Noida-headquartered HCL Technologies is one of the largest IT firms in the country with a market capitalisation of Rs 3.2 lakh crore. Time travel through this visual story to see how a tech startup founded by 8 engineers in the 70s has become an IT giant
In 1976, HCL Enterprise was founded. A group of eight engineers/entrepreneurs, all former employees of Delhi Cloth & General Mills, led by Shiv Nadar, started a company that would make personal computers. Initially floated as Microcomp Limited, Nadar and his team, which also included Arjun Malhotra, Ajai Chowdhry, D.S. Puri, Yogesh Vaidya, and Subhash Arora, started selling teledigital calculators to gather capital for their main product
On August 11, 1976, the company was renamed Hindustan Computers Limited (HCL). It was India’s original IT start-up, and is a founder of modern computing with many creations, including the introduction of personal computers. In 1978, HCL’s indigenously designed, 8-bit microcomputer hit the market, three years ahead of the first IBM PC and at the same time as Apple
In 1982, Shiv Nadar established NIIT, creating a pipeline of skilled workforce for the IT industry. A year later, HCL indigenously developed Relational Database Management Systems (RDBMS), to help manage large volumes of data. Two years later, HCL introduced NUS to UNIX as it develops India’s first Unix-based computer, delivering multi-platform capabilities to users
HCL Technologies began as the R&D Division of HCL Enterprise, It developed a networking OS and client-server architecture in 1983. 5 years later, HCL invented a symmetric processor as it developed Magnum, a symmetric multi-processor system, bringing the benefits of Unix to small businesses. In 1991, the company tied up with HP and the JV helped HCL build up its R&D skills and make mainframes affordable for everyone
On November 12, 1991, HCL Technologies was spun off as a separate unit to provide software services. A company called HCL Overseas Limited was incorporated as a provider of technology development services. In 1993, HCL pioneered remote infrastructure management, starting with a digitisation contract for the National Stock Exchange, Asia’s largest at the time
In 1995, HCL tied up with Nokia and leveraged its vast distribution network for Nokia to help build the Indian mobile market. In 1999, it helped make flying cheaper by bringing flexible pricing systems to Indian airlines. The same year, HCL went public on 10 November 1999, with an issue of 142 crore shares, valued at Rs 4 each. The IPO received the highest demand ever at the time, a 27X demand for shares. HCL Tech shares closed at 1,157.95 on NSE on Friday (July 7, 2023)
In 2000, HCL set up an offshore development centre in Chennai, India, for KLA-Tencor Corporation. In 2002, the company acquired Gulf Computers Inc. An year later, HCL sold 100,000 PCs becoming the first Indian company to achieve this milestone. In 2004, HCL launched HCL Healthcare and in 2011, HCL Foundation was established as a CSR arm of HCLTech to create a source code for sustainable socio-economic development
In 2015, HCL partnered with Manchester United F.C, creating one of the world’s largest fan engagement platforms for Manchester United by connecting over a billion fans. In July 2018, US-based Actian was acquired by HCL Technologies and Sumeru Equity Partners for $330 million. The company pivoted back into the products business with the acquisition of iconic IBM brands, helping it achieve $1 billion in product revenue
HCL Technologies acquired a select few products of IBM, and took full ownership of research and development, sales, marketing, delivery, and support for AppScan, BigFix, Commerce, Connections, Digital Experience (Portal and Content Manager), Notes Domino, and Unica
In 2020, HCL Technologies was ranked at number 30 in Forbes’ list of the World’s Best Employers and garners recognition as a leader in shareholder wealth creation and corporate governance quality. A year later, HCL Tech crossed $10 billion in revenue, making it the fastest technology services company to reach the milestone, as per the HCL Tech website
In 2021, Shiv Nadar stepped down as the Managing Director of HCL Technologies, and was appointed Chairman Emeritus and Strategic Advisor to the company's board. A year prior, he had stepped down from his role as the Chairman, and his daughter Roshni Nadar Malhotra succeeded him, becoming the first woman to chair a listed Indian IT firm
C Vijayakumar was appointed as the Chief Executive Officer (CEO) and Managing Director of HCL Technologies when Shiv Nadar stepped down. Under his leadership, last year in September, HCL Technologies got rebranded as HCLTech, and unveiled its new brand identity and logo, which it said is underpinned by the distinct positioning of 'Supercharging Progress', reflecting its commitment to clients, people, and communities