Coforge Stock

COFORGE Limited delivers services around the world directly and through its network of subsidiaries and overseas branches. The company leverages its global footprint and network of highly talented IT professionals to provide comprehensive capabilities in product engineering services, data services, cloud and infrastructure management services, digital process automation services and digital integration services. The company is a subsidiary of Hulst B.V.

The company’s customers are diversified across both geographies and verticals. The company’s primary geographic markets are the Americas and Europe, the Middle East and Africa (EMEA). The company has a strong presence and expertise in the Insurance, Banking and Financial Services (BFS) and Travel, Transportation and Hospitality (TTH) verticals and a growing presence and expertise in the Retail, Healthcare, Hi-tech Manufacturing and Government (Outside India) verticals, which it aggregates in its All Others vertical.

The company’s products and solutions across verticals are powered by a strong partnership network with the world’s leading software providers, including Microsoft, Pegasystems, ServiceNow and Duck Creek. The company’s teams collaborate with these providers to design and implement digital IT solutions.

The company’s global delivery platform has a presence in 21 countries, with 25 delivery centers in nine countries supported by sales offices in 35 cities worldwide. Its core services include product engineering services, data services, cloud and infrastructure management services, digital process automation services, digital integration services and BPM services. The company has particular strengths in digital services, which comprise product engineering, digital integrations and digital process automation.

Strategy

The key elements of the company’s strategy are to expand relationships with existing clients; establish new client relationships; deepen vertical expertise in existing and new verticals; continue to develop its proprietary frameworks and platforms; and selectively pursue strategic acquisitions.

Services

Product Engineering Services

The company’s product engineering services offering covers all stages of the software development cycle. In the initial stages, the company offers customer experience research leading to ideation and rapid prototyping. The company also offers integration advisory and assessment services that cover integration reference architecture design, technology maturity assessment, product roadmap design, platform selection, best practices recommendations and target operating model planning. In subsequent stages, the company helps its customers with implementing an application programming interface (API) first approaches, microservices center and modernization and migration capabilities. Lastly, the company’s offering is complemented by services for performing upgrades, testing, release management and establishing governance capabilities.

For example, one of the company’s key product engineering platforms, the AdvantageGo product suite, offers next-generation commercial reinsurance management solutions using cloud-based microservices within an interconnected technology ecosystem. Other examples of the company’s product engineering projects include specific development efforts for various client systems, such as wealth management systems, global distribution systems and airport border management systems.

The company helps its customers implement next generation technologies leveraging principled approaches, such as Design Thinking and Lean Startup in addition to proprietary frameworks such as Agile.NEXT. Agile.NEXT accelerates the adoption of the distributed Agile methodology and builds the foundational elements for successful digital products. The company’s DONE framework helps its customers achieve business agility by assessing the maturity of multiple capabilities across different dimensions, such as people, processes, automation, architecture, and infrastructure. The company leveraged DONE to help a leading Australian organization streamline release management for its websites.

Digital Process Automation Services

The company helps clients to transform their businesses processes by offering digital platforms and solutions across its different industry verticals. The company’s digital process automation services include consulting, managed services engagements and automation-as-a-service. The company engages with clients at all points of the development lifecycle to align organizational transformation efforts. Its capabilities include business value assessments, technology selection and execution roadmaps, along with solution accelerators to improve processes. The company has flexible design and development models to support its clients’ approach to system development life cycles.

While the company’s approach is platform and technology agnostic, it is particularly strong in Pegasystems applications. The company’s capabilities range from human assisted automations (desktop automation) to robotic process automation (RPA) and intelligent process automation (IPA) and AI. The company’s professionals are typically certified in multiple leading process automation platforms and technologies.

In addition, the company provides automation consulting services for use case development, demand generation, business case development, automation maturity assessment and center of excellence models to scale automation operations. The company also provides RPA, IPA and chatbot implementation services, helping clients in various development stages from discovery (for example, ideation, qualification, prioritization) design building, testing, deployment and post-production support. Separately, the company offers vertical and horizontal automation solutions, such as intelligent document processing, intelligent claims and underwriting, fraud analytics and predictions, AI-enabled contract migration, conversational AI and bots for corporate functions support. As part of the company’s digital process automation service offerings, it has included its Connected Home insurance solution in its Insurance vertical, redefined and streamlined collection operations in its BFS vertical and implemented conversational AI for a leading global airline in its TTH vertical.

Digital Integration Services

The company’s engineering solutions strive to help clients to create and manage the digital backbone that enables them to adopt an API centric ecosystem through a variety of integration technologies. For example, in its Insurance vertical, the company has offered Data Lake Solution for Actionable Insights for an insurer. In its BFS vertical, the company has offered a Digital Advisor Portal for a large asset management client. In its TTH vertical, the company has offered a video / image analytics solution to aid visually impaired passengers. The company’s services touch all aspects of enterprise digital integration across different process, system and application layers to help its customers adapt and grow by building their next generation of products and services.

The company’s services cover multiple technologies and various software vendors. In 2019, the company augmented its digital integration capabilities by acquiring a controlling interest in WHISHWORKS, a company specializing in MuleSoft, Salesforce and data and analytics. MuleSoft is one of the leading digital integration software providers. WHISHWORKS’ consultants hold over 580 MuleSoft and Salesforce certifications and are supported by the company’s dedicated centers of excellence.

Data Services

The company helps to transform data silos and create a seamlessly connected data ecosystem that allows instant access to information and drives new and data-driven insights. The company has a large set of data services solutions, which range from consulting and advisory, assessments and benchmarking to implementation and managed services.

The company helps its clients handle three key areas. The first area encompasses data preparation and transformation, which includes services, such as data warehouse, data lakes, big data, data marts, data ingestion, data virtualization, data labeling, report migration and exact, transfer and load cycle and migration. The second area relates to analytics, which includes business analytics, reports, dashboards, advanced analytics using machine learning, deep learning, cognitive intelligence, natural language processing, speech analytics, vision analytics and graph analytics. The third area covers data management, which includes services related to data governance, data quality, master data management and data security.

The company leverages Quasar, its proprietary knowledge graph platform, to provide data services. The Quasar platform enables the ingestion, pre-processing, processing and decisioning from both unstructured to structured data, utilizing micro-services, API and AI. It enables the transformation, processing and migration of data in multiple structures, formats and environments.

Cloud and Infrastructure Management Services

The company helps enterprises to execute their IT transformation strategy to implement modern cloud-based software architectures. Given the complex requirements of its clients, the company take a multi-dimensional approach toward its cloud and infrastructure management services offering, which allows the company to tackle the various areas of strategy, technology, skill development, business process and organizational design. The company’s offering encompasses platform services, digital workplace services, DevSecOps software development practices, security services and service management. The company also designs and deploys new age architectures leveraging its differentiated partner ecosystem, including Microsoft (among a limited group of select 360-degree partners) and ServiceNow. In Insurance, the company has created scalable platforms with containers and microservices. In BFS, the company has helped transform banking clients with BankingEasy On Azure. In TTH, the company has served a train operator with cloud-led transformation.

AIOps, the company’s proprietary platform for the cloud, is a key building block of its cloud services offering. The platform combines AI and automation, with a programmable infrastructure that provides customers with a built-in capability for multi-cloud monitoring and management. AIOps also includes blue print deployments and CloudOps. In addition, AIOps supports its Cloud Innovation Factory initiative which showcases its skills ranging from prototyping to minimum viable products (MVPs) and its ability to drive migrations at scale leveraging factory processes.

On the infrastructure front, the company caters to its clients’ end-to-end requirements through various solutions such as virtualization, hyperconverged infrastructure (HCI), storage and backup, middleware, Software defined data centers (SDDN” and networks ranging from WiFi to LAN, WAN and software defined networks (SDN).

In terms of cybersecurity services, the company helps clients implement security operations centers (SOC) to cover the areas of threat identification, detection, response and recovery from cyber threats, allowing a centralized approach to enterprise security risk management. The company’s services also include technical and process controls to secure client environments and infrastructure in the cloud.

Business Process Management Services

The company is a full-spectrum integrated BPM services provider. The company uses an integrated service framework leveraging automation to enhance customers’ business outcomes. The company’s services include business transformation to improve clients’ productivity, service quality and turn-around times using process mining technologies. The company’s ProcessGym consulting framework leverages process mining technology and Lean Six-Sigma standards and practitioners to enhance its customers’ business outcomes using an overlay of robotic process automation solutions. The company’s innovation as a service offering helps clients productize new innovations in the areas of digital integration and digital process automation and accelerates the delivery and implementation of new processes and customer interactions. The company’s services also cover omni-channel, real-time customer experience services and back-office transactions processing. Specifically, the company handles end-to-end transactions for its clients through right-shore service delivery models optimizing support from localities.

The company’s proprietary platform-based solutions include Copasys, for enterprise-wide automated quality control and compliance, LoanAccel for pre-underwriting loan origination support, RETS for real estate tax services, Smart Prop for property owner search reports and SmartTrak for reporting property taxes. The company’s acquisition of Coforge Business Process Solutions Private Limited adds a solutions team with more than 20 years of experience offering digital platforms and solutions to the financial services industry. The company has also helped a cancer claims operation group with process optimization in the insurance industry.

The company also offers a suite of cross-industry enterprise services that include customer contact center services, data and analytics services, information security and risk management services, finance and accounting services, human resource outsourcing services, quality control services and data digitization and processing services.

Application Development and Maintenance

The company’s application development and maintenance services leverage its deep domain expertise in software development and offer application lifecycle management services from design to development, in addition to application migration, integration, maintenance and support services. The company’s application development and maintenance services span the entire range of legacy technologies such as mainframe, and emerging platforms such as Java-based web rich user interface based applications. The company’s IT professionals have proven experience in bespoke development as well as industry-specific, third-party commercial off-the-shelf products.

The company also provides consulting services to help clients with initiatives such as architecture design, application portfolio rationalization and technology modernization roadmaps. The company’s engineers have proven experience in managing complex systems with high transaction volume and demanding availability requirements across the different industry verticals the company serves. The company uses prevailing industry standards and frameworks, such as Agile and DevSecOps, to complement its internal system integration, program management, testing and other software development methodologies.

Verticals

The company provides services to, and build deep, long-term relationships with large enterprises within, three primary verticals: Insurance, BFS and TTH. The company also has a growing focus on the Retail, Healthcare, Hi-tech, Manufacturing and Government (Outside India) verticals, all of which group into the All Others vertical in its financial statements.

Insurance

The company delivers insurance solutions, innovation-centric applications and core platform services across the life, annuities, property and casualty, specialty, retirement, supplemental, commercial and reinsurance sectors. The company primarily helps its insurance customers with system modernization services to seamlessly migrate them to newer systems and consolidate data from multiple systems into a single unified interface for end users. The company offers customized solutions targeting specific challenges within the insurance industry in areas of sales and marketing, underwriting, policy, claims, and billings. AdvantageGo, its flagship commercial insurance and reinsurance product family, serves 40% of the Lloyds insurance market as it provides underwriters with a robust management solution, and equips them with the tools to maintain underwriting discipline as they enter the digital era. The company’s insurance service offerings include customer experience management, channel and partner management, quotes and sales management, underwriting and policy issues, billings, policy owner servicing, claims management, risk and exposure management and reporting and compliance. The company’s core system modernization capabilities have processed more than 30 million insurance policies, and delivered over US$100 billion premium payments, resulting in savings for over 100 active insurers.

Banking and Financial Services

The company serves a strong portfolio of strategic customers in the asset and wealth management, digital banking, retail banking and commercial banking and sell-side of capital markets spaces. The company has end to end capabilitiesin buy-side capital markets experience and help its major bank customers with API led integration and digital automation leveraging low code platforms. The company’s focus in this space is on wealth management and institutional asset management. The company has over 2,300 engineers specialized in banking operations. The company provides platform development and support for the full customer lifecycle journey from onboarding through risk management, compliance, day-to-day transactions and reporting for its asset and wealth management customers. The company offers banking solutions and technology services across the value chain covering core business functions, central functions including credit and market risk, treasury and financial controllers, risk and regulations and technology operations for financial crime and customer service. The company has the experience of delivering complex turnkey programs, such as modernization of mainframe-based mortgage platforms, reengineering of financial crime systems, architecting modern credit decisioning engines and crafting digital customer engagement channels, leveraging its capabilities in digital technologies, big data, enterprise low code platforms, collateral management blockchain and Markit EDM implementation support. Furthermore, the company has increased its focus on banking support through its acquisition of Coforge Business Process Solutions Private Limited. This acquisition enhances its integrated technology and operations solutions specifically in the mortgage, cards and payments spaces. The company also has a strong base of central banking clients providing key data analytics and digital automation capabilities to facilitate rapid decision making. The company has served five of the top 25 banks in the United States (U.S.), including a top global investment bank, two of the Fortune 100 global banks and two of the leading global central banks. The company has also worked with a tier-1 bank in the United Kingdom (U.K.), where the company trained over 70 Information Technology (IT) consultants to handle covered areas, including financial crime, mortgage processing, cash and payments and loan origination, for its clients.

Travel, Transportation and Hospitality

The company brings over two decades of experience delivering innovation and outstanding value to TTH customers across the globe in areas including airlines, airports, hospitality, travel distribution, travel technology, cruise lines and surface transport. The company’s system integration capabilities help complex businesses in areas of airline passenger service systems, cargo, airport operations, merchandizing, hotel property management systems, revenue management, revenue accounting, crew management, airport operations, border management, baggage portfolio, railway sales and railway operations. The company offers more than 75 travel products in its service offerings and have helped leading internet booking engines with the development and implementation of web services and ecommerce functionalities. The company has implemented its technologies across more than 50 hotel and casino properties globally. The company has also contributed to large transaction processing facility mainframe migration programs. The company has served over 30 airlines globally. The company’s proprietary platform, Monalisa, has delivered accurate accounting of financial documents for over 20 airlines. In India, the company is a master system integrator managing airport management systems and operations for approximately 10 airports. The company’s technology enhances the passenger journey by delivering real-time contextual interactions and helps modernize airport kiosks for airlines by enabling seamless check-in and gate experiences.

Key areas that the company serves following the pandemic include digital vaccine passport capabilities, cloudification of networks, touchless travel solutions, digitization and modernization of cargo platforms, and enhanced automation for automated self-service operations. The company’s comprehensive cargo management platform, Cosys, enables automation of cargo handling process. In addition, a cargo terminal management system the company developed for a customer runs at 17 cargo terminals worldwide, as of November 15, 2021.

All Others

The company reports all of its other industry verticals as the All Others vertical category. This category includes its offerings with respect to some of verticals, among others, including Retail, Healthcare, Hi-tech, Manufacturing and Government (Outside India). The company also intends to extend the initiatives in these verticals by growing its service offerings within each of these industries to reach a critical mass and establish them as significant contributors to its business.

The company offers digital IT solutions for customers in the healthcare industry, focusing on care management, patient information management, interoperability solutions, revenue cycle management, and analytics. Examples of its solutions and services include an end-to-end claims processing services ecosystem and a strategic multi-year partnership for claims management with a leading revenue cycle management organization.

In the retail industry, the company’s expertise includes retail analytics and differentiated services across customer data platforms and personalization. The company supports automotive customers with solutions for specially designed parts and services warranty management. For customers in the utilities sector, the company has designed and delivered distribution management solutions using modern next-gen technologies.

The company also supports hi-tech industry customers with product engineering solutions, leveraging its independent software vendors. The company has a special focus on embedded software engineering and support telecom customers with software design for mobile carrier onboarding applications.

Clients

The company’s clients include large multinational corporations across a broad range of industries, as reflected by its wide range of industry verticals. The company primarily markets its services in the Americas and EMEA. The company define geography, in which its clients’ revenues originate, based on the location of the clients’ key decision-makers.

Global Delivery Model

Coforge manages to be both a global and local organization at the same time. The company has a global delivery platform with 25 delivery centers located around the world, of which 14 are located in the APAC region including India, six are in EMEA, and five are in the Americas. The company’s presence in multiple countries allows it to benefit from cultural diversity and geographic proximity to its clients.

The company’s onshore locations include sales teams, account managers, project managers and functional and domain experts who enable a seamless working experience between its clients, its onshore delivery teamsand its offshore delivery centers, as well as design studios and digital innovation centers. Onshore managers and subject matter experts ensure consistency and quality of its work product by coordinating different work streams, understanding and managing business requirements, and collaborating with its client’s stakeholders. The company’s onshore and offshore teams follow standardized processes and leverage common knowledge bases. In addition, they utilize collaboration tools that can be accessed globally through a secure and redundant communications infrastructure.

Sales and Marketing

The company’s sales organization is structured by industry vertical, which allows its sales teams to develop domain expertise in its client’s industries. The company’s sales efforts involve its global vertical heads, delivery leads, pre-sales, business consulting, business development teams, and client partners for existing accounts. The company’s client partners, who have experience working directly with its clients, are key to identifying and pursuing new business opportunities.

The company’s subject matter experts also play a key role in its sales efforts. Subject matter experts help with sales efforts for both the company’s core and its new verticals, as well as sales efforts targeting a specific service offering or a specific geography. The company’s marketing organization helps generate additional business by driving more inbound requests, referrals, and requests for proposals. The team also supports interactions with both internal and external stakeholders. The company’s marketing organization includes a central team that manages its brand positioning, communications, content, digital assets, public relations, and representation in industry conferences. In addition, the company has marketing leads who are aligned with its industry verticals to design and drive vertical specific marketing programs.

Competition

The company competes with a wide number of niche, boutique and global service providers on an equal footing based on its differentiating capabilities. Representative competitors in each of these categories includes global IT services providers, such as Accenture, Capgemini, Infosys, Tata Consultancy Services, Tech Mahindra, Wipro, and NTT; digital IT services providers, such as Endava, EPAM Systems and Globant; and India-based IT services providers, such as Larsen & Toubro Infotech and Mindtree.

Intellectual Property

The company’s registered intellectual property includes the trademark Coforge (which is registered in six jurisdictions, including Australia, the European Union and the United Kingdom, as of September 30, 2021) and certain other trademarks related to its service offerings and products. The company has also filed for registration of the trademark Coforge in six jurisdictions, including the United States. The company has registered and maintain more than 60 domain names.

History

The company was incorporated in 1992. It was formerly known as NIIT Technologies Limited and changed its name to COFORGE Limited in 2020.