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Saksoft
BSE: 590051|NSE: SAKSOFT|ISIN: INE667G01015|SECTOR: Computers - Software
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Company History - Saksoft
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.
 
 2005
 
 -Saksoft shares listed on NSE at 261% premium
 
 2006
 
 -Saksoft & Atos Origin sign an MOU to offer Business Intelligence
 Solutions to Retail Banks in Asia Pacific.
 
 -Saksoft had acquired 100% stake in the Acuma Group, UK for USD 17
 million in cash.
 
 2007
 
 -Saksoft Recommended dividend of 20%
 
 2008
 
 -Mr. R Rajagopalan has been designated as the Chairman of the Company
 
 
 2009
 
 -Registered Office of the Company has been shifted  from No.38, V.K.
 Iyer Road, Mandaveli, Chennai- 600028 To SP Infocity, Block A, 2nd
 Floor,40,MGR Salai. Perungudi, Kadanchavadi, Chennai - 600096
 
 -Saksoft launches Veri-sens
 
 -Saksoft launches ready-to-use BI software
 
 2010
 
 -Saksoft launches Prima
 
 2011
 
 -FICO and Saksoft Partner to Deliver Analytic Solutions in India
 
 -Saksoft enters into a agreement with FICO
 
 -Saksoft launches specialized services for Credit Information
 Management
 
 -Saksoft enters into Joint Venture with SOFGEN India Pvt. Ltd.
 
 2012
 
 -Saksoft Recommended a final dividend at the rate of 10%
Source : Dion Global Solutions Limited
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