KPIT Technologies

KPIT Technologies Limited (formerly KPIT Cummins Infosystems Ltd) is an Indian multinational corporation headquartered in Pune, Maharashtra, India.[5] Popularly known as KPIT, it provides software to the automotive companies. KPIT has development centers in Europe, USA, Japan, China, Thailand, and India.[4]

KPIT Technologies Limited
TypePublic
NSE: KPITTECH
BSE: 542651
Industry
  • Automotive
Founder
HeadquartersPune, Maharashtra, India
Area served
Worldwide
Services
Number of employees
7,000+ (as of June 2019)[3]
Websitewww.kpit.com

The company had a sequential growth of 19.3% in Q3 FY2019-20. It had declared an interim dividend of Rs. 0.55 per share and reported revenue of USD 76.88 Million for the Q3 FY2019-20.[5] KPIT has filed 58 patents,[6] published some research papers, and has won few awards for innovation.[7][8]

History

KPIT was co-founded in 1990 by Ravi Pandit[9] and Kishor Patil,[10] as KPIT Infosystems. Both of them are chartered accountants by profession, and they were partners in an accountancy firm, Kirtane and Pandit Chartered Accountants.[11][12] The company made its initial public offer (IPO) in 1999, which was 50 times oversubscribed.[13][14]

In 2002, Cummins Infotech, the IT department of Cummins merged with KPIT, and the name of the company became KPIT Cummins Infosystems Ltd.[15]

KPIT Cummins Infosystems changed its name to "KPIT Technologies Limited" in September 2013. This was in line with Cummins' decision to reduce its shareholding in KPIT, to focus on its core business of engine and generator manufacturing.[16]

In January 2018, Birlasoft, an IT company, and KPIT announced that they will merge and immediately split into two new companies.[17] In April 2018, this deal was approved by the Competition Commission of India.[18] After the corporate spin-off of the new company, an IT company and an automotive company will be formed. The IT company will work under the name of Birlasoft, and the automotive company will work under the name of KPIT Technologies. According to the original plan, the shareholders of Birlasoft will receive 22 shares of the combined company for every 9 shares they hold in Birlasoft, and the shareholders of KPIT Technologies will get 1 share of the new the new company working under the name of KPIT Technologies, for every share they hold in KPIT Technologies.[17] In an interview, Ravi Pandit, co-founder, chairman, and CEO of KPIT Technologies, commented upon this deal, "Segregating business IT and automotive tech businesses will provide sharper focus on each business."[19] On 22 April 2019, KPIT Technologies Limited got listed on BSE and NSE. The transaction resulted in two publicly traded specialized technology companies – KPIT Technologies - focused on automotive engineering and mobility solutions; and Birlasoft – focused on IT services.[20] On 6 June 2019, KPIT launched its new corporate logo.[21]

Products and services

KPIT provides embedded software to automotive companies and its business is segregated into six domains, namely, Autonomous Driving, Connected Vehicles, Electric & Conventional Powertrain, Vehicle Diagnostics, AUTOSAR and Mechatronics.[22] KPIT's clients include BMW,[23] Cummins, Paccar, and Lafarge.[24] It has also created solutions including Revolo,[25] which is the first ARAI-certified JNNURM II compliant On-Bus intelligent transport system.[26]

References
  1. "We see budgets happening in the area of digital technologies: Ravi Pandit, KPIT Technologies". The Economic Times. 27 April 2017. Retrieved 11 September 2017.
  2. "Kishor Patil, CEO of KPIT Technologies". CIO100, CIO from IDG. 17 August 2017. Retrieved 11 September 2017.
  3. "About KPIT". KPIT Technologies. Retrieved 18 June 2019.
  4. "Contact Us". KPIT Technologies. Retrieved 29 April 2019.
  5. "KPIT Q3FY20 Profit grows 19.3% sequentially". KPIT Technologies. 29 January 2020. Retrieved 29 January 2020.
  6. "Kishor Patil, CEO of KPIT Technologies". ComputerWorld India. Retrieved 9 October 2017.
  7. "Awards and Recognition". KPIT Technologies. Retrieved 9 October 2017.
  8. "2016-1017 Annual Report | Technology Innovation at the Confluence of Engineering & Digital" (PDF). KPIT Technologies. p. 14. Retrieved 9 October 2017.
  9. "Ravi Pandit KPIT". KPIT. Retrieved 27 January 2020.
  10. "Kishor Patil KPIT". KPIT. Retrieved 27 January 2020.
  11. "Sitting Pretty". Outlook Business. 12 October 2013. Archived from the original on 14 July 2014.
  12. "As the Auto Industry Shifts Gears, KPIT Cummins Finds Room for Growth". Knowledge@Wharton. 8 October 2009. Retrieved 21 March 2016.
  13. "Investors log on to KPIT Systems, IPO oversubscribed 50 times". The Indian Express. 23 February 1999. Retrieved 21 March 2016.
  14. "KPIT Technologies Listing Information". The Economic Times. Retrieved 8 January 2019.
  15. "Cummins Infotech merges with KPIT Infosys". The Economic Times. 8 May 2002. Retrieved 21 March 2016.
  16. "KPIT adopts new brand & visual identity". Moneycontrol.com. 10 September 2013. Retrieved 21 March 2016.
  17. "KPIT Technologies: KPIT, Birlasoft to merge and split into two publicly-traded companies". The Economic Times. 30 January 2018. Retrieved 16 May 2019.
  18. "CCI approves KPIT-Birlasoft deal". Moneycontrol.com. Retrieved 8 January 2019.
  19. "Why KPIT and Birlasoft are merging to create 2 separate companies". The Economic Times. 30 January 2018. Retrieved 8 January 2019.
  20. "KPIT Technologies gets listed on BSE and NSE". Economic Times. 22 April 2019. Retrieved 29 June 2019.
  21. "KPIT unveils its New Visual Brand Identity". Business Standard. 6 June 2019. Retrieved 9 June 2019.
  22. "About KPIT - Company | KPIT Leadership | News | Awards & Recognition". KPIT. Retrieved 26 June 2019.
  23. "BMW Group enlists KPIT and TTTech as software development partners for autonomous driving. Strong partnerships serve as enablers for Autonomous Driving Platform" (Press release). BMW Group. Retrieved 26 June 2019.
  24. "KPIT Technologies Ltd". Manufacturing Leadership Summit 2014. Archived from the original on 1 July 2014.
  25. "REVOLO Ready To Fit Hybrid Technology". Team-BHP.com. 7 June 2010. Retrieved 21 March 2016.
  26. "KPIT launches intelligent transport system for buses". Business Line. 3 December 2013. Retrieved 21 March 2016.
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