Powersoft Global Solutions Ltd Company Summary

Powersoft Global Solutions Ltd Summary

Powersoft Global Solutions Ltd is a leading Business Technology Software, GIS and Engineering Solutions provider aiming to develop technology to address customized requirements of global corporations. The company is engaged in the business of information technology enabled services and development and customization of software. They are in the business of software development and related services. They have two wholly owned subsidiaries, namely RFID Global Solutions Pvt Ltd and PGSL Holdings Pvt Ltd.The companys GIS division provides consulting, system design and solution architecting, application development, system implementation and integration to a global list of clients. Engineering Services division includes computer aided design, product design, conceptual design, component design, assembly design, Interference checks and tolerance analysis for components and assemblies, and three dimensional modeling.Powersoft Global Solutions Ltd was incorporated on November 4, 1992 with the Bhandari Food Flavours Ltd. The company was promoted by G Ashok Bhandari with the object of setting up of a project for the manufacture of food products including coconut based food products and mineral water. In the year 1996, the company came out with a public issue to part finance the cost of the project.In June 1998, the main objects of the Company were changed to carry out software development business through a special resolution, altering the provisions of their memorandum of association with respect to the objects. Consequent to the changes in the object clause of the Company, the company was taken over by the present promoter Mr. Rajkumar Gulecha by acquiring shares from the original promoters.In March 3, 2000, the company changed their name from Bhandari Food Flavours Ltd to Powersoft Global Solutions Ltd. In November 2000, the company entered into an alliance with Nirvann Corp of USA and consequently, the company became a subsidiary of Nirvann Corp.During the year 2005-06, the company acquired CADGIS Consultants, which was a full service geospatial enterprise with expertise in geography, cartography, landscape, architecture, urban and regional planning, forestry, biology and remote sensing and computer science. They also commenced building for the next phase of growth, expanded their management team to help it grow further.During the year 2006-07, the company set up a subsidiary company, namely Concentric RF Systems Pvt Ltd to represent the RFID initiatives. During the year 2007-08, the company invested in new hires, facilities, and technology to meet the growing needs of the customers. They expanded their investments in the wholly owned subsidiary, namely RFID Global Solutions Pvt Ltd (formerly Concentric RF Systems Pvt Ltd). Also, they established PGSL Holdings Pvt Ltd as a wholly owned subsidiary, and Exclusive Luxury Group (India) Pvt Ltd, and Youngstars Media Pvt Ltd as step-down subsidiaries.In October 2010, the company received an order valued at approximately USD1.8 million to supply RFID technology and integration services to a Chinese lingerie fashion house. Also, they received an order for their RFID library solution from a China based public library.In April 2011, the company received orders valued at approximately Rs 300 lakh for their RFID solution for the SME sector. The order contracts require Powersoft Global to supply their RFID technology and integration services to the customers and are spread from six months to twelve months for different orders. This solution includes three components, several new versatile UHF Gen 2 Hand Held Readers and RFID Manager, an RFID software solution.