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HOV Services
BSE: 532761|NSE: HOVS|ISIN: INE596H01014|SECTOR: Computers - Software Medium & Small
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Company History - HOV Services
The Company was incorporated in 1989 under the Companies Act, 1956 
 as Codec Communications Private Limited under registration number 
 25-14448 by Anil Rajadhyaksha and Sunil Rajadhyaksha. The Company 
 commenced its operations as a software services company on January
 10, 
 1989. The name of the Company was changed to HOV Services Private 
 Limited on February 27, 2006. The Company became a public company on
 
 January 5, 2006 and the name of the Company was changed to HOV 
 Services Limited on March 9, 2006.
 
 On January 31, 2002 Digital Boardwalk Incorporated (a company created
 as 
 an acquisition vehicle) acquired 1,694 shares of the Company of the
 face 
 value Rs. 100 comprising 100% of the issued and outstanding shares of
 the 
 Company, which were held by Anil Rajadhyaksha and Sunil Rajadhyaksha
 
 for a consideration of USD 36,460. Upon completion of the
 acquisition, the
 Company retained the services of Anil Rajadhyaksha and Sunil
 Rajadhyaksha. 
 Anil Rajadhyaksha has since resigned from the Board of the Company,
 while 
 Sunil Rajadhyaksha continued as one of the Promoters of the Company.
 
 Subsequent to this acquisition, the Company entered into the BPO
 market 
 and became a 100% export oriented company approved under the STPI
 Scheme.
 
 As of January 1, 2006 Digital Boardwalk Incorporated transferred the
 shares 
 of the Company to HOF 2, LLC a Limited Liability Company incorporated
 under 
 the laws of the State of Nevada controlled by HandsOn Ventures, LLC.
 
 HandsOn Ventures, LLC, (“HandsOn”) is a private equity group based in
 the US, 
 100% of the membership interest of which is owned by Parvinder S.
 Chadha and 
 his family members and managed by a seven member management team of 
 which four members are our Promoters. These four members have to date
 
 contributed the equity for all acquisitions undertaken by HandsOn.
 
 HandsOn is focussed on acquiring companies in the F & A segment of
 the 
 BPO sector. 
 
 Since 2002, HandsOn has acquired existing businesses and continues to
 
 pursue a policy of growing the business inorganically; by augmenting
 the overall 
 business and the services that may be offered to customers by the
 acquired 
 businesses. 
 
 Typically, HandsOn incorporates an acquisition company, specifically
 to acquire 
 the stock of the target company. These acquisition entities are owned
 by 
 HandsOn Fund, LLC. The beneficial interest in this acquisition
 company is 
 owned by the members and managers of HandsOn who have contributed the
 
 equity for the acquisitions. HandsOn Fund, LLC holds the stock of
 the
 acquisition companies for a specified period, and upon the expiry of
 such period 
 the stock of the acquisition companies are then transferred to
 entities that are 
 owned by such managers and members of HandsOn who have contributed 
 equity and such managers of HandsOn who are entitled to equity based
 on their 
 individual performance.
 
 Presently, the Company’s Promoters at all times own the beneficial
 interest in the 
 acquisition companies. As and when decided by the Promoters, the
 acquisition 
 companies are reorganised to pass the ownership of the operating
 companies 
 to the Promoters, members and managers of HandsOn. This is typically
 done 
 through entities that are controlled by the Promoters and such
 members and 
 managers.
 
 2011
 - HOV Services Ltd has considered and approved the merger of HOV
 Services LLC and HOVS Corp. a Nevada Corporation ( and wholly owned
 subsidiary of HOV SPV LLC), wherein HOVS Corp. shall merge with HOV
 Services LLC. As a result of this merger , HOV Services LLC shall be
 the surviving entity.
 - Hov Services Limited has granted Employee Stock Options as pursuant
 to the HOVS Stock 

 Options Plan 2007.
 
 2012
 - HOV Services Ltd has considered and approved investing US$ 2
 million in HOVs LLC its wholly owned subsidiary for funding various
 projects.
 
 2013
 - HOV Services Ltd. said that private equity firm, Citi Venture
 Capital International is investing in the company portfolio,
 SourceHOV as a new equity partner with HOVS LLC.  
 Subsequent to the deal, Citi Venture Capital International will
 purchase all of the ownership interests of affiliates of Apollo
 Global Management, LLC and certain minority holders in SourceHOV,
 which is a leading provider of BPO and KPO solutions.  
 - HOV Services Ltd - titled Institute of Economics Studies (IES)
 awarded Excellence Award and Udyog Rattan Award.
 
 2014
 -HOV Services Ltd has informed that post merger of BancTec Group LLC
 with SourceHOV Holdings Inc. (SourceHOV), the stake holding of HOVS
 LLC in SourceHOV has increased to 44.82% in the combined entity, as
 majority stakeholder the Rohatyn Group (TRG) (formerly known as CVCI)
 exited out in the merger.
Source : Dion Global Solutions Limited
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