Hexaware Technologies
Encyclopedia
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. 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 20 Current employee strength is above 8000 with over 175 clients. 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.
computer education in 1984, which went on to become a noted Indian IT education provider. 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 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.
, 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.
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.
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. 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.
On 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.
In the third quarter of 2008, the company announced plans to reduce staff strength by up to 2300 people or 14.5% by the end of the year through a combination of layoffs and attrition.
During the course of 2010, the company’s headcount increased by 1,115 employees, taking its global headcount to 6,252. The company also announced in Q2,2010 two large wins of $110 million and $ 60 million each.
In 2010,the company has also established a new global delivery center in Bengaluru, India, which is its 7th delivery center across the world.
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
and business process outsourcing
Business process outsourcing
Business process outsourcing is a subset of outsourcing that involves the contracting of the operations and responsibilities of specific business functions to a third-party service provider. Originally, this was associated with manufacturing firms, such as Coca Cola that outsourced large segments...
service provider company based in Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. The company provides software services in airlines, banking and financial services and health care insurance sectors. The company is currently assessed as a CMMI level 5 company and since 2005, NASSCOM
NASSCOM
The National Association of Software and Services Companies of IT software and services related activities for use of both the software developers as well as interested companies overseas....
has ranked Hexaware as India's 11th IT company in list of top 20 Current employee strength is above 8000 with over 175 clients. Company operates from multiple offices in countries like Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, USA, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
, Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
and Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
apart from India. After starting facilities in Chennai
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
, the company started its third development center in Pune
Pune
Pune , is the eighth largest metropolis in India, the second largest in the state of Maharashtra after Mumbai, and the largest city in the Western Ghats. Once the centre of power of the Maratha Empire, it is situated 560 metres above sea level on the Deccan plateau at the confluence of the Mula ...
in 2006. In a separate survey of 2006, it was rated the sixth Best IT Employers from India.
History
Atul Nishar, the founder of Hexaware, started AptechAptech
Aptech Limited is a global retail and corporate training company with headquarters in Mumbai, India. The company commenced its IT training business in 1986 and has trained over 5 million students....
computer education in 1984, which went on to become a noted Indian IT education provider. 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 subsidiary Caliber Point Business Solutions was started with an investment of INR 5 crore
Crore
A crore is a unit in the Indian number system equal to ten million , or 100 lakhs. It is widely used in India, Bangladesh, Nepal, and Pakistan....
Business Process Outsourcing (BPO) operations. Caliber Point
Caliber Point
Caliber Point is an Indian outsourcing company.- History :Caliber Point started off as the BPO division of Hexaware Technologies. It was incorporated as an independent wholly owned subsidiary of Hexaware in August 2004. The primary focus of the company was to service healthcare companies in the US...
mainly focuses on the global healthcare industry with specialty in claims processing services.
Current
In 2005, Hexaware faced problems after PeopleSoftPeopleSoft
PeopleSoft, Inc. was a company that provided Human Resource Management Systems , Financial Management Solutions , Supply Chain and customer relationship management software, as well as software solutions for manufacturing, enterprise performance management, and student administration to large...
, a key client, was acquired by Oracle Corporation
Oracle Corporation
Oracle Corporation is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products – particularly database management systems...
. Hexaware was amongst the top five vendors of PeopleSoft and had set up operations under a Build-Operate-Transfer
Build-Operate-Transfer
Build-own-operate-transfer or build-operate-transfer is a form of project financing, wherein a private entity receives a concession from the private or public sector to finance, design, construct, and operate a facility stated in the concession contract...
(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.
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
Manual testing
Manual testing is the process of manually testing software for defects. It requires a tester to play the role of an end user, and use most of all features of the application to ensure correct behavior...
and automated testing to its clients.
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. 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
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
and almost 24 percent come from Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
. It is one of the few Indian IT companies to have a larger percentage of European revenues.
On June 2008, the company named P. R. Chandrasekar, an ex-Wipro Technologies top brass, as its new Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, Mr Aggarwal as its new CFO.
In the third quarter of 2008, the company announced plans to reduce staff strength by up to 2300 people or 14.5% by the end of the year through a combination of layoffs and attrition.
During the course of 2010, the company’s headcount increased by 1,115 employees, taking its global headcount to 6,252. The company also announced in Q2,2010 two large wins of $110 million and $ 60 million each.
In 2010,the company has also established a new global delivery center in Bengaluru, India, which is its 7th delivery center across the world.