History of iGATE Global Solutions Ltd.
1993
- The Comp. was originally incorporated as `Mascot Systems Private Limited' on 27th December, under the Companies Act, 1956 and subsequently renamed as `Mascot Systems Limited' effective from 31st January 2000 hereinafter referred to as 'Mascot/The Company/The Issuer'.
- The Comp. was initially promoted by Mr. Sunil Wadhwani and Mr. Ashok Trivedi, the promoters of Mastech Corporation.
- The Comp. provides e-business Solution, Datawarehousing Solutions, Application Maintenance Outsourcing, ERP Package Implementation Services, Client-Server Design & Development Centres under the SmartAPPS [SMs] solution suite.
- The Comp. has set-up an advanced training centre in Pune to provide state-of-the-art training program in new technology and software products.
- The Comp. has set up a Competence Development Task Force to identify new technology areas & implement competence-building plans for organization.
1995
- The Comp. had a paid up equity capital of Rs 30,00,000 which was unchanged at December 1999.
- The Comp. is a 100% subsidiary of Mastech Systems Corporation, which is in turn a 100% subsidiary of iGATE Holding Corporaiton [formerly Mastech Holding Corporations].
1996
- The Comp. established the Advanced Technology Centre to manage the challenge of skill upgradation & migration for its worldwide clientele & internal needs.
1998
- The Comp. set up a development Centre in Chennai, Bangalore and Pune.
- The Comp. process as part of SmartAPPS[SMs] received the ISO 9001 industry certification in November.
- Mascot developed custom Internet applications for one of the `.com' companies which aims to revolutionize customer interaction over the Internet.
- The Comp. designed & developed a Sales Management System for one of largest grocery chains in the USA.
2000
- 1,05,00,000 No. of equity shares of Rs 4/- per each fully paid up were issued under a rights issue to the existing shareholder i.e. Mastech Systems Corporation, USA at a price of Rs 12.50 per share.
- The Business of Scott Systems Private Limited was acquired by the Company, on a slump sale concept, whereby all the assets and liabilities were acquired on an agreed price between the two parties as of January 12th.
- The Comp. has set up branches in the US, the UK, Japan, Netherlands & Singapore.
- Public issue of 30,00,000 new equity shares of Rs 4/- each. The Issue includes a Book Built Portion of 22,50,000 No. of equity shares & a Fixed Price Portion of 7,50,000 No. of equity shares.
- The Board of Comp. have split the Face Value of shares from Rs 10/- per share to Rs 4/- per share, based on the authority granted at the meeting held on 17th January.
- In January, the Comp. issued Bonus shares to the existing shareholders, viz., Mastech Systems Corporation, USA, in the ratio of 17 equity shares for every 1 equity share held, by the capitalization of free reserves.
- Scott entered into an agreement with Mascot to transfer the latter company, with effect from January 12th, the entire business of software development, programming services, sourcing and training of information technology engineering etc. within the territory of India.
- The Comp. proposes to set up a Joint Venture Comp. in Bangalore with debis IT Services, to provide off-shore centric solutions using the SmartAPPS [SMs].
- The Comp. established the Employee Stock Option Plan scheme for its employees. Out of 30,00,000 shares allocated for this scheme, 13,55,500 options has been granted to employees at an exercise price of Rs 100 per share.
- Mascot Systems, a subsidiary of iGATE Capital [formerly Mastech Corporations], US, is entering the capital market in the month of April with a public issue of 30 lakh [10 per cent fixed price portions] equity shares through the book building route to fund its major expansion plans. Face value of share is Rs 4. iGATE will continue to hold 80 per cent of company's equity in the post issue capital, 10 per cent will be reserved for ESOP & only 10 percent will be offered to the public.
- Mascot Systems provides software services throughout the world, having very strong presence in USA, Canada, UK, Netherlands, Singapore, Malaysia & Japan.
- The Comp. has restructured its operations by merging the capabilities of iGATE Capital solutions business units in the US, Canada, UK, Singapore, Japan, Netherlands & a Pune-based group company, Scott Systems with the company.
- Mascot Systems will open bidding for its book built portion on April 10, with an indicative price band of Rs. 480 to Rs. 580 per share, of Rs 1.2 crore initial public offering [IPOs].
- Mascot provides e-business solutions, data warehousing solutions, application maintenance, outsourcing, ERP package implementation, client server design & development, conversion and migration services & Offshore development centres under the SmartAPPS solution suite.
- Mascot Systems Ltd, at present a wholly-owned subsidiary of the US-based iGATE Capital Corporation, will form a 50:50 joint venture with Debis Systemhaus of Germany to provide off-sore software services.
- Mascot Systems is coming out with an IPO of 7,50,000 equity shares of Rs 4 each at a fixed price of Rs 480 per share. The offer will open on may 2 & close on May 4. Kotak Mahindra Capital Comp. is the sole lead manager to the issue.
- The Comp. had offered Rs 30 lakh share at a par value of Rs 4 at Rs 480 & raised Rs 144 crore with its initial public offer [IPOs]. The share capital post IPO stands at Rs 10.8 crore. It is into IT services, provides solutions in e-business intelligence, custom solutions, application maintenance outsourcing & application re-engineering areas. The company has a presence in Germany, Netherlands, Sweden, UK, Singapore, Japan & USA.
- The Comp. has entered into a three-year contract with Royal Caribbean Cruises to provide application maintenance outsourcing for the cruise lines reservation system.
- Mascot Systems Ltd, a leading player in the business intelligence application re-engineering & custom solutions in forming a 50:50 joint venture with the leading systems integration Comp. of Germany.
- The Comp. has tied up with US-based mobile Internet firm, Air2Web Inc., to develop wireless technologies.
- The Comp. has entered the BEA Professional Services Provider programme of BEA Systems Inc.
- Mascot Systems limited has entered into a long-term agreement with Hewlett Packard Personal Systems Division, Asia-Pacific. It has set up a World-class facility in Singapore, equipped with state-of-the-art hardware & software, to support Hewlett Packard mission critical applications.
- The Comp. has entered into a long-term agreement with Hewlet Packard Personal Systems Division, Asia-Pacific, to support Hewlett Packard mission critical business applications.
2001
- The Board has allotted 1,275 No. of equity shares of par value of Rs 4 per share to the individual optionees pursuant to the exercise of options granted to the employees under the ESOP.
- The Comp. has entered into a strategic partnership agreement with Versata Inc, a provider of software & services that automates transaction based e-business applications to offer Versata technology solutions in a distributed delivery model.
- The Comp. has allotted 26,360 No. of equity shares of Rs 4 each to the individual optionee pursuant to the exercise of options granted under ESOP.
2002
-Mascot alters FY 2002 earnings estimate by 22% translates to an EPS of Rs 17.25
- Mascot Systems Ltd informs that the allotted 2569 equity shares of par value of Rs 4 per share to the individual optionee pursuant to the exercise of options is granted under the Companies Employees Stock Option Plan.
-Mascot Systems appoints Karl Heinz Achinger,International business leader to its advisory board.
-Mascot Systems Limited, announces the appointment of Mr. Jiro Aiko on its Boards of Advisors.
-Mascot Systems Ltd, announces the appointment of Mr John M Crowther, former Vice President & Chief Information Officer of Cummins Inc. to its Board of Advisors.
-Receives $3.6 million order from a Japanese Comp. to be finished within three years
-P S Karthikeyan appointed as Chief Delivery Officer of Mascot Systems.
-Enters a 3 year US $2.5 million off-shore centric contract with leading International Corporation in Singapore.
-Enters into a partnership with Dalian based Chinese IT services Comp. Haihui Sci Tech Comp. Ltd.
-The Share Transfer Committee of Board of Directors of Mascot Systems Ltd met on August 7, 2002 & allotted 10400 equity shares of par value of Rs 4 per share to the individual optionee pursuant to the exercise of options granted under the Companies Employees Stock Option Plan on receipt of payment of subscription monies in respect of said shares aggregating to Rs 10,40,000. The grant price for above 10400 shares was Rs 100 per share.
-Enters into high potential engagement with Alfred Karcher GmbH
-Secures prestigious BS7799 Security Standard Compliance Certification.
-Board approves for acquisition of solutions business of eJiva & Aqua Regia for a consideration of 450 million & 23.4 million.
-Board approves for opening of branch in Australia, Acquisition of Comp. in Germany as a 100% fully owned subsidiary & for incorporation of 100% owned subsidiary in Mauritius.
2003
-Announces that it has been assessed at Level 5 Capability Maturity Model [CMMs] of software Engineering Institute.
-iGATE Global Solutions limited [IGSs] informs that they have announced the appointment of N. Ramachandran as Director on the Board to be designated as Director & Chief Financial Officer.
-Mr GopalaKrishnamurthy ceases to be the manager of company.
- Scheme of Amalgamation of AquaRegia Technologies Ltd and iGate Global Process Outsourcing Ltd, with the company.
- IT&T Technologies Services Ltd a wholly owned subsidiary of Comp. is entering in to a Business Transfer Agreement with Idea Space Solutions Ltd.
-iGate Global Solutions Ltd acquire a controlling stake in Quintant Services Ltd India first BPS company
-Enters into strategic alliance with Nihon Unisys .
-Appoints Mr. Paneesh Murthy as the CEO and Managing Director of company.
-Appointment of Mr Ashok Trivedi as the Chairman of Comp. & Mr Sunil Wadhwani as the Vice Chairman of company
-Strategic alliance with the US-based Concours Group Concours integrates research, education, & consulting to bring innovative, high value business solutions to its clients, which include 300 of Global 1000. Concours is a valued partner of C-level executives in these firms. The transaction will involve the investment of approximately $1.8mm into Concours, of which $100,000 has already been invested.
-Signs outsourcing deal worth approx $20 million with ING Vysya Bank
2004
-iGate Solutions Ltd has informed that the members at the Court Convened Meetings held on January 7, 2004, have approved the Scheme of Amalgamation between AquaRegia Technologies Ltd & iGate Global Process Outsourcing Ltd, wholly owned subsidiaries, with the Comp. respectively.
-iGate Global Solutions announces multi-year deal to create virtual enterprise for GreenPoint Mortgage.
-iGate Global unveils new Corporate Headquarters at Whitefield, Bangalore
-Head of Infosys European arm, Srinjay Sengupta, has joined technology & operations firm iGATE Global Solutions as its chief sales officer
2006
-iGATE inks multi-year deal with Owens Corning
-iGate signs a Strategic IT partnership agreement with Radian Group Inc
2007
- iGate Global Solutions Ltd has informed that the Board of Directors of Comp. at its meeting held on October 10, 2007 has inducted Mr. Hariharan Sambhashiva as an Additional Director of Company.
- iGate Global Solutions Ltd on December 04 2007, announced signing a key technology services agreement with the Union Bank of California [UBoCs] largest Bank in the US based on Assets.
-iGate Global Solutions Ltd has announced the appointment of Uday Vijayan as Head - Global Marketing. He will based out of corporate headquarter in Bangalore, India.
