Coforge

Coforge, 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]

Coforge Ltd.
FormerlyNIIT Technologies
TypePublic
ISININE591G01017
IndustryInformation technology
Founded13 May 1992 (1992-05-13)
HeadquartersNoida, Uttar Pradesh, India
Area served
Worldwide
Key people
Sudhir Singh (CEO)[1]
Services
RevenueIncrease ₹6,430 crore (US$810 million) (FY2022)
Increase₹661.7 crore (US$83 million) (FY2022)
OwnerBaring Private Equity Asia (40.28%)[2]
Number of employees
21,000+ (2021)[3]
Websitewww.coforge.com

History

The company was incorporated in 1992 as NIIT Technologies Ltd, the software services division of NIIT.[6][7]

In 2006, the company acquired UK Insurance Solutions Company. In the same year company partnered with Adecco SA.[8]

In 2008, the company signed a multi million pounds deal with British Airways.[9]

In 2012, the company implemented "Intranet Prahari" project for Border Security Force approved by Government of India.[10] In the same year Indian Tobacco Board Government of Andhra Pradesh joined hands with the company to implementation of e-auction system in Karnataka and Andhra Pradesh.[11]

In September 2012, the company launched Crew Wings, an application for Airline Cabin Crew Members.[12]

In the same year company acquired Sabre Philippines Development Center.[13]

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.[14][15]

In April 2019, Baring Private Equity Asia acquired a 30.6% stake in NIIT Technologies from the promoter group for ₹2,627 crore.[16] In July 2019, Baring increased its shareholding by 35% via an open offer to public shareholders for ₹3,045 crore.[17]

In 2020, NIIT Technologies was re-branded as Coforge.[1][18]

In April 2021, Coforge acquired 60% stake in SLK Global Solutions for ₹918 crore. After this acquisition, the company's employee count rose to 21,000 having inherited SLK's employee strength of 10,000.[3]

In April 2023, Coforge became a $1bn organization. To thank all its employees, Coforge awarded them with an iPad. [19]

CSR

Coforge has collaborated with NIIT Foundation and launched a CSR initiative, "Shiksha." Coforge has four operational centers impacting the lives of over 5000 underprivileged youth every year by providing various IT Skills and Employability Training. The organization has put its efforts to combat Climate Change by sponsoring the restoration of Neknampur Lake, a 98 acres lake situated in Telangana state.[20]

References
  1. "NIIT Technologies rebrands as Coforge - ET BrandEquity". ETBrandEquity.com.
  2. "Baring PE Asia sells partial stake to make $333 mn in three-year old bet". VCCircle. 11 March 2022. Retrieved 17 July 2022.
  3. "Coforge to acquire 60% of SLK Global Solutions for Rs 918 crore". The Economic Times.
  4. "Coforge Limited". NSEIndia.
  5. "COFORGE Ltd. BSE India". BSEIndia.
  6. "Coforge Ltd Stock Price - (2369.60), Coforge Ltd Share Price Live Today, Coforge LtdStock Live BSE/NSE Share Price". Financialexpress.com.
  7. "The Men Behind NIIT". DATAQUEST. 24 October 2002. Retrieved 24 March 2023.
  8. "NIIT partners with Adecco to provide enhance services". Moneylife NEWS.
  9. "NIIT Tech signs 3-yr multi-mn pound deal with British Airways". mint. 26 September 2008.
  10. "NIIT Tech - 'Intranet Prahari' project for Border Security Force launched by Hon'ble Union Home Minister". Moneycontrol.com.
  11. "NIIT Technologies in pact with India Tobacco Board". The New Indian Express.
  12. "NIIT Technologies Launches Crew Wings, For Airline Cabin Crew Members - Business News, Firstpost". Firstpost. 5 September 2012.
  13. "NIIT Technologies acquires Sabre's Philippines Development Center". The Economic Times.
  14. "NIIT Tech's arm to acquire 55% interest in US firm RuleTek". mint. 31 May 2017.
  15. "Incessant | RuleTek are now Coforge". www.incessanttechnologies.com.
  16. Pandey, Piyush (7 April 2019). "Baring Private Equity to acquire 30% stake in NIIT Technologies for ₹2627 crore". The Hindu. Retrieved 24 March 2023.
  17. "Baring PE Asia ups open offer size for NIIT Technologies". VCCircle. Retrieved 24 March 2023.
  18. "New strategy under a new brand? | CEO Sudhir Singh of Coforge to ET Now". Timesnownews.com.
  19. "Coforge Annual Results | - Coforge Website". www.coforge.com.
  20. "Coforge Directors Report | Coforge Director Details - The Economic Times". economictimes.indiatimes.com.


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