Onward Technologies Ltd

Onward Technologies Ltd

Onward Technologies Limited was incorporated on July 18 1991. The Company is a leading global player in Mechanical Engineering Design and IT Services. The Company is one of the India's leading engineering and IT services companies providing integrated product development solutions and services to many of the Fortune 1000 companies. Founded in 1991 the Company deals in mechanical engineering embedded products and systems development mobile and enterprise software development data analytics and digital transformation robotic process automation and managed services for infrastructure applications and databases. In 1993 it started developing software for computer controlled CNC Machines. Later in 1994 the business lines of erstwhile group companies the Onward Computer Technologies Pvt Ltd.(a System Integration Company) and Onward Network Technologies Pvt Ltd.(A Network Solutions Company) were acquired to consolidate synergistic business in IT. The company was also converted into a public limited company and the name changed to the present one in the year 1994. The company has also made it's maiden public offer at a premium of Rs.40/- per share in the same year.In 1995 the company has entered into a strategic tie-up with Structural Dynamics Research Corporation being Sole distributor on al hardware platforms. The company has closed the system integration division in the year 1997 and shifted its focus to professional services and solutions business. The company tie-up with Set Point US for its process simulation software. OTL's banking group offers branch automation solutions like total branch mechanisation based on PC Lan Netware microcomputer-based advanced ledger postings with customised software etc. The company's US subsidiary Onward Technologies Inc. became operational with offices in the states of California and Utah.Onward Technologies during the year 1999-2000 has entered into a Global Partnership Agreement with Novell Inc. USA to provide E-Commerce related consultancy services to various business units of Novell Inc. especially in areas of Net Mangement Net Directory and Net Content.In the year 2000 the company has opened its Pune development centre for PSSD project. and got a large offshore simulation project order from Aspen Tech Software.In 2001 the company has set up a wholly owned subsidiary in Germany under the name Onward Technologies GmbH.The company has established 2 new Software Development Centres in the year 2002one in Pune and another in TurbeMumbai.The company has signed a new partnership agreement recently with Experia SolutionsInc. a high-end consulting company which is specialising in the areas of eSolutions.In Financial Year 2002-2003 Company had restructured its activities into two distinct entities and the Domestic Banking Business was hived off into a wholly owned subsidiaryOnward eServices Limited.During the Financial Year 2003-2004 the Company consolidated its business in the Engineering Design space and emerged as one of the very few handful Indian Service providers who could offer End-to-End (ART to PART) solutions from designing modeling simulation to FEA and prototyping of Engineering Designs. It catered to various industrial segments such as automobiles off road automotive aerospace machine tools semi-conductors etc. in addition to providing Engineering Design Services for sheet metal castings and plastics to quite a few of the fortune 500 companies.During the year 2005 Company invested in people & scalable infrastructure including investing in both popular and specialized CAD/ CAE technologies. In 2008 it completed a massive restructuring initiated 24 months back across the board & now is focused on 2 main business lines consisting of Mechanical Engineering Design Services (EDS) and IT Consulting Services (ITS).In 2009 the Company offered a Scheme of Arrangement to respective Members of Onward Technologies Ltd. (OTL) and Onward eServices Ltd (OEL) and for reconstruction and reduction of capital of OEL and specified creditor of OEL viz. OTL L and further convened meetings of shareholders of OTL on June 9 2008. Pursuant to the above meeting the Company had obtained necessary sanction of the Scheme from the Honorable High Court of Mumbai vide its Order dated April 16 2009 which became effective from the Appointed date April 1 2007.In 2015 the Company completed a major Computational Fluid Dynamics (CFD) project for a global energy management organization from US for their huge battery packs that helped to improve the efficiency.During the year 2021 the Company had 4 subsidiaries Onward eServices Limited (OeSL) Onward Technologies Inc. (OTI) Onward Technologies GmbH (OTG) and Onward Properties Private Limited (OPPL). The Board of Directors of the Company at their meeting held on May 15 2020 approved the Scheme of Merger by Absorption of Onward eServices Limited (OeSL) wholly-owned subsidiary of the Company with the Company which was heard by the Hon'ble NCLT and thereafter NCLT sanctioned the Scheme of OeSL with Onward Technologies Limited on March 25 2021 which became effective from the appointed date of the Scheme January 1 2020 and May 14 2021.During the year 2021-22 the Company acquired entire equity shareholding and preference shares of OT Park on December 1 2021. Consequent to the acquisition of entire shareholding OT Park became a wholly owned subsidiary of the Company. Onward Technologies Canada Inc. and Onward Technologies BV were incorporated as wholly-owned subsidiaries on May 25 2021 in Toronto Canada and June 04 2021 in Netherlands respectively. OPPL ceased to be a wholly-owned subsidiary of Company w.e.f. August 25 2021.