Onward Technologies Ltd Share Price

History of Onward Technologies Ltd

Onward Technologies Limited was incorporated on July 18, 1991. The Company is a 2500-employees strong software and technology services outsourcing company specializing in digital, embedded, mechanical engineering for global original equipment manufacturers (OEMs) in Industrial Equipment, Heavy Machinery, Automotive, Rail Transportation, Healthcare and Life Sciences. With global offices and India delivery excellence centers, Onward Tech is present in 12 locations across 6 countries, offering its OEM clients the benefits of both global presence and local reach, access to an expert talent pool and the agility to ramp up complex engineering projects rapidly. At present, Company deals in mechanical engineering, embedded products and systems development, mobile and enterprise software develop ...ment, data analytics and digital transformation, robotic process automation, and managed services for infrastructure, applications and databases. In 1993, Company started developing software for computer controlled CNC Machines. Later in 1994, the business lines of erstwhile group companies the Onward Computer Technologies Pvt Ltd.,(a System Integration Company) and Onward Network Technologies Pvt Ltd.(A Network Solutions Company) were acquired to consolidate synergistic business in IT. The company made its maiden public offer at a premium of Rs.40/- per share in the same year. In 1995 the company has entered into a strategic tie-up with Structural Dynamics Research Corporation being Sole distributor on al hardware platforms. The company has closed the system integration division in the year 1997 and shifted its focus to professional services and solutions business. The company tie-up with Set Point, US, for its process simulation software. OTL's banking group offers branch automation solutions like total branch mechanisation based on PC Lan Netware, microcomputer-based advanced ledger postings with customised software, etc. The company's US subsidiary, Onward Technologies, Inc. became operational with offices in the states of California and Utah. Onward Technologies ,during the year 1999-2000, has entered into a Global Partnership Agreement with Novell, Inc., USA to provide E-Commerce related consultancy services to various business units of Novell, Inc. especially in areas of Net Mangement, Net Directory and Net Content. In the year 2000 the company has opened its Pune development centre for PSSD project. and got a large offshore simulation project order from Aspen Tech Software. In 2001 , the company has set up a wholly owned subsidiary in Germany under the name Onward Technologies GmbH. The company has established 2 new Software Development Centres in the year 2002,one in Pune and another in Turbe,Mumbai. The company has signed a new partnership agreement recently with Experia Solutions,Inc., a high-end consulting company which is specialising in the areas of eSolutions. In Financial Year 2002-2003, Company had restructured its activities into two distinct entities and the Domestic Banking Business was hived off into a wholly owned subsidiary, Onward eServices Limited. During the Financial Year 2003-2004, the Company consolidated its business in the Engineering Design space and emerged as one of the very few handful Indian Service providers who could offer End-to-End (ART to PART) solutions from designing, modeling, simulation to FEA and prototyping of Engineering Designs. It catered to various industrial segments such as automobiles, off road automotive, aerospace, machine tools, semi-conductors etc. in addition to providing Engineering Design Services for sheet metal, castings and plastics to quite a few of the fortune 500 companies. During the year 2005, Company invested in people & scalable infrastructure, including investing in both popular and specialized CAD/ CAE technologies. In 2008, it completed a massive restructuring initiated 24 months back across the board & now is focused on 2 main business lines consisting of Mechanical Engineering Design Services (EDS) and IT Consulting Services (ITS). In 2009, the Company offered a Scheme of Arrangement to respective Members of Onward Technologies Ltd. (OTL) and Onward eServices Ltd (OEL) and for reconstruction and reduction of capital of OEL and specified creditor of OEL viz. OTL L and further convened meetings of shareholders of OTL on June 9, 2008. Pursuant to the above meeting the Company had obtained necessary sanction of the Scheme from the Honorable High Court of Mumbai vide its Order dated April 16, 2009, which became effective from the Appointed date, April 1, 2007. In 2015, the Company completed a major Computational Fluid Dynamics (CFD) project for a global energy management organization from US for their huge battery packs that helped to improve the efficiency. During the year 2021, the Company had 4 subsidiaries, Onward eServices Limited (OeSL), Onward Technologies Inc. (OTI), Onward Technologies GmbH (OTG) and Onward Properties Private Limited (OPPL). The Board of Directors of the Company at their meeting held on May 15, 2020, approved the Scheme of Merger by Absorption of Onward eServices Limited (OeSL), wholly-owned subsidiary of the Company with the Company, which was heard by the Hon'ble NCLT and thereafter NCLT sanctioned the Scheme of OeSL with Onward Technologies Limited on March 25, 2021, which became effective from the appointed date of the Scheme, January 1, 2020 and May 14, 2021. During the year 2021-22, the Company acquired entire equity shareholding and preference shares of OT Park Pvt Ltd. on December 1, 2021. Consequent to the acquisition of entire shareholding, OT Park became a wholly owned subsidiary of the Company. Onward Technologies Canada Inc. and Onward Technologies BV were incorporated as wholly-owned subsidiaries on May 25, 2021 in Toronto, Canada and June 04, 2021 in Netherlands respectively. OPPL ceased to be a wholly-owned subsidiary of Company w.e.f. August 25, 2021. In 2024, Company has streamlined the operational structure to focus on three industry verticals: Industrial Equipment and Heavy Machinery, Transportation and Mobility, and Healthcare. Additionally, it has organised the operations into three business lines: Digital, Embedded, and Mechanical Engineering Services. The Company has been proactively skilling the people in these key areas and advanced technologies while also hiring experienced professionals and senior leaders to build domain expertise. In 2024, opening new project offices in multiple cities in North America and Europe has made a demonstration in providing a local presence, investing in new embedded/ SW leaders, teams and labs across Pune, Chennai, and Bengaluru offices have drove the growth in the largest verticals. By introducing advanced software techniques, cutting-edge digitalization, data-centric connected solutions ,like Digital Factory, Digital Manufacturing, Supply Chain Analytics , and the power of AI/ML with Onward Tech has propelled the business as a digitised company. A key milestone of the Company in FY 2024-25 was the transition to a vertical-focussed organisation, improving resource allocation, delivery efficiency, and client alignment. The Company prioritized core verticals such as Industrial Equipment, Transportation & Mobility, and Healthcare & Life Sciences in FY25.