Accel Ltd Company Summary

Accel Ltd Summary

Accel Limited was originally established as Transmatic Systems Ltd in 1986 by two entrepreneurs from Kerala, M R Narayanan and T Ravindran, with equity participation from Kerala State Industrial Development Corporation, and IDBI. The name of the Company was changed from Transmatic Systems Limited to Accel Transmatic Limited on March 12, 2004 and again from Accel Transmatic Limited to Accel Limited effective on August 14, 2018. The company was promoted to develop and manufacture professional electronic products and communication systems in the state of Kerala, India. The Company is a leading provider of IT Infrastructure Management Services. The portfolio of services includes end - to - end life cycle support for new generation IT infrastructure, Warranty fulfillment services, Managed Print services and Cyber security services. The Company also has a Realty Division focusing on providing ready-to-use plug and play IT space, in their own built-up space in KINFRA SEZ, Trivandrum. The Company is engaged in the business of IT Service, Animation, Engineering, Real Estate and Academic Business. It focused on two core businesses: Embedded Software and Animation, which operated through Ushus Technologies and Accel Animation Studios.In 1991 TDICI , the venture capital arm of ICICI provided funding for expansion/diversification to manufacture High Speed Dot matrix printers in collaboration with OutPut Technology Corporation (OTC) of USA.In 1994 the company had its IPO, the issue was oversubscribed and the company got listed in the Mumbai, Chennai, Cochin Stock Exchanges. Over the years the company developed a strong product portfolio and marketing infrastructure and established as a leading manufacturer and solution provider in the IT industry.In 2002, the company wanted to diversify into software and technologies space by merging with other technology companies. It approached Accel Limited, an established IT business group based in Chennai for a possible acquisition of the company. Accel Limited acquired the shares held by one of the promoters of the company and the acquisition was completed by August 2003 and thus the company became an Accel Group Company. Accels management decided to create a new diversified portfolio for Transmatic Systems by merging two of the group entities namely, Accel Software and Technologies and Accel IT Academy. It was also decided to acquire an embedded software development company based in Technopark, Thiruvananthapuram, namely Ushus Technologies Pvt Ltd (UTPL) into TSL through the merger process, since they were complimentary to the business of TSL. Accordingly a merged entity had been formed effective from 01-01-2004 by the name, Accel Transmatic Ltd (ATL). The legal completion of the merger was completed on 9th February, 2005.In 2006, Accel Transmatic Limited ventured into Animation. A new division was created known as Accel Animation Studios.In 2007, the training division was formed into a new company called Accel Academy Limited, which was 100% subsidiary of Accel Transmatic Limited.In 2008, Accel Limited acquired 51% stake in Accel Academy Limited via cash. The realisation was used to establish infrastructure for the newly created Animation Division of Accel Transmatic Limted. The company strengthened its overseas operations by creating a 100% subsidiary - Accel North America Inc.In 2009, the Systems and Services business was hived off to Accel Frontline Services Limited to synergise operations.In 2010, the balance 49% stake in Accel Academy was sold to Accel Limited to focus on core business operations.The Company completed development of its second intellectual property Raju the Rickshaw, a pre-school TV series of 78 episodes in 2010-11. It completed the visual effects for a 3D family adventure film, The Flying Machine being produced by Oscar winning producer Hugh Welchman of Breakthru Films, UK.During the year 2011-12, the Company sold its Technology Services Division effective from 15.08.2011 to M/s Accel Frontline Limited for a consideration of Rs. 19.97 Crores. Along with Big Animation, the Company completed the first phase of an Indian animation property, Shaktimaan in 2D for broadcasting , which consists of 13 episodes of 23 minutes each.In 2013-14, the Company completed ed the pilot for a new project finalized to produce 6.5 hours of content in 3 D stereo for a domestic customer. In 2015-16, it started the Engineering Services Division in Chennai for contract manufacturing of electronic products. The Company embarked on a diversification into Electronics Manufacturing Services (EMS) business with production of professional electronic equipments for OEM in 2015-16.In 2017-18, Accel Transmatic Limited got merged with the Company through the Scheme of Amalgamation effective on March 5, 2018. In terms of the said Scheme, The face value of the equity share of Accel Transmatic Limited was reduced from Rs.10 per share to Rs. 2 per share and the Company issued 54,07,401 shares of Rs 2/- each. 16 equity shares at par of the Company having face value of Rs.2/- per share fully paid up for every 1 (One) Equity shares of the face value of Rs.10/- per share fully paid up held by the members of Accel Transmatic Limited and the total number of shares so issued stood at 5,16,00,000 shares of Rs.2/- each. Resulting the amalgamation, the name of the Company was changed from Accel Transmatic Limited to Accel Limited.In 2017-18, Company set up a subsidiary company by name Accel Media Ventures to pursue Visual Effects (VFX) business for the movie industry. The Company acquired an IT Service Company in March 2020, M/s. Computer Factory (India) Private Limited. In July 2020, the Company acquired Ensure Support Services (India) Limited for a consideration of Rs. 31 Crores through the Share Purchase Agreement, thereby, making it the wholly owned subsidiary of the Company.The Realty Division in 2021-22, completed the first SEZ building and got necessary approvals for occupancy for accepting tenants in the world class building.The merger of two wholly owned subsidiary companies, namely, M/s. Accel IT Services Limited [formerly known as Ensure Support Services (India) Limited] and M/s. Computer Factory (India) Private Limited with the Company effective on 07th March, 2023. Similarly, the merger of M/s. Accel Media Ventures Limited and M/s. Accel OEM Appliances Limited with the Company was made effective from April 1, 2023.