Hexaware Technologies

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Hexaware Technologies
BSE: 532129
NSE: HEXT (delisted 2020)
IndustryIT services
Founded1990;34 years ago (1990)
FounderAtul Nishar
Headquarters Navi Mumbai, Maharashtra, India
Area served
Worldwide
Revenue US$1.3 billion (2022)
Number of employees
28,000 (2022)
Parent The Carlyle Group
Website hexaware.com

Hexaware Technologies is an Indian multinational information technology (IT) and business process company headquartered in Navi Mumbai, India.

Contents

History

Hexaware was founded under the name Aptech Information Systems in 1990 by Atul Nishar as a spin-off from Apple Industries, which served as the IT arm of Aptech which was founded in 1986 by Nishar. [1]

Aptech was rebranded to Hexaware Technologies Limited in 2002. As a result of this transformation, the training division activities were separated and retained under the name Aptech. [2] In the same year, SSI, a software education company, acquired a 27.18 stake in Hexaware. [3]

In 2006, Hexaware acquired Focus Frame, a software testing company based in the US for $34.3 million. [4]

In July 2011, Hexaware signed a five-year term contract worth $177 Million for providing its services with a US-based company. [5]

In August 2013, Hexaware entered into an agreement with HT Global's subsidiary, Baring Private Equity Asia to sell a 70% stake in Hexaware for about $400 million including the stake of the American equity firm General Atlantic, [6] [7] [8] [9] and Hexaware chairman then Nishar which was estimated at $200 million. [10]

In 2014, Bombay High Court approved the merger of Caliber Point Business Solutions with Hexaware with an appointed date of April 1, 2013. [11]

In June 2020, Hexaware received a proposal from HT Global to buy the remaining stake that it does not own in the company. [12]

Hexaware underwent a voluntary delisting process from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The delisting offer began on September 9, 2020, and concluded on September 16, 2020. As a result of the voluntary delisting, trading of Hexaware shares on the NSE was suspended starting from November 2, 2020. [13]

In 2021, the Carlyle Group announced that it plans a $1.01 billion bond to help buy Hexaware. The notes due 2026 would ultimately be used by CA Magnum to help finance the purchase of a 95.4% stake in Hexaware. [14]

Recognitions

In 2020, Hexaware was listed in the "Asia's 200 Best Under A Billion" list by Forbes, and in 2022 Forbes rated the company #135 among Mexico's best employers in 2022. [15]

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References

  1. ↑ Saxena, Ridhima (2019-07-30). "Hexaware founder Atul Nishar starts ed-tech firm". mint. Retrieved 2024-03-24.
  2. ↑ "Aptech Yet To List Training Unit". Business Standard.
  3. ↑ "SSI buys 27.2 pc stake in Aptech". The Times of India. 2003-02-11. ISSN   0971-8257 . Retrieved 2024-03-24.
  4. ↑ "Hexaware acquires US-based FocusFrame in $34m deal". The Economic Times. 2006-11-07. ISSN   0013-0389 . Retrieved 2024-03-24.
  5. ↑ "Hexaware signs $177 m deal". The Hindu. 2011-07-18. ISSN   0971-751X . Retrieved 2024-03-24.
  6. ↑ "Baring to buy controlling stake in Hexaware". The Hindu. 2013-08-23. ISSN   0971-751X . Retrieved 2024-03-24.
  7. ↑ "Baring to take controlling stake in India's Hexaware". Reuters.
  8. ↑ "Hexaware surges nearly 7% on deal with Baring Private Equity". The Indian Express. 2013-08-26. Retrieved 2024-03-24.
  9. ↑ "Baring Private Equity Asia to acquire controlling stake in Hexaware Technologies for Rs 2,745 cr". The Indian Express. 2013-08-23. Retrieved 2024-03-24.
  10. ↑ Chung, Grace. "Asia's 2019 Heroes Of Philanthropy: Catalysts For Change". Forbes. Retrieved 2024-03-24.
  11. ↑ Ater, Drinkw. "Hexaware Annual Report 2014".{{cite journal}}: Cite journal requires |journal= (help)
  12. ↑ "Hexaware Technologies gets go-private bid, shares soar 20%". Reuters.
  13. ↑ PTI (2020-10-20). "Trading of Hexaware shares on NSE to be suspended from Nov. 2". The Hindu. ISSN   0971-751X . Retrieved 2024-03-31.
  14. ↑ "Carlyle Plans $1 Billion Bond to Help Buy India IT Firm Hexaware". Bloomberg.com. 2021-10-23. Retrieved 2024-03-31.
  15. ↑ "Hexaware Technologies | Company Overview & News". Forbes. Retrieved 2024-03-24.
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