Hexaware Technologies

Infobox Company
name = Hexaware Technologies

type = Public (BSE/NSE:HEXT)
genre =
foundation = 1990
founder = Atul Nishar
location_city = Mumbai
location_country = India
location =
locations = Mumbai, Chennai & Pune
area_served =
key_people = Mr Atul Nishar, P. R. Chandrasekar
industry =
products =
services = Information technology and Business Process Outsourcing
market c

revenue = INRConvert|240.2|c
operating_income =
net_income = INRConvert|34|c
assets =
equity =
owner =
num_employees = 5000+
parent = Apple Industries
divisions =
subsid =
homepage = [http://www.hexaware.com www.hexaware.com]
footnotes =
intl = India, USA, Japan & Germany

Hexaware Technologies Limited (HTL) is an Information Technology and Business Process Outsourcing service provider company based in Mumbai, India. The company provides software services in airlines, banking and financial services and health care insurance sectors.cite news|url=http://www.indiaprwire.com/pressrelease/computer-software/20060421221.htm|title=Hexaware: Now in Pune|date=2006-04-21|publisher=www.indiaprwire.com|accessdate=2008-06-28] The company is currently assessed as a CMMI level 5 company and since 2005, NASSCOM has ranked Hexaware as India's 11th IT company in list of top 20cite web|url=http://www.hexaware.com/milestones.htm|title=Milestones|publisher=www.hexaware.com|accessdate=2008-06-26] cite web|url=http://www.nasscom.in/Nasscom/templates/NormalPage.aspx?id=48281|title=Tata Consultancy Top Indian Software Exporter Again|date=05 Jul, 2006 |work=Reuters 2006|publisher=www.nasscom.in|accessdate=2008-06-28] cite news|url=http://www.nasscom.in/Nasscom/templates/NormalPage.aspx?id=51734|title=Indian IT Software and Services Revenues to reach US $50bn mark in FY 07-08|date=03 Jul, 2007 |publisher=www.nasscom.in|accessdate=2008-06-28] Current employee strength is above 5000 with over 145 clients.cite web|url=http://www.hexaware.com/groupcomp.htm|title=Group companies|publisher=www.hexaware.com|accessdate=2008-06-26] Company operates from multiple offices in countries like Japan, USA, Canada, Singapore, Netherlands, Belgium and Germany apart from India. After starting facilities in Chennai, the company started its third development center in Pune in 2006. In a separate survey of 2006, it was rated the sixth "Best IT Employers from India" cite news|url=http://www.thesmarttechie.com/companyprofile/storydetails1.php/285|title=Guarding the Turf|last=Bagchi |first=Sohini |publisher=www.thesmarttechie.com|accessdate=2008-06-28] .

History

Atul Nishar, the founder of Hexaware, started Aptech computer education in 1984, which went on to became a noted Indian IT education provider.cite web|url=http://www.ciol.com/slideshow/50years/page15.asp|title=CIOL : Slide Show : 50 Years : Atul Nishar|publisher=www.ciol.com|accessdate=2008-06-28] Later the company started providing business solutions and made into a separate IT division of Apple Industries. In 1990 it was spun into a new company which functioned for nearly a decade. In 2002 major restructuring happened as all the training activities were demerged into Aptech and business solutions were made part of Hexaware Technologies Ltd. Aptech was later sold to SSI the same year. Also same year, Hexaware's fully owned German subsidiary "Caliber Point Business Solutions" was started with an investment of INR 5 crore Business Process Outsourcing (BPO) operations. Caliber Point mainly focuses on the global healthcare industry with specialty in claims processing services.cite web|url=http://www.sharekhan.com/MarketCorner/DetailedReport.aspx?Type=COMP-HIS&SSKICode=HEXTECH|title=Company History |publisher=www.sharekhan.com|accessdate=2008-06-28]

Current

In 2005, Hexaware faced problems after PeopleSoft, a key client, was acquired by Oracle Corporation. Hexaware was amongst the top five vendors of PeopleSoft and had set up operations under a Build-Operate-Transfer(BOT) agreement. However after Peoplesoft's acquisition, this center was transferred to Oracle; along with some section of its employees. With loss of 14 percent of Hexaware’s revenue, which came from this center, company had faced a major financial challenge.cite news|url=http://www.thesmarttechie.com/companyprofile/storydetails1.php/285|title=Guarding the Turf|last=Bagchi |first=Sohini |publisher=www.thesmarttechie.com|accessdate=2008-06-28]

In November 2006, Hexaware acquired the US-based software testing company, "FocusFrame" for $34.3 million in an all-cash deal. Deal helped Hexaware to offer capability in both — manual testing and automated testing to its clients.cite news|url=http://economictimes.indiatimes.com/articleshow/347952.cms|title=Hexaware acquires US-based FocusFrame in $34m deal|date=7 Nov, 2006|publisher=economictimes.indiatimes.com|accessdate=2008-06-28]

In 2007, Hexaware announced that it discovered around 11 unauthorized foreign exchange deals had been made on the company’s behalf by one of the employee working in treasury department. The employee had made these deals without the knowledge of top management and had cost the company around $25 millions in loss. The employee was suspended immediately with official probe being initiated.cite news|url=http://www.thehindubusinessline.com/2007/11/27/stories/2007112752540100.htm|title=Plans $25-million provision to cover any exposure|date=2007-11-27|publisher=www.thehindubusinessline.com|accessdate=2008-06-28] The company was hit by the rising rupee value in 2007 but not as much as other Indian IT giants. This was because, even though Hexaware gets 70 percent of its revenues from North America and almost 24 percent come from Europe. It is one of the few Indian IT companies to have a larger percentage of European revenues.cite news|url=http://economictimes.indiatimes.com/Infotech/Software/Rising_rupee_may_hit_IT_cos_profit/articleshow/2192866.cms|title=Rising rupee may hit IT cos' profit|first=N Shivapriya|date=11 Jul, 2007|publisher=economictimes.indiatimes.com|accessdate=2008-06-28]

In June 2008, the company named P. R. Chandrasekar, an ex-Wipro Technologies top brass, as its new Chief Executive Officer, Mr Aggarwal as its new CFO and Rajiv Pant as head of North America operations.cite news|url=http://economictimes.indiatimes.com/Interview/Need_to_focus_is_more_for_a_mid-sized_co/articleshow/3118277.cms|title=Need to focus is more for a mid-sized co|first=N Shivapriya|date=11 Jun, 2008|publisher=economictimes.indiatimes.com|accessdate=2008-06-28]

In the third quarter of 2008, the company announced plans to reduce staff strength by up to 300 people or 4.5% by the end of the year through a combination of layoffs and attrition.cite news|url=http://www.siliconindia.com/shownews/45131|title=Hexaware to cut 300 employees|date=2 Aug, 2008]

References