Updater Services Ltd Company Summary

Updater Services Ltd Summary

Updater Services Limited was incorporated in Chennai, Tamil Nadu as Updater Services Private Limited dated November 13, 2003 issued by the RoC, upon conversion of Updater Services, a Partnership Firm, into a Private Limited Company. Thereafter, Company wasconverted from a Private Limited Company to a Public Limited Company and consequently, name of the Company was changed to Updater Services Limited, and a fresh Certificate of Incorporation dated March 24, 2022 was issued to Company by the RoC.Company is engaged in providing facility management services like integrated facility management services to various industries such as information technology, information technology enabled services, manufacturing, hospitality and other industries and catering services, which includes industrial catering, and services at food courts. Integrated facility management services include housekeeping, staffing, production support, mechanical and electrical services, garden management, pest control and catering solutions.The Company was founded as a Partnership Firm between Raghunandana Tangirala and K. Hariharan, which commenced operations in 1990 as a housekeeping and catering services company at Chennai, Tamil Nadu. In 2002, the Company got into an agreement with Saint-Gobain Glass India Private Limited for providing operations services. In 2006, Avon Solutions and Logistics Private Limited, a mail room management company was acquired with 51% shareholding into the Company.Later, in January, 2017 Company acquired 100% shareholding in Stanworth Management Private Limited (SMPL) and consequently, SMPL became a wholly owned subsidiary of Company. It acquired equity shares of Fusion Foods and Catering Private Limited, which engaged in hospitality and industrial catering and became a wholly owned subsidiary of Company in November, 2021. The Company got into an agreement for providing and managing the human resource services at a hospital in Ahmedabad in 2018 and acquired 70% stake in Global Flight Handling Services Private Limited, acquired 75% shareholding in Matrix Business Services India Private Limited in April 2019 and became wholly owned Subsidiary; 74% shareholding in Washroom Hygiene Concepts Private Limited in September, 2019 and became a wholly owned Subsidiary of Company on August 31, 2021. In 2022, the Company acquired 57% shareholding in Athena BPO Private LimitedThe Company made an Initial Public Offering of 21,333,333 equity shares of face value of Rs 10 each by raising funds aggregating to Rs 640 Crore, comprising a fresh issue of 13,333,333 equity shares aggregating to Rs 400 Crore and 8,000,000 equity shares offer for sale aggregating to Rs 240 crore in September, 2023. The Company acquired additional equity shares of 9.75% in Denave India Private Limited in 2023-24.