Hexaware Technologies

Hexaware Tech. Ltd.
Public
Traded as BSE: 532129
NSE: HEXT
Industry IT services
Founded 1990
Founder Atul Chandra Nishar
Headquarters Navi Mumbai, Maharashtra, India
Area served
 Worldwide
Key people
 R Srikrishna (CEO)
Services Information Technology and Business Process Outsourcing
Revenue Increase US$607.5 million (2017)
Increase US$106.4 million (2017)
Increase US$77.0 million (2017)
Number of employees
 15,357 (Q2 2018)
Website www.hexaware.com

Hexaware Technologies Limited (HTL) (BSE: 532129, NSE: HEXT) is an information technology and business process outsourcing service provider company based in Navi Mumbai, India. Founded in 1990.The company provides software services in Banking, Financial Services, Capital Markets, Healthcare, Insurance, Manufacturing,Retail, Education, Telecom, Professional services (Tax, Audit, Accounting and Legal), Travel, Transportation and Logistics[1] The company specializes in an array of areas encompassing Application Transformation Management, Enterprise Solutions, Business Intelligence & Analytics, Digital Assurance, Infrastructure Management Services, Digital and Business Process Services.

On 28 July 2014 Hexaware Technologies announced the appointment of R Srikrishna as the Chief Executive officer. The company has its headquarters in Mumbai and has offices across US, Mexico and Canada in North America, Brazil in South America, Sydney in Australia, Singapore, Japan, India, China and UAE in Asia and UK, Germany, Bucharest and Netherlands in Europe.

Current employee strength is above 15,357 with over 226 clients.[1] After starting facilities in Chennai,[1] the company started its third development center in Pune in 2006.[1] The company is presently listed amongst the top 20 IT services providing firms (NASSCOM). Hexaware has been recognized as the fastest growing outsourcing provider by Asia Outsourcing Congress for the year 2015-2016.[2] The company is listed among Asia's 200 best under a Billion on Forbes.[3]

History

Hexaware is a spin-off of the former Apple Industries, the IT arm of the computer training company Aptech. Aptech was founded by Atul Nishar in 1984. In 2001, Aptech was renamed as "Hexaware Technologies Limited". The training division activities were demerged into Aptech and business solutions were made part of Hexaware Technologies ltd. In 2002, Aptech was sold to SSI.[4] Even as Atul Nishar exited Aptech, he continued to be on the board of the company till 2003.

In 2004, a European Development Center was unveiled in Germany and an independent BPO firm – Caliber Point was launched.[1] On 9 December 2013, Hexaware Technologies announced that its directors in the board meeting had approved the merger of the wholly owned subsidiary company, Caliber Point Business Solutions (a BPO service provider) with the company. The company also acquired a software testing company called Focus Frame in 2006 for 34.3 million USD.[3]

Hexaware was working on a "Build, Operate, and Transfer" (BOT) deal with PeopleSoft in 2003. The company was one of the top five vendors for PeopleSoft Inc globally and the number one vendor from India. The PeopleSoft practice of Hexaware accounted for nearly one third of its revenues in the first half of 2004. But later in 2005, Hexaware faced a big financial challenge when PeopleSoft was acquired by Oracle. The company's revenue was brought down by 14%.

In August 2004, Hexaware promoted Rusi Brij as Vice Chairman and Chief Executive Officer (CEO).[5] In 2010,the company established a new global delivery center in Bengaluru, India. In 2013, the company inaugurated its latest Global Delivery Centre (GDC) at Frisco, near Dallas in the state of Texas, USA. Hexaware has its third Global Delivery Center (GDC) in Saltillo, Mexico. In 2013, the company started its Global Delivery Center in Texas, USA and in the same year, a new center was opened in Singapore.

On 23 August 2013, Singapore-based Baring Private Equity Asia had announced its decision to buy a 70% stake in Hexaware, including the stake of Hexaware's founder-chairman Atul Nishar and that of private equity firm General Atlantic, for Rs.1,687 crore.[6] Atul Nishar remains as a non-executive chairman of Hexaware and P.R.Chandrasekar as the Chief Executive Officer (CEO) of the company.

In June 2014, Hexaware employed HCL Technologies' R Srikrishna as CEO.[7] Srikrishna was the president of infrastructure and life sciences businesses at HCL.

In October 2016, the company expanded its delivery presence in the European region by announcing the opening of its latest Global Delivery Centre (GDC)[8] in Bucharest, Romania.

Finances

Hexaware has gone through a Management Change in 2013 as a major stake of its shares from Atul Nishar were purchased by Baring Private Equity Asia.[6] After Baring came in, Hexaware's consolidated revenues grew from Rs 2,285 crore in 2013 to Rs 3,123.5 crore in 2015.[9]

According to its Q1 2018 Financial Update, Hexaware has reported a 12.1% revenue CAGR in USD terms. The company has added USD 180 million in fresh business signed in 2017.

Services

Hexaware provides Application Transformation and Management Services, Business Intelligence and Analytics, Digital Assurance, Enterprise Solutions, Digital Customer, Business Process Services and Infrastructure Management Services.

Some major proprietary platforms include:

  • RAISE IT – Intelligence grid to enable automation [1][10]
  • H2O Platform- Service management using scalable and configurable interface[1]
  • Orchestrate IT: Cloud Brokerage and workload orchestration capabilities
  • iD2E - Integrated Design2Execution framework[11]

Operations

Hexaware's global offices are located in New Jersey, California, Boston, Washington and Georgia in USA; Mexico and Canada in North America; Germany, United Kingdom, Netherlands and Romania in Europe; Singapore, Japan, China and United Arab Emirates in Asia-Pacific; Sydney and Melbourne offices in Australia; a Russian office and offices across India in Mumbai, Chennai, Bangalore, Coimbatore, Nagpur, Noida and Pune.[12]

Awards and recognition

  • In 2015, the company was awarded the "Golden Peacock Award for Excellence in Corporate Governance"[13]
  • In 2015, the company won the ICAI award for Excellence in Reporting
  • In 2016, the company had won the "Best Process Improvement Project Award" at Golden Star Six Sigma Awards
  • In 2016 Hexaware was awarded for "Brand Revitalization" and "Brand Excellence in IT/ITES Sector" at the 7th CMO Asia Awards for Branding & Marketing[14]
  • In 2016, the company was awarded the "Excellence in Customer Service" at the Golden Globe Tiger Awards 2016
  • In 2016, the company was named as the "Outsourcing Organization of the Year" at the Golden Globe Tiger Awards[15]
  • In 2016, the company received 5 awards at the Asia Outsourcing Congress Awards for providing excellence in the areas of customer service, health insurance and non-voice BPO services
  • In 2016, the company was recognized as the "Fastest Growing Outsourcing Company" by the Asia Outsourcing Congress[16]

See also

References

  1. 1 2 3 4 5 6 7 "Annual Report" (PDF). Hexaware.
  2. ↑ "Asia Outsourcing Congress and Awards". asiaoutsourcingcongress.org. Retrieved 2016-11-22.
  3. 1 2 "Milestones". www.hexaware.com. Retrieved 2008-06-26.
  4. ↑ "The Hindu Business Line : SSI-Aptech deal: Will it strike the right key?". www.thehindubusinessline.com. Retrieved 2016-11-22.
  5. ↑ "Economic Times".
  6. 1 2 "Baring Private Equity completes Hexaware deal - NDTV". Retrieved 2016-11-22.
  7. ↑ "Livemint".
  8. ↑ "Hexaware opens Global Delivery Centre in Bucharest -". 2016-10-05. Retrieved 2016-11-24.
  9. ↑ Srivastava, Moulishree (2016-08-01). "Baring Asia not in hurry to exit Hexaware Tech". Business Standard India. Retrieved 2016-11-24.
  10. ↑ HexawareVideos (2016-06-03), Hexaware's RAISE IT platform, retrieved 2016-11-24
  11. ↑ HexawareVideos (2016-05-11), Integrated Design2Execution(iD2E) Automation solution, retrieved 2016-11-24
  12. ↑ Ltd, Hexaware Technologies. "Hexaware Launches New Campus in Pune". www.prnewswire.com. Retrieved 2017-01-17.
  13. ↑ webmasteradmin. "Excellence in Corporate Governance (GPAECG)". www.goldenpeacockawards.com. Retrieved 2016-11-24.
  14. ↑ "CMO ASIA". www.cmoasia.org. Archived from the original on 12 August 2016. Retrieved 24 November 2016.
  15. ↑ "The Golden Globe Tigers Summit Awards". goldenglobetigers.org. Retrieved 2016-11-24.
  16. ↑ "Asia Outsourcing Congress and Awards". asiaoutsourcingcongress.org. Retrieved 2016-11-24.
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