USG Tech Solutions Ltd Share Price

History of USG Tech Solutions Ltd

USG Tech Solutions Limited (Formerly V & K Softech Ltd) was incorporated on 20th July, 1999 as a Private Limited Company and later on was converted into a Public Limited Company on 22nd March, 2000. In year 2000, the Company went in for a Initial Public Offering (IPO). The Hyderabad based software company is mainly engaged in Software and Communication technology. G Tech at its best provides innovative IT Solutions and complex software projects development that helps to keep it one step ahead of its competitors by continuously improving its IT-based business solutions. Crafted to perform, USG Tech is more that a singular avenue for payment processing system, it represents the ambition to connect, the ability to integrate and the freedom to move beyond the hassles of prior systems. ... The Company was brought to life by individuals who imagine a seamless system that allows complete freedom and guarantees a greater performance capability. Combining state-of-the-art technology with the ambition to streamline business processes throughout the country, USG Tech equips businesses and organizations to stay in control of payment processing, point of sale systems, reward and loyalty programs and all other related business processes. The multi-functional feature of USG Tech payment systems allow product manufacturers to stay linked to the traders, the banks to their customers, the government to various trading points, the corporate houses to their branched processes and merchants to their customers. Spread across multiple channels, the Company's strategic solutions are capable of communicating across broadband, GPRS, Wi-Fi and dial-up along with supporting several third-party VAA's (Value Added Applications). The company has already developed five portals/suites viz. Bharatguru.com, drgenie.com, ilovemycountry.com, newsatlas.com and drrishi.com all related to different fields. It is presently marketing its products and services by direct marketing in India and through its ventures abroad. It has marketing tie-ups with two companies - K&M Softech Inc and ASP Network Technologies Inc, both promoted by the promoters of VKSL. The company went into public issue in December 2000 and the proceeds were utilised by setting up Software Development Centre at Hyderabad, invest in subsidiaries in the US and Canada, upgrade and add to the existing infrastructure, meet working capital needs and the issue expenses. The total project cost was Rs 11.50 cr of which Rs 5.13 cr has already been spent on the project. The project has been appraised by Bank of Madura, which has sanctioned it a term loan of Rs 1.15 cr. The company's subsidiary has been incorporated on 15th May 2000 under the name of 'V & K SOFTECH Inc.' The subsidiary at USA will house the wireless data centre and will provide ISP, offering products and integration services to consumers and businesses for enhancing and integrating their current communications with the exploding internet. While at Canada, the subsidiary will have data centre, for hosting web domains. It will also provide Consultancy, Application Server database Technologies across different platforms and skills. Both the subsidiaries will act as front offices for marketing of the company's products and services. During period 2011-12, US Group had promoted the expansion programme of the Company and therefore the name of the Company got changed to 'USG Tech Solutions Limited' effective on 17th August, 2011.