INSPIRISYS SOLUTIONS Share price

The Accel group commenced operations with Accel Limited which was incorporated in 1991. Accel Limited became a publiclimited company and changed its name to Accel Automation Limited in July 1997. Accel Limited was involved in the businessof third party maintenance services for IT products. In December 1993 Accel Limited acquired the PC manufacturing facilitiesof Kothari Information Systems Limited Bangalore and shifted operations in 1996 to Pondicherry. Accel Limited acquiredAtreya Technologies and Industrial Development Private Limited Delhi and the services business of Network Limited Delhi inJune 1996 and April 1997 respectively to benefit from their service networks in relation to telecom/IT equipment. In 1997 wetied up with a leading international mobile phone manufacturer to be its exclusive national service partner in India.Our Company was incorporated in the State of Tamil Nadu on June 08 1995 in the name of Accel Computers Limited as a publiclimited company. The Registration No. U30006TN1995PLC031736 was assigned to our Company. We obtained our Certificateof Commencement of Business on June 22 1995. The name of our Company was changed to Accel ICIM Systems & ServicesLimited pursuant to the acquisition of the systems and engineering services (SES) business of Fujitsu ICIM Limited and wereceived a fresh Certificate of Incorporation dated October 21 1999. Subsequently the name of our Company was changed toAccel ICIM Frontline Limited as part of the strategic equity investment made by Frontline in order to leverage Frontline?s namein its business operations in India and abroad and we obtained a fresh certificate of incorporation dated August 27 2004. Thename of our Company was again changed to Accel Frontline Limited as under the name license agreement dated October 111999 between Fujitsu ICIM Limited Accel Limited and our Company the name ?ICIM? could be used solely for the SES businessand not in relation to other IT businesses undertaken by our Company. We obtained a fresh certificate of incorporation datedNovember 3 2005. The registered office of our Company was shifted from SFI Complex No.179 Valluvarkottam High RoadNungambakkam Chennai 600 034 to III Floor No. 124 Nelson Manickam Road Aminjikarai Chennai 600 029 on April 3 2000.We commenced operations in 1995 and in 1996 established a manufacturing facility for computer systems in our factory atPondicherry. In 1997 we diversified our operations by starting a software development unit in Chennai to offer softwaresolutions for domestic enterprises. In order to expand its operations nationally our Company acquired the systems andengineering services business of Fijitsu ICIM Limited with effect from January 1 1999. As part of an internal consolidationexercise in fiscal 2000 we acquired the computer services operations from our holding company Accel Limited to create asystem integration company with operations in hardware software and services. In June 2001 in order to meet our businessexpansion plan our Company received strategic venture capital funding from ICICI Venture Fund Managment Company Limitedthrough certain funds managed by them and from Intel. In July 2003 we acquired the banking software solutions business fromTVS E Technology Limited Chennai. In 2003 we started a separate business processing unit to provide warranty outsourcedservices and acquired the mobile phone warranty services buniness of Accel Limited. In October 2003 our Company took overthe software development unit of Trinity Infosys India Private Limited which was specializing in SMS services and otherwireless applications. We also expanded our software business in the Asia Pacific regions by incorporating two wholly ownedsubsidiaries in Singapore and Dubai. With the growth in the IT services industry and infrastructure services the sector has seenan influx of many players. We face competition from the large MNC players as well as regional / local players in variousgeographies including the unorganized sector players. In order to further strengthen our technology and business operationsin the Asia Pacific region our Company entered into a strategic partnership with Singapore based Frontline TechnologiesCorporation Limited (Frontline). Frontline is a public limited company listed on the Singapore Stock Exchange and havingoperations in seven countries in the Far East region including China Malaysia Thailand Hong Kong Taiwan Phillipines andSingapore. As on the date of filing this Red Herring Prospectus Frontline Technologies Corporation Limited is the single largestshareholder in our Company. For more details on Frontline Technologies Corporation Limited please refer to the section titledPromoters? beginning on page 98 of this Red Herring Prospectus.For a brief overview on our financial statements for the last five years please refer to the section titled ?Selected FinancialInformation? beginning on page 7 of this Red Herring Prospectus.History and Major EventsMarch 1991: Accel group commenced operationsJanuary 1999: Acquired the systems and engineering services division of Fujitsu ICIM LimitedApril 1999: Acquired the systems and services division of Accel LimitedJanuary 2000: Certified ISO 9001:2000 for its manufacturing facility in PondicherryApril 2000 Wholly owned subsidiary set up in SingaporeMay 2001 Commenced operations in SharjahJune 2001 ICICI Venture and Intel invested in our CompanyApril 2001 Enterprise Software Solutions formed as a strategic business unitNove 2001 Bonus issue to shareholders on record date on a 1:1 basisOctober 2002 Wholly owned subsidiary set up in DubaiJuly 2003 Acquired the banking software solutions division of TVS E Technologies LimitedAugust 2003 Certified ISO 9001:2000 for IT infrastructure management servicesOctober 2003 Acquired the mobile phone warranty outsourced service business from Accel LimitedFebruary 2004: Acquired SMS and wireless application software services business of Trinity Infosys India PrivateLimitedJune 2004 : Frontline became a strategic partner with equity investmentMarch 2005 : Certified CMMI Maturity Level 5 (optimising) for software engineering