in providing evidence- and experience-based clinical improvement solutions. The announcement highlights Hexaware's ongoing efforts to create a next generation population health management platform that spreads across the entire continuum of care and enables providers, payers and employers to deliver better health outcomes. On 13 December 2017, Hexaware Technologies announced that it has entered a partnership with Pegasystems Inc. to enhance its focus in the Business Process Management (BPM) service segment. With this agreement, Hexaware will become a Registered Business Partner for Pega (www.pega.com) to help clients with services around Pega consulting and implementation. Hexaware will leverage this partnership to build on its industry-specific consulting capabilities. It will utilize Pega's strategic capabilities such as dynamic case management, robotic automation and workforce intelligence to create a compelling value proposition in the enterprise ecosystems of its customers. On 19 February 2018, Hexaware Technologies announced that it has entered into a strategic partnership with bpm'online, a global business software company leading in the space of business process automation and CRM. This partnership is expected to enable more collaborative experiences and cloud-native strategies for customers.