Saksoft Ltd Company Summary

Saksoft Ltd Summary

Saksoft Ltd was incorporated on November 24, 1999 with the name Sak Infotech Ltd. In September, 2002, the company changed their name from Sak Infotech Ltd to Saksoft Ltd. The Company is a leading provider of Information Management Solutions to successful companies around the world. The company is a mid-sized Information technology Company and provides end-to-end business solutions that leverage technology and enables their clients to enhance business performance. They also provide the entire gamut of software solutions including consulting, design, development, re-engineering, systems integration, implementation and testing. The company was established with the objective of providing IT solutions for business problems in the banking, financial and insurance sectors. They started their operations in April 2000 in Chennai by establishing a development center.In August 2000, the company started their Singapore Subsidiary, namely Sak Software Pte to manage operations in Singapore and Asia Pacific. In January 2001, the company acquired the business and assets of Synertech Inc., based at Boulder, USA and renamed it as Saksoft, Inc. In June 2001, they opened a branch office in London to manage business from the U K market.In September 2002, the company acquired the business assets of NeemTree Technologies Pvt Ltd, Chennai along with all personnel associated with the business. In January 2003, the company established a subsidiary in Germany. In May 2004, the company established their second development center at NOIDA with the objective of taking advantage of the relatively easier availability of trained personnel in NOIDA and also to provide a continuity of business plan for the companys major customers from a second location.During the year 2007-08, the company transitioned from a single vertical focused player to become an information management specialist IT company across verticals. They integrated the business operations of Acuma group of Companies with Saksoft. They added 19 new clients and has 36 active clients during the year. In January 25, 2007, the company incorporated Saksoft Pty Ltd, Australia as a wholly owned subsidiary company.During the year 2008-09, the company launched their next version of Dedupe Solution a de-duplication software designed specifically to suit the requirements of high customer data intensive sectors such as banks, insurance, telecom, credit bureaus and airlines. Also, they closed down their Australian subsidiary Saksoft Pty Ltd with effect from June 9, 2009 in order to concentrate on Asia pacific markets through their subsidiary located at Singapore.During the year 2009-10, the company launched their flagship product PRIMA, a Pan Banking Customer Loyalty Management System focusing on BFSI segment. They successfully developed new potentially growth opportunities in the areas of enterprise solutions wherein they seeks leverage strong domain expertise to offer support to their customers by putting processes and services in place and has won a major project with one of the leading bank in India towards implementation of enterprise solution Dedupe developed by the company.In April 20, 2010, the company incorporated a wholly owned subsidiary Saksoft HK Ltd in Hong Kong with a view of creating an expansion in the business opportunities for the company on Asia Pacific markets.In April 2011, the company launched their Third-Party Application Development & Integration Services and Solutions in the digital space in North America. In June 2011, the company and SOFGEN India Pvt Ltd set up a 50/50 joint venture called SOFGEN Testing Services Pvt. Ltd, which will offer software testing services in the T-24 core banking space.In July 2011, Company announced the acquisition of Synetairos Technologies Limited, which is in the business of providing specialized staff augmentation services to clients in the field of technology and financial services space. In December 2012, through Wholly Owned Subsidiary in United States, the Company acquired 100% stake in Electronic Data Professionals (EDP), an US based Business Intelligence and Information Management consulting company. In 2013-14, M/s.Synetairos Technologies Limited, a wholly owned subsidiary of the Company got merged with the Company effective from 1st April 2013. In addition, a wholly owned subsidiary was incorporated in the country of France in the name and style of Saksoft FR SARL on 11th April 2014. The name of wholly owned subsidiary in United Kingdom M/s.Saksoft Investments Private Limited, UK was changed to M/s.Saksoft Soluti ons Limited with effect from 10th April 2014.In 2014-15, the Company acquired 51% of the share capital of M/s. ThreeSixty Logica Testing Services Private Limited, a Testing services company based out of Delhi. In 2015-16, it launched Convergence, a step forward in their digital partnership journey.In 2016-17, it acquired Bengaluru-based company, DreamOrbit Softech Private Limited in December 2016, with the Saksoft Group. It acquired 100% shares in Threesixty Logica Testing Services Private Limited making it a wholly owned -subsidiary of the Company in 2017-18.In 2017-18, Saksoft Inc. acquired California based startup Faichi Solutions LLC., Pursuant to the above acquisition by Saksoft Inc., Faichi Solutions LLC., became a Step Down Subsidiary of the Company.The Company in 2019-20, emerged as a digital transformation partner for Aegon Life Insurance Company. In 2021, it launched domain-specific technology solutions. In 2022-23, the Company acquired MC Consulting Pte. in Singapore. It acquired Terafast Networks Private Limited in Chennai in October, 2022.