Home  »  Company  »  Saksoft Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Saksoft Ltd. Company History and Annual Growth Details

History and Background:

Saksoft Limited was incorporated on November 24, 1999 as 'Sak Infotech
Ltd.' under the Companies Act, 1956 and obtained certificate of
commencement of business on 17th January 2000. The name was changed to
Saksoft Limited on September 30, 2002 and fresh certificate of
Incorporation was received consequent to the change in name.

The Registered Office of the Company, was transferred from NCT of New
Delhi to Chennai, Tamil Nadu, on October 11, 2004, vide a fresh
certificate of registration from the Order of the Company Law Board
under Section 16(3) of the Companies Act, 1956, and is situated at 'Sri
Ram Nivas', 38, V.K. Iyer Road, Mandaveli, Chennai - 600 028. The
corporate office and the whole time directors are based in Chennai and
hence for operational convenience the registered office has been
changed from Delhi to Chennai.

The company was promoted with the objective of providing IT solutions
for business problems in the banking, financial and insurance sectors.
The company has its corporate office and main development center at
Chennai ('Sri Ram Nivas', #38 V K Iyer Road, Mandaveli, Chennai 600028,
India).

The deployment of the internal accruals is as below:

Sr.No. Investment Description Amount (Rs. Lakhs)

1. HDFC Cash Management Fund 72.91
2. Deutsche Insta Cash Plus - Daily Dividend 104.11
3. FT India Monthly Income Plan 96.99
4. Templeton MIP - Half-yearly Dividend 98.65
5. Grindlays Floating Rate Fund 100.05
6. Cash & Bank balances 282.67
TOTAL 755.38

2. Incase of shortfall in issue proceeds, the same will be met out of
internal accruals. Pending any use of the net proceeds of the IPO, the
company will invest the funds in high quality, interest bearing liquid
instruments including deposits with banks.

History and Background:

Saksoft Limited was incorporated on November 24, 1999 as 'Sak Infotech
Ltd.' under the Companies Act, 1956 and obtained certificate of
commencement of business on 17th January 2000. The name was changed to
Saksoft Limited on September 30, 2002 and fresh certificate of
Incorporation was received consequent to the change in name.

The Registered Office of the Company, was transferred from NCT of New
Delhi to Chennai, Tamil Nadu, on October 11, 2004, vide a fresh
certificate of registration from the Order of the Company Law Board
under Section 16(3) of the Companies Act, 1956, and is situated at 'Sri
Ram Nivas', 38, V.K. Iyer Road, Mandaveli, Chennai - 600 028. The
corporate office and the whole time directors are based in Chennai and
hence for operational convenience the registered office has been
changed from Delhi to Chennai.

The company was promoted with the objective of providing IT solutions
for business problems in the banking, financial and insurance sectors.
The company has its corporate office and main development center at
Chennai ('Sri Ram Nivas', #38 VK Iyer Road, Mandaveli, Chennai 600028,
India).

Though there are several software vendors, some of whom provide IT
services to the banking industry, the company felt that a focus on
domain knowledge and understanding business problems was lacking. Most
software vendors were focused on IT solutions from the technology
perspective. The company planned to set up a group of people with
banking operations knowledge who would guide and help the technical
team to build IT solutions for business problems from an end user
perspective. This group of people would comprise the 'Business
Consulting Group' or BCG and this was considered a differentiator in
the market. The company set its vision to be a significant player in
the financial services IT outsourcing market with a portfolio of
services, tools and products.

The company took on lease rental a space of 16000 sq.ft across 3 floors
in Sri Ram Nivas, 38 V.K Iyer Rd., Mandaveli, Chennai 600028. It began
operations in April 2000 by building the complete interiors on the 3rd
floor (6000 sq.ft.). In the year 2001 it built interiors for the 2nd
floor and partly for the mezzanine floor. By the year 2004, the entire
space plus additionally lease rented space (2000 sq.ft) in the same
premises were completely furnished.

The company established its second development center at NOIDA in March
2004. The NOIDA software development center, located at B 35-36, sector
80, Phase 2, NOIDA 201305 (U.P.) was taken on lease in January 2004.
The floor area of the building taken on lease is 33,000 sq. ft.
comprising ground floor and two upper floors of which the ground floor
of 11,000 sq. ft. area was furnished in March 2004. The objective of
establishing a second development center in NOIDA was to take advantage
of the relatively easier availability of trained personnel in NOIDA and
also to provide a continuity of business plan for the company's major
customers from a second location. The NOIDA facility will provide the
company with the necessary contiguous space to grow its manpower and
infrastructure in the coming years.

The lease details are as below:

Landlord name and address Leased space Lease Lease
in sq.ft Rental Deposit
Chennai Noida Rs. Per
sq.ft.

Alamelu Subramaniam 12100 15.60 10 months'
22,3rd Seaward Road Rent
Valmiki Nagar, Chennai 41
S.Venkataraman 4014 15.60 10 months'
22, 3rd Seaward Road Rent
Valmiki Nagar,
Chennai 41
Sakserve Pvt Ltd 2388 15.00 10 months'
38, VK Iyer Road Rent
Mandaveli,
Chennai 600028*
Sak Industries Ltd 33000 10.00 Nil
Chandiwala Estate,
Maa Anand Mai Marg
Kalkaji,
New Delhi 110019**
Total 18502 33000

Landlord name and address Lease Remarks
Period

Alamelu Subramaniam 9 years from Unrelated Party
22,3rd Seaward Road February 2000
Valmiki Nagar, Chennai 41
S.Venkataraman 9 years from Unrelated Party
22,3rd Seaward Road February 2000
Valmiki Nagar,
Chennai 41
Sakserve Pvt Ltd Renewable every Related Party
38, VK Iyer Road 11 Months.
Mandaveli, Last renewal from
Chennai 600028* September 2004
Sak Industries Ltd 3 years from Related Party
Chandiwala Estate, January 2004
Maa Anand Mai Marg
Kalkaji,
New Delhi 110019**

* Sakserve Pvt Ltd is an associate company of the promoters. Sak
Industries Ltd is one of the promoters of Saksoft Limited.

** It may also be noted that no lease deposit has been paid to Sak
Industries Ltd for the 33,000 sq.ft. of space leased at Noida.

After building the initial development team and doing international
business development the company began providing services on a regular
basis by October 2000. Slowly the company made inroads and began
offering services to several customers in Singapore. The first
large-scale order was from Morgan Stanley, UK for a credit card MIS
application.

The company started its Singapore Subsidiary (Sak Software Pte) in
August 2000 to manage operations in Singapore and Asia Pacific. It
opened a branch office in London in June 2001 to manage business from
the U K market and established a subsidiary in Germany in January 2003.
The company acquired the business and assets of Synertech Inc., based
at Boulder, USA in January 2001 and renamed it as Saksoft, Inc. The
acquisition of Synertech gave the company a foothold in USA and a
business base to leverage. The company shifted its US headquarters to
New York and closed the Boulder office permanently in January 2003 for
operational ease and logistical simplicity. From slightly different
names (Sak Infotech in India, Sak Software Pte in Singapore and Saksoft
Inc in USA) used between the company and its subsidiaries, 'Saksoft'
was adopted as the uniform name and identity across all operations in
September 2002.

In September 2002, the company acquired the business assets of Neem Tree
Technologies Private Limited (Neem Tree Technologies), Chennai along
with all personnel associated with the business. Neem Tree had a product
suite (Neem Tree EBT suite) for the corporate banking space that
included treasury and money market operations. This acquisition enabled
the company to acquire a customer base, which included State Bank of
India, Central Bank of India, Oman International Bank, and Andhra Bank
among others. Using the business credentials and product suite, the
company acquired Punjab National Bank as a customer and sold several
upgrades and enhancements to the existing customer base. This
acquisition helped the company, understand the complexities of managing
and integrating operations in an M&A scenario.

2006

-Saksoft & Atos Origin sign an MOU to offer Business Intelligence Solutions to Retail Banks in Asia Pacific.


2007

-Saksoft Limited has appointed Mr. S. Ramanan as Company Secretary cum Compliance Officer and Mr. Ananth Subramanian as Chief Financial Officer.
 
Subscribe now to get personal finance updates in your inbox!