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Cyient
FormerlyInfotech Enterprises Limited
Company typePublic
ISININE136B01020
IndustryConglomerate
Founded1991; 33 years ago (1991)
FounderB. V. R. Mohan Reddy
HeadquartersHyderabad, India
Area served
Worldwide
RevenueIncrease ₹6,097 crore (US$760 million) (FY23)[1]
Decrease ₹514 crore (US$64 million) (FY23)[1]
Number of employees
100,000+ (2018)
Websitewww.cyient.com

Cyient (formerly Infotech Enterprises Limited) is a Global multinational technology company that is focused on engineering, manufacturing, data analytics, networks and operations. Infotech Enterprises Ltd. was established in 1991 in Hyderabad.[2] Infotech Enterprises was re-branded as Cyient in 2014 and was featured among the top 30 outsourcing companies in the world in 2018.[3]

History

Cyient was established as Infotech Enterprises Ltd. in 1991 in Hyderabad[2] by B. V. R. Mohan Reddy. In 1995, the company received its first ISO 9002 certification from BVQi London for its conversion services. Infotech Enterprises started its operations as a private limited to provide engineering service to global markets. It encountered a strong resistance to the very concept of engineering outsourcing, but found immediate opportunity in the GIS arena.[4] Cyient became a public limited company in 1997, had an IPO of equity shares at ₹ 20/- per share and listed in all major stock exchanges in India.[citation needed] Around 1999, it signed a breakthrough contract to provide GIS conversion and consultation mapping services worth US$5.5 million to US based Analytical Surveys, Inc. Within the same year, the company acquired Cartographic Sciences from Analytical Surveys, Inc. In June 1999, the company acquired Dataview Solutions Limited, a UK based GIS Software Company.[5][6] The company continued to pursue engineering services, and finally got a major breakthrough with a leading aircraft engine manufacturer in the year 2000 for engineering services.[7]

In 2000, Cyient announced the acquisition of a German company, Advanced Graphics Software GmbH (AGS), a mechanical engineering software and services company specialising in 3D CAD/CAM.[citation needed] In 2002, Infotech announced a strategic business relationship with the Pratt & Whitney division of United Technologies Corporation, a Fortune 100 company. Pratt & Whitney were to participate with up to ~18% equity stake in Infotech, demonstrating long-term partnering intent and endorsing Infotech's business competence.[citation needed] In 2005, Infotech acquired Tele Atlas India Pvt Ltd. Tele Atlas parent company joined as a strategic partner with preferential allotment of shares.[8] Cyient's founder, B V R Mohan Reddy, was elected Chairman of the Confederation of Indian Industry (CII) Southern Region in 2008.[citation needed] On January 15, 2010, Daxcon was acquired by Infotech Enterprises America, Inc; a wholly owned subsidiary of Infotech Enterprises Limited, India.[citation needed] In March 2013, Cyient became public with its own initial public offering (IPO).[9][10]

Infotech Enterprises Limited[11] adopted the Cyient name in 2014.[2] On May 7, 2014, Cyient Limited, formerly known as Infotech Enterprises Limited, officially announced its new name based on approval from a shareholders' vote. The process of determining the new identity, bearing connotations to the words client and science, while Cyient referencing Infotech Enterprises, involved various brand specialists, and the new name was tested in 17 languages.[11][12][13] After changing its name, Cyient relocated its US headquarters in Connecticut to a new building.[2] Infotech Enterprises acquired Softential, Inc in 2014,[14] Cyient also acquired Invati Insights in 2014, with the new entity named Cyient Insights.[11][15] In 2015, Cyient acquired Pratt & Whitney Global Services Engineering Asia[2] and Rangsons Electronics.[11][16] On February 8, 2017, Cyient Inc. agreed to acquire Certon Software Inc.[17] On April 25, 2022, Cyient announced to acquire the Finnish plant and product engineering services company Citec.[18] Shortly after, on June 6, 2022, Cyient also announced the acquisition of Portuguese wireless engineering services company Celfinet.[19]

In 2023, Cyient Limited recorded a rise in their net profit to 1.63 billion Indian rupees in their fiscal fourth quarter.[20]

Facilities and staff

U.S. Ambassador to India Nancy Powell and Deputy Secretary of Defense Ashton B. Carter are welcomed to Cyient by Mohan Reddy, chairman and managing director, and U.S. Consul General Katherine Dhanani; Hyderabad, July 2012.

Founded in Hyderabad, India,[2] by February 2017 Cyient had around 14,000 employees in 21 countries in Asia, Europe, and North America.[2]

In 2015, Cyient acquired a 74% stake in Rangsons Electronics, a Mysore, India systems integrator (in the manufacturing sense) and small series manufacturing firm.The Rangsons division has been renamed to Cyient DLM.[21]

In January 2017, Cyient opened facilities at the Incubation Centre of the Telangana State Industrial Infrastructure Corporation in Warangal, also began to build a 70,000 square feet Technology Development Centre at Madikonda Special Economic Zone in Warangal.[22][23] In February 2017, Cyient and ANSYS agreed to "set up a simulation lab at Cyient’s Experience Centre in Hyderabad." The Cyient-ANSYS Simulation Lab is to be able in particular to develop proof-of-concepts (POC) for Cyient and its clients.[24]

With its United States headquarters in the state of Connecticut,[2] in return for a pledge to add 85 jobs to the state, in February 2017, Cyient Inc. in East Hartford received a $500,000 loan from the state Department of Economic and Community Development for new machinery and equipment. At the time, Cyient was a supplier to Connecticut engine builders and employed 456 full-time workers in Connecticut.[2]

Products

Cyient Limited as of 2014 provides "software-enabled engineering & geographic information system (GIS) services."[17]

See also

References

  1. ^ a b "Cyient Ltd consolidated Q4FY23 PAT up at Rs. 163.2 crores". EquityBulls. 20 April 2023. Retrieved 2 June 2023.
  2. ^ a b c d e f g h i Seay, Gregory (2 February 2017). "With CT's $500K, Cyient to expand, add jobs". Hartford Business. Hartford, Connecticut. Archived from the original on 8 May 2019. Retrieved 28 February 2017.
  3. ^ The 2014 Global Outsourcing 100, IAOP, 2014, retrieved 27 February 2017
  4. ^ Company History, hdfcsec.com, archived from the original on 4 March 2014, retrieved 28 February 2017
  5. ^ "Infotech Enterprises Stock Price and Quotes - Infotech Enterprises Company Profile". Archived from the original on 20 December 2011. Retrieved 20 January 2012.
  6. ^ SEI Partner Network | Infotech Enterprises America, Inc
  7. ^ "Infotech Enterprises Receive Honors From Indo-German Chamber Of Commerce | Top News". Archived from the original on 5 July 2011. Retrieved 25 January 2012.
  8. ^ "Infotech Enterprises inks multi-year pact with Tele Atlas - Stock Watch". www.stockwatch.in.
  9. ^ Infotech AR 2011.pmd
  10. ^ "Cyient". moneycontrol.com. Archived from the original on 22 January 2012. Retrieved 19 January 2012.
  11. ^ a b c d "Infotech Enterprises rebranded as Cyient". 7 May 2014.
  12. ^ Infotech Enterprises To Change Name As Cyient - HYDERABAD, India, 27 March 2014 /PRNewswire/
  13. ^ "Infotech to Become Cyient Ltd". The Hindu Business Line. India. 2014. Retrieved 28 February 2017.[dead link]
  14. ^ Infotech Enterprises Limited (7 March 2014). "Infotech Enterprises to Acquire Softential, Inc.; Strengthens Service Offerings for Telecom and" (Press release).
  15. ^ "Cyient Ltd buys data sciences start-up Invati Insights". The Economic Times. 21 August 2014. Archived from the original on 19 April 2015. Retrieved 28 February 2017.
  16. ^ Press Trust of India (2 January 2015). "Cyient acquires 74% stake in Rangsons Electronics". Business Standard India.
  17. ^ a b "Cyient enters a definitive agreement to acquire 100% equity in Certon Software Inc". IIFL. New York City. 9 February 2017. Retrieved 27 February 2017.
  18. ^ "Cyient clinches its largest deal with acquisition of Finnish player Citec for 94 million euro | India Business News - Times of India". The Times of India. 25 April 2022. Retrieved 26 April 2022.
  19. ^ "Cyient to Acquire Portugal-Based Celfinet to Strengthen its Wireless Communications Offerings | Cyient". Cyient.com. 6 June 2022. Retrieved 14 September 2023.
  20. ^ MarketScreener. "Cyient Posts Rise in Fiscal Q4 Consolidated Net Profit | MarketScreener". www.marketscreener.com. Retrieved 26 April 2023.
  21. ^ "Cyient acquires Rangsons Electronics for Rs 360 crore". The Times of India. 3 January 2015. ISSN 0971-8257. Retrieved 21 July 2023.
  22. ^ "Cyient starts operations at Warangal facility". The Hindu. India. 22 January 2017. Retrieved 28 February 2017.
  23. ^ "IT Incubation Centre Inaugurated in Warangal". Business Standard.
  24. ^ "Cyient, ANSYS ink MoU". The Hindu. India. 23 February 2017. Retrieved 28 February 2017.

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