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Birlasoft

Birlasoft is an Indian multinational information technology services and consulting company, founded in 1990 and headquartered in Pune, India. It is a part of the CKA Birla Group.[3][4]

Birlasoft has a presence in the United States, United Kingdom, Europe, and the Asia-Pacific region and delivery centers in India.[5]

The company's shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India. As of April 2024, Birlasoft's market capitalization was approximately ₹20,000 crore.[6]

History

Birlasoft was founded in 1990.[3] The company was launched in New Jersey in 1992 with initial equity investment from GE Capital. By the fiscal year 2002-2003, the company reported $73 million in revenue and 1,500 employees.[5] In 2003, GE Capital held a 20% equity stake in the company.[7][8][9] In 2001, Birlasoft secured a contract from the Ministry of External Affairs of India to computerize Indian consulates in New York and Dubai, with an extension to 38 other consulates worldwide.[10]

In April 2004, the company achieved a Level 5 maturity in CMMI Continuous Representation - SW version 1.1 from the Software Engineering Institute, becoming the first Indian IT company to attain this level.[11]

In December 2005, Birlasoft acquired Portfolio Insight, a loan pricing and portfolio management software, from Sydney-based Fusion Technology Group.[12] The company launched Birlasoft Advisior+ in the Asia-Pacific market in 2006, providing tools for investment advisors and financial institutions for portfolio management and analytics.[13]

In January 2014, Birlasoft acquired US-based CRM software provider EnablePath for an undisclosed sum.[14]

In 2019, Birlasoft and KPIT Technologies underwent a merger and demerger, leading to the creation of two publicly traded companies, with Birlasoft operating in business IT services and KPIT Technologies focusing on automotive embedded software.[15][16]

In December 2020, Acacia II Partners LP sold over 6.7 million shares of Birlasoft Ltd worth approximately ₹137 crore through an open market transaction.[17]

See also

References

  1. Ajay Mohanty. Birlasoft Q4 results: Profit rises 60% to Rs 180 cr, revenue up 11% Business Standard, April 29, 2024^
  2. Birlasoft's net profit grew 11.8% to Rs 180 crore The Economic Times, April 29, 2024^
  3. Harichandan Arakali. From Mphasis to WNS, four midcaps changing the Indian IT game Forbes India, April 12, 2023^
  4. Beena Parmar. Birlasoft eyes large clients to lead industry growth The Economic Times, March 4, 2024^
  5. Shobha Warrier. Birlasoft opens development centre in Chennai Rediff.com, August 7, 2003^
  6. Manu Balachandran. Long-term wealth creation calls for long-term investments: Ravi Pandit Forbes India, April 30, 2024^
  7. BIRLASOFT: Reversing the Order Dataquest, August 25, 2003^
  8. BirlaSoft Under Pressure Dataquest, August 31, 2000^
  9. Birlasoft, iPlanet in service pact The Times of India, December 21, 2000^
  10. BIRLASOFT: Back on Track Dataquest, August 4, 2001^
  11. Birlasoft gets CMMI Level 5 appraisal The Economic Times, April 16, 2004^
  12. Krishna Kant. Birlasoft eyes acquisitions in ERP space The Economic Times, December 24, 2005^
  13. Birlasoft launches ADVISIOR+ for wealth managers One India, August 30, 2006^
  14. Bhavna Gupta, Joby Puthuparampil Johnson. Birlasoft acquires US-based CRM solutions provider EnablePath VCCircle, January 9, 2014^
  15. Shilpa Phadnis. KPIT to merge with Birlasoft, split into two The Times of India, January 30, 2018^
  16. Jochelle Mendonca. KPIT, Birlasoft to merge and split into two publicly-traded companies The Economic Times, January 30, 2018^
  17. Acacia II Partners LP sells Birlasoft shares worth over Rs 137 cr The Times of India, December 21, 2020^