Hexaware Technologies
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| BSE: 532129 NSE: HEXT (delisted 2020) | |
| Industry | IT services |
| Founded | 1990 |
| Founder | Atul Nishar |
| Headquarters | Navi Mumbai, Maharashtra, India |
Area served | Worldwide |
| Revenue | US$1.3 billion (2022) |
Number of employees | 28,500 (2023)[1] |
| Parent | The Carlyle Group |
| Website | hexaware |
Hexaware Technologies is an Indian multinational information technology (IT) and business process company headquartered in Navi Mumbai, India.
History[edit]
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.[2]
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.[3] In the same year, SSI, a software education company, acquired a 27.18 stake in Hexaware.[4][5]
In 2006, Hexaware acquired Focus Frame, a software testing company based in the US for $34.3 million.[6]
In July 2011, Hexaware signed a five-year term contract worth $177 Million for providing its services with a US-based company.[7]
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,[8][9][10][11] and Hexaware chairman then Nishar which was estimated at $200 million.[12]
In 2014, Bombay High Court approved the merger of Caliber Point Business Solutions with Hexaware with an appointed date of April 1, 2013.[13]
In June 2020, Hexaware received a proposal from HT Global to buy the remaining stake that it does not own in the company.[14]
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.[15]
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.[16]
In 2024, it was reported that Hexaware had hired investment bankers to launch its initial public offering at a valuation of $5-6 billion.[17][18]
Recognitions[edit]
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.[19]
References[edit]
- ^ "Hexaware announces 100-120% variable pay to all employees". The Economic Times. 30 August 2023. Retrieved 17 May 2024.
- ^ Saxena, Ridhima (2019-07-30). "Hexaware founder Atul Nishar starts ed-tech firm". mint. Retrieved 2024-03-24.
- ^ "Aptech Yet To List Training Unit". Business Standard.
- ^ "SSI buys 27.2 pc stake in Aptech". The Times of India. 2003-02-11. ISSN 0971-8257. Retrieved 2024-03-24.
- ^ Thiagarajan, Krishnan (23 February 2003). "SSI-Aptech deal: Will it strike the right key?". BusinessLine. Archived from the original on 3 July 2003. Retrieved 17 May 2024.
- ^ "Hexaware acquires US-based FocusFrame in $34m deal". The Economic Times. 2006-11-07. ISSN 0013-0389. Retrieved 2024-03-24.
- ^ "Hexaware signs $177 m deal". The Hindu. 2011-07-18. ISSN 0971-751X. Retrieved 2024-03-24.
- ^ "Baring to buy controlling stake in Hexaware". The Hindu. 2013-08-23. ISSN 0971-751X. Retrieved 2024-03-24.
- ^ "Baring to take controlling stake in India's Hexaware". Reuters.
- ^ "Hexaware surges nearly 7% on deal with Baring Private Equity". The Indian Express. 2013-08-26. Retrieved 2024-03-24.
- ^ "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.
- ^ Chung, Grace. "Asia's 2019 Heroes Of Philanthropy: Catalysts For Change". Forbes. Retrieved 2024-03-24.
- ^ Ater, Drinkw. "Hexaware Annual Report 2014".
{{cite journal}}: Cite journal requires|journal=(help) - ^ "Hexaware Technologies gets go-private bid, shares soar 20%". Reuters.
- ^ 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.
- ^ "Carlyle Plans $1 Billion Bond to Help Buy India IT Firm Hexaware". Bloomberg.com. 2021-10-23. Retrieved 2024-03-31.
- ^ "Carlyle-promoted Hexaware picks 5 i-banks for mega IPO at $5-6-bn valuation, India's biggest in IT services since TCS". Moneycontrol. Retrieved 17 May 2024.
- ^ "Carlyle hires 5 I-banks for $1 bn Hexaware IPO". The Economic Times. 14 May 2024. Retrieved 17 May 2024.
- ^ "Hexaware Technologies | Company Overview & News". Forbes. Retrieved 2024-03-24.