Saksoft Ltd. History
BSE:590051 | NSE:SAKSOFTEQ | IND:IT Consulting & Software - Small Cap | ISIN code:INE667G01023 | SECT:IT Software
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The Company History page lists out the major events in chronological order for Saksoft Ltd.
| Company History - Saksoft Ltd. | ||
| History and Background: Saksoft Limited was incorporated on November 24, 1999 as `Sak Infotech Ltd.' under the Companies Act, 1956 and obtained certificate of commencement of business on 17th January 2000. The name was changed to Saksoft Limited on September 30, 2002 and fresh certificate of Incorporation was received consequent to the change in name. The Registered Office of the Company, was transferred from NCT of New Delhi to Chennai, Tamil Nadu, on October 11, 2004, vide a fresh certificate of registration from the Order of the Company Law Board under Section 16(3) of the Companies Act, 1956, and is situated at `Sri Ram Nivas', 38, V.K. Iyer Road, Mandaveli, Chennai - 600 028. The corporate office and the whole time directors are based in Chennai and hence for operational convenience the registered office has been changed from Delhi to Chennai. The company was promoted with the objective of providing IT solutions for business problems in the banking, financial and insurance sectors. The company has its corporate office and main development center at Chennai (`Sri Ram Nivas', #38 V K Iyer Road, Mandaveli, Chennai 600028, India). The deployment of the internal accruals is as below: Sr.No. Investment Description Amount (Rs. Lakhs) 1. HDFC Cash Management Fund 72.91 2. Deutsche Insta Cash Plus - Daily Dividend 104.11 3. FT India Monthly Income Plan 96.99 4. Templeton MIP - Half-yearly Dividend 98.65 5. Grindlays Floating Rate Fund 100.05 6. Cash & Bank balances 282.67 TOTAL 755.38 2. Incase of shortfall in issue proceeds, the same will be met out of internal accruals. Pending any use of the net proceeds of the IPO, the company will invest the funds in high quality, interest bearing liquid instruments including deposits with banks. History and Background: Saksoft Limited was incorporated on November 24, 1999 as `Sak Infotech Ltd.' under the Companies Act, 1956 and obtained certificate of commencement of business on 17th January 2000. The name was changed to Saksoft Limited on September 30, 2002 and fresh certificate of Incorporation was received consequent to the change in name. The Registered Office of the Company, was transferred from NCT of New Delhi to Chennai, Tamil Nadu, on October 11, 2004, vide a fresh certificate of registration from the Order of the Company Law Board under Section 16(3) of the Companies Act, 1956, and is situated at `Sri Ram Nivas', 38, V.K. Iyer Road, Mandaveli, Chennai - 600 028. The corporate office and the whole time directors are based in Chennai and hence for operational convenience the registered office has been changed from Delhi to Chennai. The company was promoted with the objective of providing IT solutions for business problems in the banking, financial and insurance sectors. The company has its corporate office and main development center at Chennai (`Sri Ram Nivas', #38 VK Iyer Road, Mandaveli, Chennai 600028, India). Though there are several software vendors, some of whom provide IT services to the banking industry, the company felt that a focus on domain knowledge and understanding business problems was lacking. Most software vendors were focused on IT solutions from the technology perspective. The company planned to set up a group of people with banking operations knowledge who would guide and help the technical team to build IT solutions for business problems from an end user perspective. This group of people would comprise the "Business Consulting Group" or BCG and this was considered a differentiator in the market. The company set its vision to be a significant player in the financial services IT outsourcing market with a portfolio of services, tools and products. The company took on lease rental a space of 16000 sq.ft across 3 floors in Sri Ram Nivas, 38 V.K Iyer Rd., Mandaveli, Chennai 600028. It began operations in April 2000 by building the complete interiors on the 3rd floor (6000 sq.ft.). In the year 2001 it built interiors for the 2nd floor and partly for the mezzanine floor. By the year 2004, the entire space plus additionally lease rented space (2000 sq.ft) in the same premises were completely furnished. The company established its second development center at NOIDA in March 2004. The NOIDA software development center, located at B 35-36, sector 80, Phase 2, NOIDA 201305 (U.P.) was taken on lease in January 2004. The floor area of the building taken on lease is 33,000 sq. ft. comprising ground floor and two upper floors of which the ground floor of 11,000 sq. ft. area was furnished in March 2004. The objective of establishing a second development center in NOIDA was to take advantage of the relatively easier availability of trained personnel in NOIDA and also to provide a continuity of business plan for the company's major customers from a second location. The NOIDA facility will provide the company with the necessary contiguous space to grow its manpower and infrastructure in the coming years. The lease details are as below: Landlord name and address Leased space Lease Lease in sq.ft Rental Deposit Chennai Noida Rs. Per sq.ft. Alamelu Subramaniam 12100 15.60 10 months' 22,3rd Seaward Road Rent Valmiki Nagar, Chennai 41 S.Venkataraman 4014 15.60 10 months' 22, 3rd Seaward Road Rent Valmiki Nagar, Chennai 41 Sakserve Pvt Ltd 2388 15.00 10 months' 38, VK Iyer Road Rent Mandaveli, Chennai 600028* Sak Industries Ltd 33000 10.00 Nil Chandiwala Estate, Maa Anand Mai Marg Kalkaji, New Delhi 110019** Total 18502 33000 Landlord name and address Lease Remarks Period Alamelu Subramaniam 9 years from Unrelated Party 22,3rd Seaward Road February 2000 Valmiki Nagar, Chennai 41 S.Venkataraman 9 years from Unrelated Party 22,3rd Seaward Road February 2000 Valmiki Nagar, Chennai 41 Sakserve Pvt Ltd Renewable every Related Party 38, VK Iyer Road 11 Months. Mandaveli, Last renewal from Chennai 600028* September 2004 Sak Industries Ltd 3 years from Related Party Chandiwala Estate, January 2004 Maa Anand Mai Marg Kalkaji, New Delhi 110019** * Sakserve Pvt Ltd is an associate company of the promoters. Sak Industries Ltd is one of the promoters of Saksoft Limited. ** It may also be noted that no lease deposit has been paid to Sak Industries Ltd for the 33,000 sq.ft. of space leased at Noida. After building the initial development team and doing international business development the company began providing services on a regular basis by October 2000. Slowly the company made inroads and began offering services to several customers in Singapore. The first large-scale order was from Morgan Stanley, UK for a credit card MIS application. The company started its Singapore Subsidiary (Sak Software Pte) in August 2000 to manage operations in Singapore and Asia Pacific. It opened a branch office in London in June 2001 to manage business from the U K market and established a subsidiary in Germany in January 2003. The company acquired the business and assets of Synertech Inc., based at Boulder, USA in January 2001 and renamed it as Saksoft, Inc. The acquisition of Synertech gave the company a foothold in USA and a business base to leverage. The company shifted its US headquarters to New York and closed the Boulder office permanently in January 2003 for operational ease and logistical simplicity. From slightly different names (Sak Infotech in India, Sak Software Pte in Singapore and Saksoft Inc in USA) used between the company and its subsidiaries, 'Saksoft' was adopted as the uniform name and identity across all operations in September 2002. In September 2002, the company acquired the business assets of Neem Tree Technologies Private Limited (Neem Tree Technologies), Chennai along with all personnel associated with the business. Neem Tree had a product suite (Neem Tree EBT suite) for the corporate banking space that included treasury and money market operations. This acquisition enabled the company to acquire a customer base, which included State Bank of India, Central Bank of India, Oman International Bank, and Andhra Bank among others. Using the business credentials and product suite, the company acquired Punjab National Bank as a customer and sold several upgrades and enhancements to the existing customer base. This acquisition helped the company, understand the complexities of managing and integrating operations in an M&A scenario. 2005 -Saksoft shares listed on NSE at 261% premium 2006 -Saksoft & Atos Origin sign an MOU to offer Business Intelligence Solutions to Retail Banks in Asia Pacific. -Saksoft had acquired 100% stake in the Acuma Group, UK for USD 17 million in cash. 2007 -Saksoft Recommended dividend of 20% 2008 -Mr. R Rajagopalan has been designated as the Chairman of the Company 2009 -Registered Office of the Company has been shifted from No.38, V.K. Iyer Road, Mandaveli, Chennai- 600028 To SP Infocity, Block A, 2nd Floor,40,MGR Salai. Perungudi, Kadanchavadi, Chennai - 600096 -Saksoft launches Veri-sens -Saksoft launches ready-to-use BI software 2010 -Saksoft launches Prima 2011 -FICO and Saksoft Partner to Deliver Analytic Solutions in India -Saksoft enters into a agreement with FICO -Saksoft launches specialized services for Credit Information Management -Saksoft enters into Joint Venture with SOFGEN India Pvt. Ltd. 2012 -Saksoft Recommended a final dividend at the rate of 10% 2013 - Saksoft Ltd. has recommended a final dividend at the rate of 20% (Rs.2 per equity share) - Synetairos Technologies to merge with Saksoft Ltd 2014 - Saksoft Ltd has recommended a final dividend at the rate of 25% (Rs. 2.50/- per equity share). 2015 -Saksoft acquires 51% of the Share Capital of M/s Threesixty Logica Testing Pvt. Ltd. 2016 -Saksoft Ltd has informed Acquisition of additional 25% stake in M/s. Threesixty Logica Testing Services Private Limited -Saksoft Ltd has informed that aproved to acquire a 60% of stake in M/s. Dreamorbit Softech Private Ltd. | ||
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Cash Flow Statement
Half Yearly Results
Capital Structure
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Company History
Locations
Dividends
Splits
Competitors
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