3i Infotech Ltd

3i Infotech Limited is a Global Information Technology Company committed to Empowering Business Transformation. The business activities of the Company are broadly divided into two categories, viz. IT Solutions and Transaction Services. The IT Solutions business comprises of Cloud Computing, ApplicationAutomationAnalytics (AAA), Platform Solutions (BPaaS, KPaaS, GRC), Infrastructure Management Services, Application Software Development, Digital Transformation Consulting and NextGen Business services (5G, SASE, Edge Computing, Cognitive Computing, IIoT, Cyber Security Services, etc.) while Transaction Processing Services comprise of BPS and KPO services covering management of back office operations. The Company has sold its software products business on March 31, 2022, while it continues to operate its services business.The Company is one of the top four Indian software products companies. The Companys solution and services include Managed IT Services, Application Software Development Maintenance, Payment solutions, Business Intelligence, Document Imaging Digitization, IT consulting and various Transaction Processing services. Their Global Delivery Model provides for the best resources to be drawn from their vast talent pool across the globe to offer optimal solutions.3i Infotech Ltd was incorporated in the year 1993 with the name ICICI Investors Services Ltd. The Company was established with the principal mandate of servicing the ICICI Investor family by providing high quality service to shareholders, bond holder and other depositors. The company was promoted by the ICICI Bank for their back office work but now they have become a global technology company.In March 1999, the company changed their name from ICICI Investors Services Ltd to ICICI Infotech Services Ltd and in March 9, 2002 they further changed their name to ICICI Infotech Ltd. During the same year, the company incorporated a subsidiary company in Australia named ICICI Infotech Pty Ltd for extending their business activities in Australia and New Zealand. Also in the same year, they acquired the businesses of INSYST Technologies (MEA) BVI Ltd, Dubai and INSYST Businesses Technologies Ltd, India.In January 20, 2005, the company got their present name 3i Infotech Ltd. In the same year, the company formed a joint venture company named, Semantik Solutions GmbH with Fraunhofer ISST, Germany, to develop and market a contextbased search engine on Semantic Technology.In the year 2007, the company acquired Datacons Pvt Ltd which is a software products company for the Mutual Fund Sector, Stex Software Pvt Ltd, Delta Services (India) Pvt Ltd and eenable Technologies Pvt Ltd. They also acquired Rhyme Systems Holdings Ltd (Rhyme), a UK based asset management and brokerage solutions company. During the year 200708, the company incorporated various wholly owned subsidiaries which include, 3i Infotech Consultancy Services Ltd for doing software and IT service business, 3i Infotech Insurance Reinsurance Brokers Ltd for taking up the activities of Insurance and Reinsurance Broking, as well as related software and solutions activities. They also incorporated 3i Infotech (Middle East) FZ LLC in Dubai, 3i Infotech (Australia) Pty Ltd in Australia and 3i Infotech (Bangladesh) Services Pvt Ltd in Bangladesh for representing the company in those regions and cater to the clients in that geography. During the year, SDG Software Technologies Ltd and Datacons Private Ltd merged with the company. In USA, the company acquired 51 % stake in Professional Access, 100% stake in Lantern System Inc, ePower Inc, Objectsoft Group and Objectsoft Global Services and JB Software Inc. Also, they acquired 100% stake in Accounting Framework Ltd and Exact Technical Services Ltd in UK.In India, the company acquired 100% stake in KNM Services Pvt Ltd, 50.5% in Aok Inhouse BPO Services Ltd and Aok Inhouse Factoring Services Pvt Ltd, 51% in HCCA Business Services Pvt Ltd, 26% stake in Taxsmile.com India Pvt Ltd and 59.5% in Linear Financial Management Systems Pvt Ltd. Also, the company acquired Transworks Kazakhstan LLC in Kazakhstan, for expanding theirs market share in Russia and CIS countries. The companys subsidiary Delta Services (India) Pvt Ltd acquired 70% stake in Manipal Informatics Pvt Ltd.During the year 200809, the company incorporated various wholly owned entities in India and abroad, which include 3i Infotech Consumer Services Ltd for doing business related to Business to Customers (B2C) services associated with Information Technology. The company also incorporated 3i Infotech Consulting Services SDN BHD in Malaysia and Regulus Holdings Inc in USA.In USA, the company acquired 100% stake in Regulus Group LLC and their group companies (Regulus) through 3i Infotech Financial Software Inc, a subsidiary company. In India, the company acquired 51% stake in FinEng Solutions Pvt Ltd and 26% in Locuz Enterprise Solutions Ltd.During the year, the company launched a country wide retail initiative named ISERV, under which they provide a comprehensive range of value added services to their consumers in India. Also, the companys wholly owned subsidiary, 3i Infotech Consumer Services Ltd launched eMudhra, an initiative to provide Digital Signatures and empower Indian consumers to use technology beyond basic services.During the year, the company entered into a joint venture agreement with Yucheng Technologies Ltd, a leading provider of IT solutions and services to Chinese banks and financial services companies. Accordingly, Elegon Infotech Ltd was set up in China for providing products and services to Banking, Financial Services and Insurance (BFSI) entities in China. Also, the company completed the merger of Objectsoft Global Services Inc with Objectsoft Group Inc in USA. In January 2009, the company formed strategic partnerships with ICICI Lombard, Bharti Airtel Limited and Max New York Life for offering a comprehensive range of services to rural consumers under the ISERV brand. In March 2009, they launched their office in Riyadh, the capital of Saudi Arabia. In July 2009, the company increased their stake to 51% in Taxsmile.com India Pvt Ltd, 60% in FinEng Solutions Pvt Ltd, 100% in Aok Inhouse BPO Services Ltd and 100% in Services Pvt Ltd. In November 2009, Xcellink International Inc executed an agreement with the company for the development and integration of their patented software with Apples iPhone technology. In December 2009, the company acquired a further 49% stake in Taxsmile.com India Pvt Ltd thereby making Taxsmile.com a 100% subsidiary and also a further 25% stake in Locuz Enterprise Solutions Ltd, taking the companys stake to 51%.During 201011, the Company initiated several mergers. Accordingly, 3i Infotech Consulting Inc., Lantern Systems Inc., Objectsoft Group Inc., ePower Inc., US subsidiaries of the Company were merged with 3i Infotech Inc. Indian subsidiaries merged were Stex Software Private Limited, KNM Services Private Limited and Eenable Technologies Private Limited with 3i Infotech Limited. Further, Delta Services (India) Private Limited and Manipal Informatics Private Limited merged with 3i Infotech Consultancy Services Limited. Indian subsidiaries for whom merger procedure was initiated are Fineng Solutions Private Limited with 3i Infotech Limited, JB Software India Private Limited with 3i Infotech Limited and AOK In House Factoring Services Private Limited and AOK In House BPO Services Limited with 3i Infotech BPO Limited.In 201011, the Company divested its entire stake in eMudhra Consumer Services Limited (formerly known as 3i Infotech Consumer Services Limited) to Indus Innovest Holdings Private Limited. As a result of divestment, Antariksh Interactives Private Limited, Access Matrix Technologies Private Limited and Taxsmile.com India Private Limited ceased to be the subsidiaries of Company as they were wholly owned subsidiaries of eMudhra Consumer Services Limited. During the year 201011, the entire stake in 3i Infotech Insurance and Reinsurance Brokers Limited was divested to Aretha Advisors Private Limited.The Company raised its stake, on its own or through its subsidiaries, in some of the subsidiary companies. It acquired further 40% stake in Fineng Solutions Private Limited (a software product company in the financial services vertical) effective from June 10, 2010 thereby making it a wholly owned subsidiary of the Company and further 23% stake in Locuz Enterprise Solutions Limited (a System Integrator and IT infrastructure solutions and services specialist) effective from October 13, 2010. As a result, Companys stake in Locuz increased to 74%. In case of Joint Venture in Nigeria, the Company acquired 47.5% stake in Process Central Limited, through 3i Infotech (Middle East) FZ LLC, one of the subsidiaries of the Company. On March 24, 2011, Regulus BPO Limited was incorporated by the Company as its wholly owned indirect subsidiary.The name of Exact Technical Services Limited (one of the subsidiaries of the Company) was changed to 3i Infotech (FlagshipUK) Limited effective from April 13, 2010 and name of Datacons Asia Pacific SDN BHD was changed to 3i Infotech Services SDN BHD effective from August 5, 2010.During FY 201112, Fineng Solutions Private Limited and JB Software India Private Limited, two of the Indian subsidiaries of Company were merged with the Company. Further, aok inhouse Factoring Services Private Limited and aok inhouse BPO Services Limited were merged with 3i Infotech BPO Limited, a wholly owned subsidiary of the Company. The Company divested its entire stake in Regulus Group and JB Software Inc. to an affiliate of Cerberus Capital Management, L.P, a private investment firm. As a result of this divestment, Regulus Group LLC, Regulus Integrated Solutions LLC, Regulus West LLC, Regulus Tristate LLC, Regulus America LLC, Regulus Holdings Inc., Regulus Group II LLC and JB Software Inc. have ceased to be the subsidiaries of Company. The entire stake in HCCA Business Services Private Limited was divested to Hinduja Global Solutions Limited. As a result of the aforesaid steps of mergers, amalgamations and divestment taken by the Company, the number of subsidiaries were reduced to 29 from 43 at the beginning of the year.3i Infotech (South Africa) Pty Ltd was incorporated on November 28, 2013 to expand business in African region. In August 2014, Professional Access Limited (US) was hived off along with the entire business of Professional Access Software Development Private Limited (India) to Zensar Technologies Limited (including its affiliates). 3i Infotech (Western Europe) Limited and 3i Infotech (Flagship UK) Limited were sold to Objectway UK Limited in Dec 2014. On July 29, 2014, Locuz Inc. was incorporated as a step down subsidiary to tap business opportunities in the U.S. region. Later, in February 2015, the name of one of the Companys stepdown subsidiaries, 3i Infotech Outsourcing Services Limited was changed to IFRS Cloud Solutions Limited.In November 2015, 3i Infotech Trusteeship Services Limited was divested to UTPL Corporate Trustees Private Limited. In February 2016, 3i Infotech Framework Limited was sold to Framework Luxembourg SARL. 3i Infotech Financial Software Inc, a US based stepdown subsidiary of the Company was merged with 3i Infotech Inc, another US based stepdown subsidiary of the Company effective December 31, 2017. 3i Infotech Software Solutions LLC was incorporated as a stepdown subsidiary on May 15, 2018 to tap business opportunities in Dubai Mainland, UAE. The name of BlackBarret Holdings Limited, one of the subsidiaries of the Company was changed to 3i Infotech (Cyprus) Limited effective November 15, 2018. A stepdown subsidiary by the name of 3i Infotech Nigeria Limited was incorporated on June 19, 2019 in the Federal Republic of Nigeria. Further, on July 11, 2019, a stepdown subsidiary by the name of 3i Infotech Netherlands B. V. was incorporated in Netherlands. On November 26, 2019, a whollyowned stepdown subsidiary was incorporated in the Province of British Columbia, Canada by the name of 3i Infotech (Canada) Inc. On November 1, 2019, the Companys entire stake (74%) held in one of its material subsidiaries i.e. Locuz Enterprise Solutions Limited has been divested. Accordingly, effective this date, Locuz Enterprise Solutions Limited and its whollyowned subsidiary based in US, Locuz Inc. cease to be subsidiaries of the Company.During the financial year 202021, the Company and its subsidiaries in USA, UK, Kenya, UAE, Malaysia, Thailand and Saudi Arabia entered into business transfer agreements on December 28, 2020 (BTA) with Azentio Software Private Limited (and its affiliates) towards slump sale of the global software products business of the Company and its subsidiaries on a going concern basis to Azentio. The Companys software products business, consisting of the business, intellectual property and employees interalia in India, USA, UK, Kenya, UAE, Malaysia, Singapore, Thailand and Saudi Arabia, was transferred under the BTA.On February 17, 2022, a wholly owned stepdown subsidiary of the Company was incorporated in Malaysia by the name of NuRe Digital Sdn Bhd.