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HCLTech
FormerlyHindustan Computers Limited[1]
Company typePublic
ISININE860A01027
IndustryInformation technology
Consulting
Outsourcing
Founded11 August 1976; 47 years ago (1976-08-11)[2]
FounderShiv Nadar
Headquarters
Noida, Uttar Pradesh
,
India
Area served
Worldwide
Key people
Products
ServicesSoftware[5]
RevenueIncrease ₹111,408 crore (US$13 billion)[6] (2024)
Increase ₹20,967 crore (US$2.5 billion)[6] (2024)
Increase ₹16,565 crore (US$2.0 billion)[6] (2024)
Total assetsIncrease₹99,777 crore (US$12 billion)[6] (2024)
Total equityIncrease ₹68,271 crore (US$8.2 billion)[6] (2024)
OwnerShiv Nadar (60.77%)
Number of employees
227,481 (2024)[3]
ParentHCL Group
Websitewww.hcltech.com
Footnotes / references
[7]

HCL Technologies Limited, doing business as HCLTech,[8] is an Indian multinational information technology (IT) consulting company headquartered in Noida. Founded by Shiv Nadar, it was spun out in 1991 when HCL entered into the software services business. The company has offices in 60 countries and over 225,000 employees.[9]

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.[10][11] 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).[12] HCL Enterprise developed an indigenous microcomputer in 1978,[13] and a RDBMS, networking OS and client-server architecture in 1983.[14] HCL Technologies began as the R&D division of HCL Enterprise.[15]

The company originally was focused on hardware but, via HCL Technologies, software and services became the main focus.[16][17] On 12 November 1991, HCL Technologies was spun off as a separate unit,[18] being incorporated as HCL Overseas Limited, a provider of software and technology development services.[19]

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.[20][21]

In July 1994, the company name was changed to HCL Consulting Limited.[22] On 6 October 1999, the company was renamed 'HCL Technologies Limited' for "a better reflection of its activities."[19]

Between 1991 and 1999, the company expanded its software development capacities to US, European and APAC markets.[19]

IPO and subsequent expansion

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

The company went public on 10 November 1999, with an issue of 142 crore (14.2 million) shares.[23] During 2000, the company set up an offshore development centre in Chennai, India, for KLA-Tencor Corporation.[23]

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).[24] In 2004, HCL bought out the remaining 49% stake in DSL Software, which then became part of HCL's banking technology division.[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 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.[27]

In July 2018, US-based Actian was acquired by HCL and Sumeru Equity Partners for $330 million.[28][29]

In 2019, HCL Technologies acquired products of IBM including AppScan, BigFix, Commerce, Connections, Digital Experience (Portal and Content Manager), Notes/Domino, and Unica.[30]

In 2021, the company reached $10 billion in revenue.[31] In 2022, HCL Technologies rebranded as HCLTech.[8]

In May 2024, HCLTech decided to acquire select assets of Communications Technology Group, a business division of Hewlett Packard Enterprise (HPE), for $225 million.[32]

Acquisitions

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Acquisition date Company Business Country References
29 October 2001 Apollo Contact Centre Business process outsourcing United Kingdom [33]
3 June 2002 Gulf Computers Inc. Application development United States [23]
20 February 2008 Capital Stream Inc. Business process automation United States [34]
16 July 2008 Liberata Financial Service Business process outsourcing United Kingdom [35]
25 August 2008 Control Point Solutions, Inc. Telecommunications service United States [36]
15 December 2008 Axon Group Plc. SAP Consulting United Kingdom [37]
16 July 2009 UCS Group's Enterprise Solutions SAP Practice SAP South Africa [38]
1 April 2016 Part of Volvo IT Information technology Sweden [39]
19 October 2015 Concept to Silicon Systems (C2SiS) Semiconductors India [40]
29 October 2015 PowerObjects CRM Consulting United States [41]
2016 Geometric Ltd PLM & Engineering Services India [42][43]
17 January 2017 Butler America Aerospace Engineering & Design United States [44]
25 April 2017 Urban Fulfillment Services, LLC Business Process Outsourcing United States [45]
5 September 2017 ETL Factory Limited (Datawave) Automation United Kingdom [46]
27 June 2018 H&D International Group IT and engineering services provider Germany [47][48]
9 September 2019 Sankalp Semiconductor Technology design services firm India [49]
14 January 2022 Starschema Data services company Hungary/United States [50]
9 May 2022 Confinale AG digital banking and wealth management consulting specialist Switzerland [51]
9 May 2022 Quest Informatics Industry 4.0 and internet of things India [52]
13 July 2023 ASAP Group Automotive engineering services provider Germany [53]
23 May 2024 HPE CTG Telco solutions United States [32]

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.[54] In Europe, it covers Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Romania,[55] 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.[56] Notable products under HCLSoftware include HCL Notes, AppScan, Connections, Commerce Cloud, Actian, BigFix, Digital Experience, Ingres, Unica, Sametime, and iNotes. HCLSoftware division had revenue of ₹11,109 crore (US$1.3 billion) in fiscal year 2022–23.[9]

Leadership

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HCLTech has had four CEOs since its inception:

  1. Shiv Nadar (1976–2007)
  2. Vineet Nayar (2007–2013)[57]
  3. Anant Gupta (2013–2016)[58]
  4. C Vijayakumar (2016–present)[59]

HCL Group

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HCLTech is the flagship company of the HCL Group.[60] Another HCL Group company, HCL Infosystems, was formed in 1976 to produce calculators.[61] 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.[62]

In February 2014, HCL Group launched HCL Healthcare, which provides corporate health services.[63] HCL TalentCare is the fourth venture of HCL Group, which provided skilling and staffing services.[64]

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. ^ a b "Fast Facts". HCL Technologies. 1 February 2014. Archived from the original on 14 February 2014. Retrieved 1 February 2014.
  4. ^ "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. ^ YK, R. "HCL Technologies announces close of acquisition of select IBM products". livemint.com. Livemint. Retrieved 1 April 2019.
  6. ^ a b c d e "Financial Results FY24 Q4" (PDF). bseindia.com. Retrieved 26 April 2024.
  7. ^ "HCL Technologies Q4 results for 2019". HCL Technologies. 17 April 2019. Retrieved 3 September 2018.
  8. ^ a b "HCL Technologies rebrands itself to HCLTech". The Economic Times.
  9. ^ a b "HCLTech's Annual Report 2022-23". HCLTech. Retrieved 30 May 2024.
  10. ^ 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.
  11. ^ "HCL". 31 August 2015. Founded in 1976 as one of India's original IT garage startups ...
  12. ^ "The amazing story of the birth of HCL". Archived from the original on 27 March 2008.
  13. ^ "About HCL Enterprise". HCL Technologies. Archived from the original on 21 August 2015. Retrieved 28 August 2015.
  14. ^ "Milestones". HCL. Archived from the original on 20 August 2015. Retrieved 28 August 2015.
  15. ^ "Heritage & Legacy". HCL. Archived from the original on 20 August 2015. Retrieved 28 August 2015.
  16. ^ 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.
  17. ^ Simon Sharwood (30 October 2017). "IBM offloads Notes and Domino to India's HCL Technologies". The Register.
  18. ^ "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 .
  19. ^ a b c "Company History – HCL Technologies Ltd". The Economic Times. Archived from the original on 6 September 2015. Retrieved 28 August 2015.
  20. ^ "Economic Times Hindi". 22 March 2012. Archived from the original on 22 March 2012. Retrieved 16 December 2021.
  21. ^ "Dataquest : Focus : Infrastructure Management : Opportunity during Tough Times". 26 July 2010. Archived from the original on 26 July 2010. Retrieved 16 December 2021.
  22. ^ "Company History – HCL Technologies Ltd". The Economic Times. Archived from the original on 14 April 2016. Retrieved 28 August 2015.
  23. ^ a b c "Company History – HCL Technologies Ltd". The Economic Times. Archived from the original on 6 September 2015. Retrieved 28 August 2015.
  24. ^ "HCL Tech forms JV with Deutsche Bank: Reuters". Rediff. 26 September 2001. Retrieved 6 June 2024.
  25. ^ Chandran, Bipin (20 September 2004). "Deutsche Bank to sell 49% DSL Soft stake to HCL". Business Standard. Retrieved 6 June 2024.
  26. ^ "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.
  27. ^ Simon Sharwood (30 October 2017). "IBM offloads Notes and Domino to India's HCL Technologies". The Register.
  28. ^ "HCL Tech, PE firm to buy U.S. data management firm Actian". Reuters. 12 April 2018.
  29. ^ "HCL Tech, Sumeru Equity Partners acquire $330 mn acquisition of Actian corp". Business Standard India. Press Trust of India. 18 July 2018. Retrieved 19 August 2020.
  30. ^ "HCL Technologies Announces close of Acquisition of select IBM products | HCL Technologies". www.hcltech.com. Retrieved 17 July 2019.
  31. ^ "HCL Tech Q3FY21: Revenue reaches $10 billion-mark; FY21 guidance at 2–3%". Business Today. 15 January 2021. Retrieved 23 July 2023.
  32. ^ a b "HCLTech to buy Hewlett Packard's communications tech assets for $225 million". The Economic Times. Retrieved 25 May 2024.
  33. ^ Ribeiro, John (8 September 2005). "India's HCL to add 600 staff in Northern Ireland". Archived from the original on 17 August 2016.
  34. ^ "HCL acquires Capital Stream for $40 million". The Economic Times. 21 February 2008. Retrieved 22 January 2019.
  35. ^ "HCL Tech to acquire Liberata Financial Services". Business Standard. 16 July 2008. Archived from the original on 23 September 2015. Retrieved 28 August 2015.
  36. ^ "HCL Tech buys US based Control Point". The Times of India. 25 August 2015. Retrieved 28 August 2015.
  37. ^ "HCL Technologies Completes Acquisition of AXON Group plc". Bloomberg L.P. 15 December 2008. Archived from the original on 24 September 2015. Retrieved 28 August 2015.
  38. ^ "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.
  39. ^ "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.
  40. ^ "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.
  41. ^ "HCL Technologies Acquires CRM Services Provider PowerObjects | HCL Technologies". www.hcltech.com. Archived from the original on 11 July 2016. Retrieved 22 July 2016.
  42. ^ "HCL Technologies Signs Definitive Agreement to Acquire the Business of Geometric Limited | HCL Technologies". www.hcltech.com. Archived from the original on 10 October 2016.
  43. ^ "HCL Technologies to acquire Geometric". Business Standard India. 2 April 2016. Archived from the original on 20 January 2017. Retrieved 25 January 2017.
  44. ^ "HCL to acquire Butler America Aerospace for $85 million – The Economic Times". The Economic Times. Archived from the original on 1 February 2017. Retrieved 25 January 2017.
  45. ^ Agarwal, Surabhi (25 April 2017). "HCL acquires Urban Fulfillment Services for $30 million". The Economic Times. Retrieved 15 September 2017.
  46. ^ Agarwal, Surabhi (6 September 2017). "HCL acquires UK-based data management platform Datawave". The Economic Times. Archived from the original on 18 September 2017. Retrieved 15 September 2017.
  47. ^ "HCL signs pact to acquire IT firm H&D Group to expand presence in Germany". Business Standard India. Press Trust of India. 27 June 2018. Retrieved 27 June 2018.
  48. ^ "HCL Tech acquires H&D International for 30 mn euros". The Economic Times. 27 June 2018. Retrieved 27 June 2018.
  49. ^ Agarwal, Surabhi (9 September 2019). "HCL Tech acquires Sankalp Semiconductor for Rs 180 crore". The Economic Times. Retrieved 19 March 2020.
  50. ^ "HCL Technologies acquires Hungary's Starschema for $42.5 million". The Economic Times. Retrieved 1 February 2022.
  51. ^ "HCL Technologies Acquires FinTch Consultanct Confinale AG". Channel E2E. 9 May 2022. Retrieved 19 May 2022.
  52. ^ "HCL Tech to acquire Bengaluru-based Quest Informatics for Rs 15 cr cash". Business Standard. Retrieved 8 July 2024.
  53. ^ Nagasundaram, Dhanya (13 July 2023). "HCL Technologies inks deal with ASAP Group for about ₹2,300 crore". mint. Retrieved 30 May 2024.
  54. ^ "HCL Technologies starts operations in Sri Lanka, to create over 1,500 employment opportunities – ET Telecom". ETTelecom.com. Retrieved 11 July 2020.
  55. ^ "HCL Opens Centre in Estonia". The Economic Times. 3 December 2015. Archived from the original on 2 November 2016. Retrieved 4 December 2015.
  56. ^ "The curious case of HCL Software". Techcircle. 20 January 2021. Retrieved 30 May 2024.
  57. ^ "Vineet Nayar retires from HCL Technologies board". Mint. 27 December 2013. Retrieved 16 July 2024.
  58. ^ "Anant Gupta takes over as HCL Tech CEO". Mint. 17 January 2013. Retrieved 16 July 2024.
  59. ^ "HCL Tech CEO Anant Gupta quits, C Vijayakumar to succeed". The Economic Times. 21 October 2016. Retrieved 16 July 2024.
  60. ^ "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.
  61. ^ "Envisioning IT in Every Home". CIO India. Archived from the original on 15 August 2018. Retrieved 15 August 2018.
  62. ^ "HCL Infosystems to shut PC manufacturing business". Gadgets Now. Times of India. 18 November 2013. Retrieved 11 July 2024.
  63. ^ "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.
  64. ^ "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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