New Delhi, 06th April, 2019: Coforge Limited a leading global IT solutions organization, today announced that it has signed a definitive agreement for the sale of its entire 88.99% stake in ESRI India Technologies Ltd (Formerly Coforge GIS Ltd.). ESRI India Technologies Ltd has been an exclusive distributor of ESRI Inc cutting edge GIS products in India and has been supporting customers since 1996.The distribution agreement was expiring on 31st March 2019 and Esri Inc expressed its desire to directly manage the distribution of its products in India.
“For many years Esri has partnered with Coforge to advance the use of GIS software and capability for customers in India. Along with the recent establishment of our New Delhi R&D Center, this agreement confirms the importance of India as a market and our commitment to deliver value to customers in the country.”, said Jack Dangermond, President Esri Inc.
Commenting on the transaction, Arvind Thakur Vice Chairman & Managing Director, Coforge Ltd said, “The partnership of Coforge with Esri Inc has helped develop the GIS market from scratch in India. Divestment of stake in ESRI India allows Coforge to focus on its core verticals and global markets. Esri India customers will continue to have undivided attention and support from the same team and with direct support from Esri Inc.”,
The transaction is expected to close within this month.
Coforge is a leading global IT solutions organization, enabling its clients to transform at the intersect of unparalleled domain expertise and emerging technologies to achieve real-world business impact. The Company focuses on three key verticals: Banking and Financial Services, Insurance, Travel and Transportation. This domain strength combined with leading-edge capabilities in Data & Analytics, Automation, Cloud, and Digital, is enabling its clients to drive business transformation.
With over 10,000 employees serving clients across Americas, Europe, Asia, and Australia, Coforge fosters a culture that promotes innovation and constantly seeks to find new yet simple ways to add value for its clients.
Learn more about Coforge at www.coforgetech.com
About Esri, Inc
Esri, the global market leader in geographic information system (GIS) software, location intelligence, and mapping, offers Esri Geospatial Cloud, the most powerful geospatial cloud available. Since 1969, Esri has helped customers unlock the full potential of data to improve operational and business results. Today, Esri software is deployed in more than 350,000 organizations including the world’s largest cities, most national governments, 75 percent of Fortune 500 companies, and more than 7,000 colleges and universities. With its pioneering commitment to geospatial information technology, Esri engineers the most advanced solutions for digital transformation, the Internet of Things (IoT), and advanced analytics. Visit us at esri.com.
Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.