Onward Technologies

Onward Technologies is an Indian multinational software technology outsourcing company specializing in digital and ER&D services, transportation & mobility, industrial equipment, heavy machinery, and healthcare & Med Tech industries.

Onward Technologies
TypePublic
BSE: 517536
NSE: ONWARDTEC
IndustryEngineering R&D Services
IT Services
Digital Transformation Services
Founded1991
HeadquartersMumbai, Maharashtra, India
Key people
Harish Mehta, (Executive Chairman) & Jigar Mehta (MD)[1]
ServicesEngineering R&D Services
IT Services
Digital Transformation Services
Business Consulting [2]
RevenueIncrease ₹4,409 million (US$55 million) (FY23)[3]
Increase ₹115 million (US$1.4 million) (FY23)[4]
Number of employees
2,798 (FY23)
Websiteonwardgroup.com

As per its filings with the BSE, it is reported to be headquartered in Mumbai and has 2974 employees across 14 offices in 6 countries as well as offshore development centers in India. As of December 31, 2022, it has one Indian subsidiary and four foreign subsidiaries.[5][6]

Revenues

According to its filing with the BSE, Onward Technologies recorded revenue of INR ₹440.9 Cr. in FY23 with 43.5% YoY growth. In Q4 of the financial year ended March 31, 2023, the company reported a revenue of INR 121.4 Cr. with a YoY growth of 38.8%.[7]

History

1991-1996

Onward Technologies was founded in August 1991 by Harish Mehta, a first-generation entrepreneur, one of the founders and the first elected Chairman [8] of the National Association of Software and Service Companies (NASSCOM). The company listed on the BSE & NSE in 1995. Harish Mehta serves as CEO.[9]

1997 - 2010

In 1997, the company expanded into the USA with its subsidiary, Onward Technologies, Inc. becoming operational.[10] In 1998, the company also set up a branch office in London [11] Between 2001-2010, the Company had diversified into the Engineering, Research & Development (ER&D) industry while also achieving ISO 9001 & ISO 27001 certifications for its offshore development centers in India. It had also opened offices in Chicago in this interim.[12]

2010 - present

In May 2016, Jigar Mehta (Harish Mehta’s son) was appointed as the Managing Director.[13] As per the annual report of the company for 2020-21 filed with BSE, the company has achieved Zero Net-Debt[14] and the annual report of the company for 2021-22 filed with BSE confirms that it continues to be Net-Debt Free.[15] It also delivered a record 28% year-on-year organic revenue growth in financial year ended 31st March 2022.[16] In 2021, the company set up offices in Amsterdam [17] and Canada [18] By the end of 2021, Convergent Finance LLP, a private equity firm invested in the company and today owns approximately 24.7% stake.[19]

In November 2021, Onward Technologies was awarded a Business Excellence Award by Dun & Bradstreet, as part of its Business Enterprises of Tomorrow recognition program [20] and was recognized as the Engineering Partner of the Year in the Overall Technology Excellence category at the 4th Annual Innovation and Technology Inn-Tech 2022 awards.[21] Subsequently, in October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence Awards.

Services

Onward Technologies works across industries that include transportation and mobility, industrial equipment & heavy machinery as well as healthcare & Med Tech. It offers services across the following business lines:[22][23]

  •  Digital transformation services like data science, data analytics, automation & cloud
  •  Embedded systems & Electronics engineering services
  •  Mechanical engineering services
  •  IT services

Locations
Country State / Province City
India Maharashtra Mumbai
Pune
Tamil Nādu Chennai
Karnataka Bengaluru
Telangana Hyderabad
United States Illinois Chicago
Michigan Detroit
Ohio Cleveland
Canada [24] Ontario Toronto
United Kingdom London London
Germany Hesse Frankfurt
Netherlands [25] North Holland Amsterdam

Awards
  • In November 2021, Onward Technologies was recognized by Dun & Bradstreet as a ‘Business Enterprise of Tomorrow’ for helping its clients accelerate innovation, drive competitiveness, and maximize returns on their R&D investments.[26]
  • In June 2022, Onward Technologies was recognized as the Engineering Partner of the Year in the Overall Technology Excellence category at the 4th Annual Innovation and Technology Inn-Tech 2022 awards.[27]
  • In October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence Awards

References
  1. "Interview of Mr. Harish Mehta, Chairman & Managing Director, Onward Technologies Ltd". Indiainfoline.com. Retrieved 5 August 2010.
  2. "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com. 24 November 2021. Retrieved 13 May 2022.
  3. "Onward Technologies Ltd. Press Release - May 12th 2023" (PDF). www.onwardgroup.com. Retrieved 12 May 2023.
  4. "Onward Technologies Ltd. Press Release - May 12th 2023)" (PDF). www.onwardgroup.com. Retrieved 12 May 2023.
  5. "Submission of Annual Report of Onward Technologies Limited" (PDF). www.bseindia.com.
  6. "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year" (PDF). www.bseindia.com.
  7. "Onward Technologies Limited" (PDF). www.archives.nseindia.com.
  8. "Microsoft or Google may not spring from India, says IT industry veteran Harish Mehta". www.indiatoday.in.
  9. "INVESTOR PRESENTATION MARCH 2021" (PDF). www.bseindia.com.
  10. "ONWARD TECHNOLOGIES LTD MARCH 1997" (PDF). www.bseindia.com.
  11. "ONWARD TECHNOLOGIES LIMITED". www.find-and-update.company-information.service.gov.uk.
  12. "Corpfiling" (PDF). www.bseindia.com.
  13. "Annual Report" (PDF). www.bseindia.com.
  14. "Submission of Annual Report of the Company for the financial year" (PDF). www.bseindia.com.
  15. "Submission of Annual Report of Onward Technologies Limited" (PDF). www.bseindia.com.
  16. "Onward Technologies Limited delivers growth in Operating Revenues" (PDF). www.archives.nseindia.com.
  17. "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". www.business-standard.com. 5 June 2021.
  18. "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). www.onwardgroup.com.
  19. "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". www.theprint.in. 27 May 2021.
  20. "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com.
  21. "Innovation and Technology Awards". www.inntechawards.com.
  22. "Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited". www.theprint.in/. 27 May 2021.
  23. "Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year ended March 31 2022" (PDF). www.bseindia.com.
  24. "Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn" (PDF). www.onwardgroup.com.
  25. "Onward Technologies incorporates wholly owned subsidiary in Amsterdam". www.business-standard.com. 5 June 2021.
  26. "Onward Technologies wins Dun & Bradstreet's Business Excellence Award" (PDF). www.onwardgroup.com/.
  27. "Innovation and Technology Award". www.inntechawards.com.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.