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HCL Technologies Limited
FormerlyHindustan Computers Limited[1]
Company typePublic
ISININE860A01027
IndustryInformation technology
Consulting
Outsourcing
Founded11 August 1976; 48 years ago (1976-08-11)[2]
FounderShiv Nadar
Headquarters
Noida, Uttar Pradesh
,
India
Area served
Worldwide
Key people
Roshni Nadar Malhotra
(Chairperson)
Shiv Nadar
(Chairman Emeritus & CSO)[3]
C Vijayakumar
(CEO)[4]
Products
ServicesSoftware
RevenueIncrease ₹111,408 crore (US$13 billion) (2024)
Increase ₹20,967 crore (US$2.5 billion) (2024)
Increase ₹16,565 crore (US$2.0 billion) (2024)
Total assetsIncrease₹99,777 crore (US$12 billion) (2024)
Total equityIncrease ₹68,271 crore (US$8.2 billion) (2024)
OwnerShiv Nadar (60.77%)
Number of employees
227,481 (2024)
ParentHCL Group
Websitewww.hcltech.com
Footnotes / references
Financials as of 31 March 2024.[5]

HCL Technologies Limited (d/b/a HCLTech) is an Indian multinational information technology (IT) consulting company headquartered in Noida, Uttar Pradesh. Founded by Shiv Nadar, it was spun out in 1991 when HCL entered into the software services business. The company has offices in 59 countries[6] and over 220,000 employees.[7]

History

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Formation and early years

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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.[8][9] 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).[10] HCL Enterprise developed an indigenous microcomputer in 1978,[11] and a RDBMS, networking OS and client-server architecture in 1983.[12] HCL Technologies began as the R&D division of HCL Enterprise.[12]

The company originally was focused on hardware but, via HCL Technologies, software and services became the main focus.[13][14] On 12 November 1991, HCL Technologies was spun off as a separate unit,[15] being incorporated as HCL Overseas Limited, a provider of software and technology development services.[16]

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.[16][17]

In July 1994, the company name was changed to HCL Consulting Limited.[16] On 6 October 1999, the company was renamed 'HCL Technologies Limited' for "a better reflection of its activities."[16]

Between 1991 and 1999, the company expanded its software development capacities to US, European and APAC markets.[16]

IPO and subsequent expansion

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HCL became Manchester United's digital technology partner in 2015.

HCL went public on 10 November 1999, with an issue of 14.2 million shares.[16] By the early-2000s, its wholly-owned subsidiary HCL Comnet had expanded its offerings from VSAT to include network security and IT infrastructure services.[18]

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).[19] In 2004, HCL bought out the remaining 49% stake in DSL Software, which then became part of HCL's banking technology division.[20]

In 2003, HCL won a contract to develop embedded software for Airbus A340's flight warning system.[21] 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.[22]

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.[23]

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%.[24]

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.[25]

In 2018, US-based Actian was acquired by HCL and Sumeru Equity Partners for $330 million.[26] HCL America acquired the remaining 19.6% stake in Actian for $100.2 million in 2021,[27] making Actian the data & analytics division of HCLSoftware, but keeping it an independent company.[28]

In 2019, HCL Technologies acquired products of IBM including AppScan, BigFix, Commerce, Connections, Digital Experience (Portal and Content Manager), Notes/Domino, and Unica.[29]

In 2021, the company reached $10 billion in revenue.[30] In 2022, HCL Technologies rebranded as HCLTech.[31]

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.[32]

In August 2024, HCLSoftware announced its intent to acquire the French metadata management platform startup Zeenea for €24 million.[33] After the completion of the acquisition, Zeenea is expected to continue operating as an independent unit under Actian, HCLSoftware's data & analytics division.[34]

Acquisitions

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Acquisition date Company Business Country References
29 October 2001 Apollo Contact Centre Business process outsourcing United Kingdom [35]
3 June 2002 Gulf Computers Inc. Application development United States [16]
20 September 2004 DSL Software Banking software India [20]
13 October 2004 Shipara Technologies Product engineering and embedded systems India [36]
17 February 2005 Aquila Technologies Engineering software India [37]
20 February 2008 Capital Stream Inc. Business process automation United States [38]
16 July 2008 Liberata Financial Service Business process outsourcing United Kingdom [39]
25 August 2008 Control Point Solutions, Inc. Telecommunications service United States [40]
15 December 2008 Axon Group SAP consulting United Kingdom [41]
16 July 2009 UCS Group's Enterprise Solutions SAP Practice SAP consulting South Africa [42]
1 April 2016 Part of Volvo IT Information technology Sweden [43]
19 October 2015 Concept to Silicon Systems (C2SiS) Semiconductors India [44]
29 October 2015 PowerObjects CRM consulting United States [45]
2 April 2016 Geometric Ltd PLM and engineering services India [46]
17 January 2017 Butler America Aerospace Engineering & Design United States [47]
25 April 2017 Urban Fulfillment Services, LLC Business process outsourcing United States [48]
5 September 2017 ETL Factory Limited (Datawave) Automation United Kingdom [49]
12 April 2018 Actian Data analytics United States [26]
27 June 2018 H&D International Group IT and engineering services Germany [50]
13 March 2019 Strong-Bridge Envision IT consulting United States [51]
9 September 2019 Sankalp Semiconductor Technology design services India [52]
21 September 2020 DWS Ltd IT services Australia [53]
14 January 2022 Starschema Data services Hungary/United States [54]
9 May 2022 Confinale AG digital banking and wealth management consulting Switzerland [55]
9 May 2022 Quest Informatics Industry 4.0 and internet of things India [56]
13 July 2023 ASAP Group Automotive engineering services Germany [57]
23 May 2024 HPE CTG Telco solutions United States [32]
9 August 2024 Zeenea Data management and analytics France [33]

Operations

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Countries where HCL has offices (circa 2015).

HCLTech operates in 60 countries, including its headquarters in Noida, India. It has establishments in Australia, China, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, Saudi Arabia, Singapore, South Africa, the United Arab Emirates, Qatar, Morocco and Sri Lanka.[58] In Europe, it covers Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Romania,[59] Finland, France, Germany, Italy, Lithuania, Netherlands, Norway, Poland, Sweden, Switzerland, Portugal, and United Kingdom. In the Americas, the company has offices in Brazil, Canada, Mexico, Puerto Rico, Guatemala, and United States.

Old logo of the company which was used until 2022

HCLSoftware

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In 2019, HCL Technologies started a software product division called HCLSoftware, after completing the acquisition of IBM's software tools.[60] 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, and Actian NoSQL. HCLSoftware division had revenue of ₹11,692 crore (US$1.4 billion) in fiscal year 2023–24.[7]

Leadership

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HCLTech has had four CEOs since its inception:

  1. Shiv Nadar (1976–2007)
  2. Vineet Nayar (2007–2013)[61]
  3. Anant Gupta (2013–2016)[62]
  4. C Vijayakumar (2016–present)[4]

HCL Group

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HCLTech is the flagship company of the HCL Group.[63] Another HCL Group company, HCL Infosystems, was formed in 1976 to produce calculators.[64] HCL Infosystems later became one of the leading manufacturers of personal computers and laptops in India, but it eventually lost market share to foreign competitors like HP and Dell, and shut down its manufacturing division.[65]

In February 2014, HCL Group launched HCL Healthcare, which provides corporate health services.[66] HCL TalentCare is the fourth venture of HCL Group, which provided skilling and staffing services.[67]

See also

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References

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  1. ^ "The dark horse of the technology sector". Moneycontrol. Archived from the original on 27 December 2008. Retrieved 30 May 2024.
  2. ^ "Company History – HCL Technologies Ltd". CIOL. Archived from the original on 5 August 2016. Retrieved 23 May 2021.
  3. ^ "Fast Facts". HCL Technologies. 1 February 2014. Archived from the original on 14 February 2014. Retrieved 1 February 2014.
  4. ^ a b "HCL Tech CEO Anant Gupta quits, C Vijayakumar to succeed – The Economic Times". The Economic Times. 21 October 2016. Archived from the original on 23 October 2016.
  5. ^ "Financial Results FY24 Q4" (PDF). bseindia.com. Retrieved 26 April 2024.
  6. ^ https://www.hcltech.com/investor-relations/key-facts-and-data
  7. ^ a b "HCLTech's Annual Report 2023-24" (PDF). BSE. HCLTech. Retrieved 12 August 2024.
  8. ^ Linda A. Hill; Kent Lineback (2014). Be a Great Boss: The Hill Collection. Harvard Business Review Press. ISBN 978-1625277824. A classic startup founded in1976 in an Indian garage by Shiv Nadar, HCL Enterprise flourished in the 1980s – "a golden period" for the company.
  9. ^ "HCL". 31 August 2015. Founded in 1976 as one of India's original IT garage startups ...
  10. ^ "The amazing story of the birth of HCL". Archived from the original on 27 March 2008.
  11. ^ "About HCL Enterprise". HCL Technologies. Archived from the original on 21 August 2015. Retrieved 28 August 2015.
  12. ^ a b "Heritage & Legacy". HCL. Archived from the original on 20 August 2015. Retrieved 28 August 2015.
  13. ^ Linda A. Hill; Greg Brandeau; Emily Truelove (2014). Collective Genius: The Art and Practice of Leading Innovation. Harvard Business Review Press. ISBN 978-1422187593. In spite of these changes, HCL Enterprise entered the 1990s determined to retain its focus on hardware.
  14. ^ Simon Sharwood (30 October 2017). "IBM offloads Notes and Domino to India's HCL Technologies". The Register.
  15. ^ "HCL Technologies". microsoft.com. HCL Technologies Limited is an Indian multinational IT services company, headquartered in Noida, Uttar Pradesh, India. ... subsidiary of HCL Enterprise. Originally a research and development division of HCL, .. independent .. 1991 .
  16. ^ a b c d e f g "Company History – HCL Technologies Ltd". The Economic Times. Archived from the original on 6 September 2015. Retrieved 28 August 2015.
  17. ^ "Dataquest : Focus : Infrastructure Management : Opportunity during Tough Times". 26 July 2010. Archived from the original on 26 July 2010. Retrieved 16 December 2021.
  18. ^ "The Men Behind HCL Comnet". DQ India. 21 November 2002. Retrieved 11 August 2024.
  19. ^ "HCL Tech forms JV with Deutsche Bank: Reuters". Rediff. 26 September 2001. Retrieved 6 June 2024.
  20. ^ a b Chandran, Bipin (20 September 2004). "Deutsche Bank to sell 49% DSL Soft stake to HCL". Business Standard. Retrieved 6 June 2024.
  21. ^ "HCL to develop embedded software for Airbus". The Times of India. 16 June 2003. Retrieved 20 September 2024.
  22. ^ "Perot buys HCL out of JV for Rs 479 crore". Business Standard. 23 December 2003. Retrieved 11 August 2024.
  23. ^ "Prime Minister Announces 600 New Jobs for Armagh and Belfast". Invest NI. 8 September 2005. Archived from the original on 15 August 2016. Retrieved 29 June 2016.
  24. ^ Sen, Sunny (14 October 2011). "How AXON is putting HCL Tech in the big league". Business Today. Retrieved 13 August 2024.
  25. ^ Simon Sharwood (30 October 2017). "IBM offloads Notes and Domino to India's HCL Technologies". The Register.
  26. ^ a b "HCL Tech, PE firm to buy U.S. data management firm Actian". Reuters. 12 April 2018.
  27. ^ "HCL Technologies subsidiary boosts stake to fully own Actian Corporation's parent". www.moneycontrol.com. Retrieved 12 August 2024.
  28. ^ "How the Actian Acquisition Illustrates HCL's Product-Based Consulting Strategy". www.forbes.com. Archived from the original on 5 December 2018. Retrieved 12 August 2024.
  29. ^ YK, R. "HCL Technologies announces close of acquisition of select IBM products". livemint.com. Livemint. Retrieved 1 April 2019.
  30. ^ "HCL Tech Q3FY21: Revenue reaches $10 billion-mark; FY21 guidance at 2–3%". Business Today. 15 January 2021. Retrieved 23 July 2023.
  31. ^ Majumdar, Romita (26 September 2022). "HCL Technologies rebrands itself to HCLTech". The Economic Times.
  32. ^ a b "HCLTech to buy Hewlett Packard's communications tech assets for $225 million". The Economic Times. 24 May 2024. Retrieved 25 May 2024.
  33. ^ a b "HCL Tech's software business unit to acquire Zeenea for €24 million - CNBC TV18". CNBCTV18. 9 August 2024. Retrieved 11 August 2024.
  34. ^ "HCLSoftware Announces Intent to Acquire Metadata Management Software Provider Zeenea". Actian. Retrieved 12 August 2024.
  35. ^ Ribeiro, John (8 September 2005). "India's HCL to add 600 staff in Northern Ireland". Archived from the original on 17 August 2016.
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  39. ^ "HCL Tech to acquire Liberata Financial Services". Business Standard. 16 July 2008. Archived from the original on 23 September 2015. Retrieved 28 August 2015.
  40. ^ "HCL Tech buys US based Control Point". The Times of India. 25 August 2015. Retrieved 28 August 2015.
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  42. ^ "HCL Tech Division Buys UCS Group's SAP Operations". The Wall Street Journal. 17 July 2009. Archived from the original on 22 February 2016. Retrieved 28 August 2015.
  43. ^ "HCL Tech to buy Volvo's IT business". Business Line. 20 October 2015. Archived from the original on 22 October 2015. Retrieved 20 October 2015.
  44. ^ "HCL acquires privately held Engineering services firm Concept to Silicon". The Economic Times. 19 October 2015. Archived from the original on 20 October 2015. Retrieved 19 October 2015.
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  50. ^ "HCL Tech acquires H&D International for 30 mn euros". The Economic Times. 27 June 2018. Retrieved 27 June 2018.
  51. ^ "HCL Tech to buy Strong-Bridge Envision to boost digital transformation skills". Techcircle. 13 March 2019. Retrieved 11 August 2024.
  52. ^ Agarwal, Surabhi (9 September 2019). "HCL Tech acquires Sankalp Semiconductor for Rs 180 crore". The Economic Times. Retrieved 19 March 2020.
  53. ^ Mathur, Nandita (21 September 2020). "HCL Technologies to acquire Australian IT solutions company DWS". Mint. Retrieved 11 August 2024.
  54. ^ "HCL Technologies acquires Hungary's Starschema for $42.5 million". The Economic Times. Retrieved 1 February 2022.
  55. ^ "HCL Technologies Acquires FinTch Consultanct Confinale AG". Channel E2E. 9 May 2022. Retrieved 19 May 2022.
  56. ^ "HCL Tech to acquire Bengaluru-based Quest Informatics for Rs 15 cr cash". Business Standard. Retrieved 8 July 2024.
  57. ^ Nagasundaram, Dhanya (13 July 2023). "HCL Technologies inks deal with ASAP Group for about ₹2,300 crore". mint. Retrieved 30 May 2024.
  58. ^ "HCL Technologies starts operations in Sri Lanka, to create over 1,500 employment opportunities – ET Telecom". ETTelecom.com. Retrieved 11 July 2020.
  59. ^ "HCL Opens Centre in Estonia". The Economic Times. 3 December 2015. Archived from the original on 2 November 2016. Retrieved 4 December 2015.
  60. ^ "The curious case of HCL Software". Techcircle. 20 January 2021. Retrieved 30 May 2024.
  61. ^ "Vineet Nayar retires from HCL Technologies board". Mint. 27 December 2013. Retrieved 16 July 2024.
  62. ^ "Anant Gupta takes over as HCL Tech CEO". Mint. 17 January 2013. Retrieved 16 July 2024.
  63. ^ "Strategic move for HCL Group to venture into chip testing and packaging: Roshni Nadar on Foxconn JV". Business Today. 17 January 2024. Retrieved 11 July 2024.
  64. ^ "Envisioning IT in Every Home". CIO India. Archived from the original on 15 August 2018. Retrieved 15 August 2018.
  65. ^ "HCL Infosystems to shut PC manufacturing business". Gadgets Now. Times of India. 18 November 2013. Retrieved 11 July 2024.
  66. ^ "HCL enters healthcare business with Rs 1,000 crore". The Times of India. 7 February 2014. Archived from the original on 7 July 2015. Retrieved 28 August 2015.
  67. ^ "HCL launches TalentCare to bridge supply gap in IT, Healthcare, Banking". The Economic Times. 15 May 2015. Retrieved 22 January 2019.
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