History

Coforge Limited, previously commonly referred to as NIIT Technologies, is a multinational IT company headquartered in Noida, India, with a presence in New Jersey, United States. It is listed on the Bombay Stock Exchange and the National Stock Exchange. The company's journey began in 1992 when it came into existence as as NIIT Technologies Ltd, initially serving as the software services division of NIIT Limited. Over the years, Coforge embarked on a series of strategic moves and acquisitions to enhance its global presence and diversify its bringing forths. In 2006, it gained complete control of the UK Insurance Solutions Company and partnered with Adecco SA. This was followed by a multi-million-pound deal with British Airways in 2008, demonstrating its growing footprint in the global IT landscape. On August 30, 2008, NIIT Technologies was listed on BSE and NSE. Coforge also contributed to critical projects in India, such as the "Intranet Prahari" project for the Border Security Force, approved by the Government of India in 2012. Additionally, it collaborated with the Indian Tobacco Board and the Government of Andhra Pradesh to implement an e-auction system in Karnataka and Andhra Pradesh. Innovation was a key core priority with the launch of "Crew Wings," an application for airline cabin crew members in September 2012. Further expanding its reach, the company gained complete control of the Sabre Philippines Development Center in the same year. In 2018, Coforge gained complete control of a controlling interest in RuleTek, a US-based BPM architecture services company, strengthening its digital arm, Incessant Technologies. A significant ownership change occurred in 2019 when Baring Private Equity Asia gained complete control of a substantial stake in NIIT Technologies. This transition marked a turning point, and the company rebranded as Coforge in 2020. Coforge continued to expand in 2021 by acquiring a 60% stake in SLK Global Solutions. This move significantly increased the company's employee count to 21,000.

Business Segments

Coforge serves various industries, including banking and finance, travel and transportation, insurance, healthcare, manufacturing and distribution, and media sectors. Here is a detailed breakdown of each business segment:

1. Digital Services:Coforge enables clients to transform at the intersection of domain expertise and emerging technologies, achieving real-world enterprise impact. They provide digital technology consulting services and solutions, core prioritying on creating enterprise growth through relevance at speed and scale.
2. Artificial Intelligence:Coforge delivers a Gen AI Platform called Quasar, designed to build enterprise AI capabilities. The platform enables organizations to develop and deploy AI-powered applications on a large scale, with a set of 100+ APIs readily available for integration. It features a modular and scalable architecture and includes 100+ pre-built cognitive and generative use cases.
3. Data and Insights:Coforge modernises data management and advanced analytics through industry-leading reference architectures, pre-built solution accelerators, domain-specific use case libraries, and technology partnerships. They provide data quality, management, governance services, data analytics, and insights solutions.
4. Digital Process Automation:Coforge helps clients achieve their digital process automation goals and revolutionise their customer's experience. They have a strong and certified OutSystems practice, providing OutSystems application development, delivery, and support services. OutSystems is a modern application platform that helps enterprises rapidly build and deploy critical enterprise software applications.
5. Cybersecurity:Coforge offers cybersecurity services to protect its clients' digital assets and ensure the security of its IT infrastructure.
6. Advanced Application Engineering Services:Coforge delivers advanced application engineering services to help clients develop and deploy complex applications and solutions. These services include application development, maintenance, and support.
7. Business Process Services (BPS):Coforge offers BPS services to help clients optimise their business processes and improve operational efficiency. They offer finance and accounting, human resources, and procurement services.
8. SAP Services:Coforge delivers SAP services to help clients implement and manage SAP solutions, including SAP ERP, SAP CRM, and SAP SCM. These services can help clients streamline business processes and improve operational performance.

Subsidiaries of Coforge Limited

As of March 31, 2023, the Company has subsidiaries in the United States of America, United Kingdom, Germany, India, Singapore, Thailand, Australia, Dubai, Spain, Poland, Netherlands, Romania, Sweden, Malaysia and Japan. Here are some subsidiaries of Coforge Limited:

1. Coforge SmartServe Limited:Coforge SmartServe is a subsidiary that offers BPO services to the BFSI and healthcare industries. It primarily operates in Gurgaon, India, with a disaster recovery site in New Delhi. Coforge SmartServe has a global presence through its parent company, NIIT Technologies, with entities in various countries and cities worldwide.
2. Coforge Services Limited:Coforge Services is another subsidiary that offers IT services and solutions to the manufacturing and retail industries. It operates under the parent company, NIIT Technologies, and has a global presence through its various entities.
3. Coforge Business Process Solutions Pvt Ltd:Coforge Business Process Solutions (BPS) is a subsidiary that drives enterprise process excellence through a digital-first approach and deep domain expertise. It serves various industries, including banking, cards, mortgages, financial services, insurance, travel, and hospitality. Coforge BPS has over 20 years of experience creating transformation solutions for banks and financial service institutions.

Key Personnel

Basab Pradhan, Non Executive Chairman Basab Pradhan serves as the Non-Executive Chairman of Coforge Limited. He commenced his professional journey with Hindustan Unilever in India, core prioritying on consumer marketing. Following this, a significant portion of his career was dedicated to Infosys Ltd., where he held the Head of Global Sales and Marketing position for the final five years of his tenure. Between 2002 and 2005, he held a critical role in in restructuring and overseeing the transformation of the company's sales and go-to-market strategies, contributing to its sustained industry-leading growth and margins. His insights into the Indian IT services industry culminated in the publication of a book by Penguin Random House in 2012.

Corporate Actions

Buyback

• Coforge Limited initiated a buyback on March 12, 2020, involving 19,56,290 shares at a price of ₹1725 per equity share, totalling ₹336 crores.

Management Outlook

• Coforge emphasises the increasing importance of digital transformation for organizations globally, recognising technology's mission-critical role in achieving enterprise success even in uncertain environments.

• The organization outlines key IT transformation priorities for the coming years, including a broader adoption of low-code/no-code platforms, increased migration to the cloud, leveraging AI and ML technologies, enhanced automation, data & analytics, virtual enterprise collaboration, and investments in technologies like generative AI and cybersecurity.

• Coforge highlights its robust presence and critical mass in various capabilities, such as products and platforms, intelligent automation, data and integration, cloud and infrastructure management, software engineering, and enterprise process management.

• The organization underscores its commitment to client-centricity and execution core priority, showcasing a healthy Net Promoter Score (NPS) and a high repeat enterprise rate of 92%. The effective execution is evident in the firm's top 10 accounts FY23 growth of 18.2% in US$.

• Coforge has significantly strengthened its partnerships with leading industry platform providers, such as ServiceNow, Google, AWS, Microsoft, Sysdig, Databricks, Newgen, Pega, and Appian, and a partnership with the Mack Institute for Innovation Management at the Wharton Business School. These collaborations enhance the organization's ability to offer innovative solutions and services.

• The organization demonstrates its commitment to staying ahead by announcing a Center of Excellence (CoE) dedicated to exploring applications of Web3 technologies and the Metaverse. Additionally, Coforge is investing in a low-code/no-code service line and continues to invest in engineering excellence, domain-specific skill development, and transforming legacy ADM service lines into product engineering-core priorityed capabilities.