HCLTech

Formation and early years

In 1976, a group of eight engineers, all former employees of Delhi Cloth & General Mills, led by Shiv Nadar, started a company that would make personal computers.[10] Initially floated as Microcomp Limited, Nadar and his team (which also included Arjun Malhotra, Ajai Chowdhry, D.S. Puri, Yogesh Vaidya and Subhash Arora) started selling teledigital calculators to gather capital for their main product. On 11 August 1976, the company was renamed Hindustan Computers Limited (HCL).[11] HCL Enterprise developed an indigenous microcomputer in 1978,[12] and an RDBMS, networking OS and client-server architecture in 1983. HCL Technologies began as the R&D division of HCL Enterprise.[13]

The company originally was focused on hardware but, via HCL Technologies, software and services became the main focus.[14][15] On 12 November 1991, HCL Technologies was spun off as a separate unit,[16] being incorporated as HCL Overseas Limited, a provider of software and technology development services.

In 1993, HCL also started providing enterprise IT infrastructure management services, winning an order to establish India's first floorless, electronic stock exchange for NSE.[17]

In July 1994, the company name was changed to HCL Consulting Limited. On 6 October 1999, the company was renamed 'HCL Technologies Limited' for "a better reflection of its activities."

Between 1991 and 1999, the company expanded its software development capacities to US, European and APAC markets.

IPO and subsequent expansion

HCL went public on 11 January 2000,[18][19] with an issue of 14.2 million shares.[20] By the early-2000s, its wholly owned subsidiary HCL Comnet had expanded its offerings from VSAT to include network security and IT infrastructure services.[21]

In 2001, HCL formed a joint venture with Deutsche Bank by acquiring a 51% stake in the latter's Indian subsidiary Deutsche Software (later renamed DSL Software).[22] In 2004, HCL bought out the remaining 49% stake in DSL Software, which then became part of HCL's banking technology division.[23]

In 2003, HCL won a contract to develop embedded software for Airbus A340's flight warning system.[24] That same year, HCL sold its entire stake in HCL Perot Systems, a seven-year old IT services company, to joint venture partner Perot Systems for over $105 million.[25]

In 2005, HCL expanded its operations in Northern Ireland. At the 2006 UK Trade and Investment India Business Awards in New Delhi, the then UK Prime Minister Tony Blair announced the expansion.[26]

In 2008, HCL acquired the UK-based consultancy Axon Group for £440 million and merged HCL's enterprise application services (EAS) division into Axon. In the three years following the acquisition, the EAS division's revenue share within HCL increased from 9% to 22%.[27]

In October 2017, IBM and HCL announced a strategic partnership, with the latter taking over the development of IBM Lotus Software's Notes, Domino, Sametime and Verse collaboration tools.[28]

In 2018, US-based Actian was acquired by HCL and Sumeru Equity Partners for $330 million.[29] HCL America acquired the remaining 19.6% stake in Actian for $100.2 million in 2021,[30] making Actian the data & analytics division of HCLSoftware, but keeping it an independent company.[31]

In 2019, HCL Technologies acquired products of IBM including AppScan, BigFix, Commerce, Connections, Digital Experience (Portal and Content Manager), Notes/Domino, and Unica.[32]

In 2021, the company reached $10 billion in revenue.[33] In 2022, HCL Technologies rebranded as HCLTech.[34]

In 2023, HCLTech acquired ASAP Group, a German automotive engineering company for $279 million.[35] In August 2023, HCLTech signed a $2.1 billion managed network services deal with Verizon Business.[36][37] In May 2024, HCLTech announced the acquisition of select assets of Communications Technology Group, a business division of Hewlett Packard Enterprise (HPE), for $225 million.[38]

HCLSoftware

In 2019, HCL Technologies started a software product division called HCLSoftware, after completing the acquisition of IBM's software tools.[65] Notable products under HCLSoftware include HCL AppScan, HCL BigFix, HCL Connections, HCL Commerce Cloud, HCL Digital Experience, HCL Sametime, HCL Notes, iNotes, and Unica. As for Actian, their data & analytics division, notable products include HCL Informix, Actian Data Platform, Actian Ingres, Actian Zen, Actian NoSQL and Zeenea.[66] HCLSoftware division had revenue of inr 116920000000 in fiscal year 2023–24.[67]

Employees

As of March 31, 2024, HCLTech had over 227,000 employees worldwide, representing 161 nationalities.[68]

HCLTech has had four CEOs since its inception: