R Systems International Ltd Company Summary

R Systems International Ltd Summary

R Systems International Ltd was formerly incorporated on May 14, 1993 as a Private Limited Company with the name R Systems (India) Pvt Ltd Later, in March 14, 2000, the Company converted into a Public Limited Company and the name was changed to R Systems (India) Ltd. Further, in July 25, 2000, the Company changed their name from R Systems (India) Ltd to R Systems International Ltd. The Company is originally promoted by Satinder Singh Rekhi and Gurjot Singh Uberoi. The Company is a global digital transformation leader providing AI-driven solutions to clients across industries, through a broad range of technology and AI/ Analytics services. The Company is a leading global provider of technology, artificial intelligence, RPA services and solutions along with knowledge services. It delivers services and solutions to leading technology companies and businesses to enable their digital transformation. Its services and solutions span over 5 major business verticals i.e. Technology,Telecom, Healthcare and Life Science, Finance and Insurance, and Retail & e-commerce.The Company develops and markets a suite of applications under the brand name Indus for the retail lending sector and undertakes turnkey software projects in the banking and financial services segment. Their offers include iPLM Services, Indus Solutions, ECnet Solutions. They have 8 global centres in India, USA, Europe and Singapore and they serve over 125 customers in over 40 countries across 6 continents. In September 2000, the Company opened a new development center in Noida, India. In the year 2006, the Company completed their IPO of 4,408,361 equity shares of Rs. 10 each for cash at a premium of Rs. 240 per equity share aggregating to Rs. 1102.09 million. Upon successful completion of the initial public offer R Systems became a listed public company with effect from April 26, 2006. R System is listed on National Stock Exchange of India Ltd & Bombay Stock Exchange Ltd.In August 2006, the company acquired the entire shareholdings of WebConverse, Inc. (renamed as R Systems Solutions, Inc.) a technical support company with operations in Salt Lake City, US serving the high technology sector. In November 2006, R Systems Noida IT & BPO Centre was awarded ISO 27001: 2005 Certification by Intertek Quality Registrar commonly known as BS 7799.In the year 2007, the company signed an Assets Purchase Agreement with XtraSource Acquisition Inc, USA and Sento Corporation, USA (the holding company of XtraSource Acquisition Inc, USA) to acquire 100% shares of two wholly owned subsidiaries (Sento B V, Netherlands and Sento S A S, France) of XtraSource Acquisition Inc.In the year 2008, the company acquired 100% shares of Sento Europe B.V., the Netherlands (subsequently renamed as R Systems Europe B V) and Sento S A S, France (subsequently renamed as R Systems S A S). Accordingly R Systems Europe B V, the Netherlands and R Systems S A S, France (collectively referred to as R Systems Europe) became the wholly owned subsidiaries of the company with effect from January 23, 2008.During the year, the company set up branch offices in the Netherlands and Japan. Also, the companys Software Development and BPO Centres based in Noida were certified by the world-renowned consulting firm KPMG for PCMM Level 3. In the year 2009, the company launched Lending Solutions under Islamic Banking norms, two solutions for the Insurance sector, credit monitoring system for the Telecom sector. They launched many modules and upgrades in the year that cater to the constantly changing needs of the BFSI sector. Also, they started the upgrading of its third module of lending solution - its Loan Management System (LMS).During the year, the company signed a partnership agreement with Indias largest IT services company to offer Indus Collection Solution alongside their core banking product. In July 2009, Software Development and BPO Centres of the company, based in Noida have been certified by the consulting firm KPMG for PCMM Level 5.In 2011, the company acquired Computaris International Ltd, a UK based Software Company engaged in the telecom sector on January 26, 2011.During the year 2012-13, ECnet Limited, Singapore, a 99.56% subsidiary of the Company acquired ERP business from Nikko Computers System(s) PTE Ltd. (NCS), effective on March 13, 2013.During the year 2015, the Company divested Indus Product Business, to focus on core services business by executing a Business Transfer Agreement (BTA) with R Systems Product & Technologies Private Limited (RSPTPL), a wholly owned subsidiary of the Companyon June 27, 2015 for transfer of Indus Business Unit operated out of Pune and Chennai to RSPTPL on a going concern basis by slump sale, on the terms and conditions agreed in BTA. Further, the Company acquired 100% shares of IBIZCS Group Pte Limited (IBIZ), a Singapore based Company engaged in Microsoft Dynamics ERP Practice, w.e.f. April 30, 2015 through its wholly owned subsidiary, R Systems (Singapore) Pte Limited.In 2017, the Company set up its new SEZ unit on October 19, 2016 located at Greater Noida West (NCR) and subsequently, commenced its operation in SEZ premises effective from January 25, 2017.During the year 2017-18, the Company vide Order of the Honble National Company Law Tribunal (NCLT) dated December 07, 2018 approved the Scheme of Amalgamation between GM Solutions Private Limited and R Systems International Limited and theirrespective Shareholders and Creditors, as January 01, 2018, the Appointed date of the Scheme. The said Order was filed with RoC, NCT of Delhi & Haryana on December 21, 2018. Subsequently, the Company withdrew the Scheme of Arrangement for re-organization and reduction of Equity Share Capital of the Company between R Systems International Limited and its Shareholders and Creditors and the Honble National Company Law Tribunal, New Delhi allowed the Company to withdraw the Scheme vide Order dated January 03, 2019.During the year 2019, R Systems Inc., USA, wholly-owned subsidiary of the Company, acquired 100% interest in Innovizant LLC w.e.f. January 01, 2019. Further, ECnet Inc. (step down subsidiary of the Company) was dissolved w.e.f. January 28, 2019. IBIZ Consulting (Thailand) Co. Ltd., became a subsidiary of IBIZ Consulting Pte Ltd., Singapore, a wholly owned subsidiary of the Company w.e.f. June 21, 2019. During the year 2018-19, the Company acquired all the shares of IBIZ Consulting Services India Private Limited from its wholly owned subsidiary IBIZ Consulting Pte. Ltd., Singapore. Consequent to the said acquisition, IBIZ Consulting Services India Private Limited became a direct subsidiary of the Company w.e.f. July 01, 2019. During the year 2020-21, Honble National Company Law Tribunal, New Delhi vide Order dated February 01, 2021, approved the Scheme of Amalgamation of RightMatch Holdings Limited and R Systems International Limited and their respective Shareholders and Creditors. The said Scheme was approved by the Statutory Authorities of Mauritius, which WAeffective from March 09, 2021. Pursuant to the said Scheme, RightMatch (part of Promoter and Promoter Group of R Systems) amalgamated into R Systems International Limited and 8,828,489 fully paid up equity shares of R Systems International Limited as held by RightMatch were extinguished and equivalent number of shares were allotted to the shareholders of RightMatch (who were also part of Promoter and Promoter Group of R Systems) in the proportion of their shareholding in RightMatch.