KPIT Cummins started as a financial auditing firm decades before moving into the field of software. Close to late 80s they started developing software for banks and financial firms and went on to expand in other domains like manufacturing. KPIT Cummins acquired the IT arm of Cummins Inc in 2002.
Now KPIT Cummins is a product engineering and IT consulting company providing solutions and services to the Manufacturing, Automotive, Industrial Equipments, Utilities and Semiconductor companies. It is headquartered in Pune India and has offices in 11 countries including the United Kingdom, China, India, France, South Africa, Germany, United States, Japan, Singapore and Korea. Worldwide KPIT Cummins has over 6500 employees.
YEAR EVENTS
2000
-Signed an agreement with an Israel-based company, BIS, for legacy to Web transaction process.
-Enteres the mobile commerce space and has taken up projects in the US and Germany.
2002
-Share prices have reached a two-year high of Rs 219.15 on the Bombay Stock Exchange (BSE) on April 23 after reports came in that the company was considering a proposal to merge Cummins Infotech with itself.
-BOD of KPIT Infosystems Ltd (KPIT) and Cummins Infotech Ltd (CIT) approved the merger of KPIT and CIT.
-Hon'ble Bombay High Court has sanctioned the Scheme of Amalgamation of Cummins Infotech Ltd with KPIT Infosystems Ltd.
2003
-Board of Directors has given their approval for the allotment & issue of 704000 equity shares and 193300 options convertible into equal no of equity shares
-Approves the decision for acquisition of Panex Consulting Inc a USA based software company.
-Acquires PANEX Consulting a Houston based SAP consulting firm for US $ 1.70 million. The acquisition is proposed to buy 100% of PANEX stock through a mix of cash and stock options payable over a period of three years.
- Sanjeev Duggal, President and CEO, NIS Sparta has been appointed the Convener for the CSI-KPIT Cummins Best CIO Award of the prestigious CSI National IT Awards 2003 categories.
-Members approved issue of equity shares on preferential basis
-Duggal appointed Convener for CSI-KPIT Cummins Best CIO Award2004
-KPIT Infosystems Ltd has informed that the equity shares of the company have been delisted from the Ahmedabad Stock Exchange wef March 31, 2004.
2007
-The Company has issued Bonus Shares in the Ratio of 1:1.
- The Company has splits its face value from Rs.5/- to Rs.2/-.
2008
-Kpit Cummins Infosystems Limited has appointed Mr. Mark Gerstle as an Alternate director.
-Kpit Cummins Infosystems Limited has appointed Mr. Jagdish Dwivedi as Company Secretary and Compliance Officer of the Company in place of Mr. Puneet Bansal.
-Kpit Cummins Infosystems Ltd has appointed Mr. Bruce C Carver as Additional Director on the Board of the Company at their meeting held on August 29, 2008.
During recession in 2008-09, Cummins Inc reduced their IT requirements significantly and KPIT Cummins had to go through a rough patch due to loss of business from its major customer, but they were soon able to bounce back by winning other customers in Automotive and Semiconductor sectors and also by acquiring companies like In2Soft GmBH, CPG Solutions, Sparta Consulting (SAP solutions), Harita TVS, CG Smith (Automotive Electronics Software), Pivolis, SolvCentral (BI).
This is all about KPIT Cummins , I will come back to you soon with another brand new interesting article, till then just wait....
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