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Coforge, formerly known as NIIT Technologies, 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]

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 the same year, the company launched Crew Wings, an application for Airline Cabin Crew Members.[12] And 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]

Between October 2020 and August 2023, Baring Private Equity Asia sold its entire 70% stake in Coforge across multiple tranches.[19][20]

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.[21]

In May 2024, Coforge acquired a 54% stake in Cigniti.[22]

Income Tax Notice

On December 20, 2023, the company received an income tax demand notice of INR 122 crore consisting of a tax demand of INR 97.97 crore and an interest liability of INR 23.79 crore as declared in a regulatory filing.[23][24][25]

Philanthropy

Coforge collaborated with NIIT Foundation and launched a CSR initiative "Shiksha." Coforge has four operational centers training over 5,000 underprivileged youth in IT skills and employability. Coforge also sponsored the restoration of Neknampur Lake, a 98 acres lake in Telangana.[26]

References

  1. ^ a b "NIIT Technologies rebrands as Coforge - ET BrandEquity". ETBrandEquity.com.
  2. ^ a b "Coforge Q4 net profit drops 45%; full year revenue crosses $1 bn mark". The Times of India. 27 April 2023. Retrieved 26 May 2023.
  3. ^ Sureban, Haripriya (24 January 2024). "Coforge to increase employee headcount in a bid to target growth". BusinessLine. Retrieved 30 January 2024.
  4. ^ "Coforge Limited". NSEIndia.
  5. ^ "COFORGE Ltd. BSE India". BSEIndia.
  6. ^ a b "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". 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. ^ Ramarathinam, Ashwin (19 May 2021). "Baring PE Asia sells 5.12% stake in Coforge for Rs1,008 crore". mint. Retrieved 30 January 2024.
  20. ^ "Baring PE sells its entire stake in Coforge". The Economic Times. 25 August 2023. Retrieved 30 January 2024.
  21. ^ "Coforge to acquire 60% of SLK Global Solutions for Rs 918 crore". The Economic Times. 12 April 2021.
  22. ^ Mukherjee, Saurav (2 May 2024). "Coforge to acquire Cigniti Technologies' 54% stake at ₹1,415 per share". Mint. Retrieved 3 May 2024.
  23. ^ "Coforge Gets Rs. 122 Crore Income Tax Demand Notice". Economic Times. Retrieved 22 December 2023.
  24. ^ "Coforge received a demand notice for income tax of Rs 122 crore". Bru Times News.
  25. ^ "Coforge Faces Rs 122 Cr Income Tax Demand Notice". BW Businessworld.
  26. ^ "Coforge Directors Report | Coforge Director Details - The Economic Times". economictimes.indiatimes.com.

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