- De-merges global BFSI led products business from its Healthcare IT businesses.
- Trading for the scrip to resume today, October 27, 2010.
Religare Technova Limited (RTL), an integrated global IT products and solutions group listed on the Bombay Stock Exchange, today announced completion of the de-merger of its global BFSI led products business (erstwhile Religare Technova Global Solutions Limited) from its Healthcare IT businesses. Religare Technova Limited having a team strength of over 400 people in 25 offices with a presence across more than 20 countries will now sharply focus on its core of IT products and solutions for the BFSI segment.
The company also announced a recast of its global management team and its board, with Ralph Horne now being appointed as Global CEO & Managing Director. Trading for the Religare Technova scrip, which was suspended for the past few weeks as a result of this ongoing de-merger process, will resume today wef. October 27, 2010.
These strategic decisions mark a new beginning to unlock value for its shareholders and promoters who have large and diversified business interests in global financial services, healthcare and diagnostics. In its earlier form, Religare Technova Limited was the holding company for all IT business interests of the promoter group.
Commenting on the development, Mr. Ralph Horne, Global CEO & Managing Director, Religare Technova Limited said, “The successful implementation of the de-merger process has demonstrated Religare’s ability to identify market opportunity to seed new businesses, grow rapidly to gain leadership in businesses which are large enough to be independent and thereby create value for its shareholders. This move is in line with our strategy of expanding our business operations of global BFSI led IT products and solutions. The BFSI sector has entered into a high growth trajectory and will continue to witness good growth in near future. There is a demand for IT and software solutions to optimize and increase the efficiencies of various organizations. To unlock the value for the shareholder and cater to both the growing markets, we decided to demerge our financial products IT software business from its Healthcare IT Solutions business. I am confident that Religare Technova will achieve new heights and will emerge as a leader in its domain.”
This marks the completion of creating a leading global IT solutions company; the process started almost three years ago, when Religare Technova acquired a market leading financial services IT company in Asia Pacific - Capital Market Solutions (CMS) and a leading Indian IT company specializing in capital market led financial solutions - Asian CERC. CMS was founded by Ralph Horne, a thought leader in Financial Services IT solutions which he successfully expanded across Europe and Asia. Ralph has over sixteen years of experience in the IT and Securities industries; having held similar positions in other multi-national companies. In these roles he has been responsible for operations in Australia, New Zealand, Tokyo, Hong Kong, Singapore, Malaysia, Taiwan and Korea; his knowledge of the IT and Securities industry has resulted in him being consulted on a number of industry initiatives and being invited to speak at industry events across the region.
Religare Technova has also built out a top drawer global management team with each region being managed by an independent CEO. Globally the company client list includes some of the top Global Investment banks, Commercial banks and Broking firms. The Indian business is also a market leader in providing capital market led IT solutions to most of the large Indian financial services firms. The company boasts of leading names in the BFSI space on its clients list. In India, the clients include, Motilal Oswal, Standard Chartered Bank,; while globally the clients are, BOC International, OCBC Bank and Nomura Securities. Some of the world class products that the company has in its portfolio include NOVA - a market leading clearing and settlement solution in post trade processing and TradeAnywhere - a rapidly expanding online institutional trading system, amongst many in its strong IT product and solutions offering.
As a result of the restructuring, India has also been made the global development center for the business, with all operations housed out of RTL’s state of the art NOIDA facility near New Delhi.
With a view to maintain and scale its market leadership, Religare Technova is consistently working on a two pronged strategy; of organic and inorganic growth. It has a current presence in over 20 countries, plus strategic partnerships with key international players like Marco Polo LLC and Chase Cooper. This twin play is assisting in the strategic objective of improving its product offering and expanding the global distribution network to garner better market share.
