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Sonata Software Ltd.

BSE: 532221 Sector: IT
NSE: SONATSOFTW ISIN Code: INE269A01021
BSE 00:00 | 22 Oct 798.70 -35.45
(-4.25%)
OPEN

836.60

HIGH

841.65

LOW

775.80

NSE 00:00 | 22 Oct 799.05 -29.25
(-3.53%)
OPEN

843.30

HIGH

843.30

LOW

775.50

OPEN 836.60
PREVIOUS CLOSE 834.15
VOLUME 126005
52-Week high 1030.00
52-Week low 300.80
P/E 35.02
Mkt Cap.(Rs cr) 8,402
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 836.60
CLOSE 834.15
VOLUME 126005
52-Week high 1030.00
52-Week low 300.80
P/E 35.02
Mkt Cap.(Rs cr) 8,402
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sonata Software Ltd. (SONATSOFTW) - Company History

Sonata Software Limited (SSL) was incorporated in the year October 18th 1994. The Company is primarily engaged in the business of providing Information Technology Services and Solutions to its customers in the United States of America Europe Middle East and India. The material subsidiaries of the Company are Sonata Information Technology Limited in India through which it delivers both software development and consulting services and re-selling of product licenses of leading international software companies such as Microsoft IBM Oracle etc.; and Sonata Software North America Inc. in USA through which it delivers software development and consulting services to its clients in North America. The Company's promoters viz. S B Ghia P Srikar Reddy and Radhika Rajan have acquired the stake in SSL.Sonataa division of IOCL was later spun off as an independent company namely Sonata Software Ltd in October 1994 for a consideration of Rs 8.14 crs. As a part of restructuring plan IOCL was disposed of and sold its equity holding in SSL to the present promoters for a consideration of Rs 78 per share and Rs 87 per share based on the valuation certificate issued by IOCL's auditors and in consultation with financial institution.In September 1998 the company issued bonus issue at a ratio of 13 shares for every 10 shares held. To provide funds for expansion of the computing and communication infrastructure of software development facalities for exports at Bangalore the company came out with the public issue of 2522000 Equity shares of Rs 10 each at a premium of Rs 80 per share aggregating to Rs 22.70 Crs.Sonata is giving more importance in specific areas in R&D centre like Focus in Technology Software Engineering Productizing and Branding Services. For a technology company having strong alliance with Global IT companies like Microsoft Oracle & Lotus to access to technology by participating in beta programme and business partner programme. The company has been doing research in the area of e-commerce which lead to enolving a set of services Viz-web-enablement Business Intelligence & Technology deployment service branded as 'e-Sonata'. With the efforts spend in R&D; company has to executing large project in area of EJB DCOM & J2EE and Java. New branded e-Sonata executing medium to large e-commerce projects & several new additions to the portfolio of international customers in the area of B2B and B2C.On 29th Jun. 2000 it floated a wholly owned subsidiary- Sonata Information Technology to take over the Indian operations business of Sonata comprising of Product Reselling. It has also picked up 26% ie. 8.33 million Fully Convertible Preferred stocks in SpinAway eBusiness Solutions Inc. USA for $2 mln funded entirely from internal resources.The company has achieved Level 5 the highest possible through an assessment on the Capability Maturity Model (CMM) Based Appraisal or Internal Process Improvement (CBA-IPI) developed at Carnegia Mellon University's Software Engineering Institute (SEI). During 2001-02 the company has invested Rs.106.80 lacs in Offshore Digital Services Inc (USA)whereby the ODSI became a subsidiary of Sonata. It has also invested US$ 6.5 Mn in 6500000 shares of Series A Redeemable Preferred Stock of ODSI. The company has been expanding its customized vertical focused family of frameworksSONNETSon Microsoft Business Solutions-Axapta and Microsoft Business Solutions CRM.The first wave of solution frameworks is targeted to address the unique requirements of the Consumer Packaged Goods(CPG) and Independent Software Vendors(ISV) verticals. With this expansion of SONNETSthe company is in business applications space.During 2004-05 the company has setup its 3rd development center in Bangalore and this was setup as a new STP unit with a total area of 35000 sq. feet with a capacity of almost 300 people. Further the company has setup a new STP unit in Hyderabad with a total area of 78000 Sq.feet with a capacity of 800 people.During October 2004 the company has setup Sonata Software GmbH a wholly owned subsidiary in Frankfurt Germany. In October 2005 the company has setup a offshore development center for Cramer and under this agreement the company will provide developmenttesting product maintenance and customer support services to Cramer.In 2006 the company has set-up new Campus/Development Center in Poppalguda Hyderabad. The Andhra Pradesh Government was allotted eight-acre land at poppalguda Hyderabad.During the year 2014 the Company was fittingly named Hybris' Most Innovative Partner and Microsoft named it the Azure Cloud Partner of the year. While strengthening existing partnerships with large firms such as Microsoft and IBM the Company forged new partnerships with leading technology firms and solution providers such as StorSimple Moovweb etc. As a part of expanding near shore service delivery capabilities the Company opened a Development Centre facility at Redmond USA and has also opened operations in Australia.During the FY 2015 the Company's application for closure of Sonata Technology Solutions (India) Limited a wholly owned subsidiary Company in India under Fast Track Exit Scheme was approved.In FY15 the Company had through its wholly owned subsidiary Company Sonata Software North America Inc. acquired a strategic controlling stake in Rezopia Inc. the first cloud based end to end reservations contracts operations and distribution management systems platform for travel providers headquartered in California USA. The acquisition was aimed at enabling both Companies to leverage mutual strengths and opportunities in serving emerging IT solution needs in the global Travel industry. In a separate transaction the Company also acquired the businesses of Xyka India Pvt. Ltd. which is a primary service provider to Rezopia's platform.During the FY 2015 the Company has given Inter Corporate Deposits at prevailing bank lending rate to its wholly owned subsidiary Sonata Information Technology Ltd. for meeting working capital requirements. The maximum amount outstanding at any point of time during the FY has been 97.35 crores.During the FY 2016 the Company had given Inter Corporate Deposits at prevailing bank lending rate to its Wholly owned Subsidiary Sonata Information Technology Ltd. for meeting its working capital requirements. The balance outstanding as on 31st March 2016 is Rs. 1.9 crores. The maximum amount outstanding at any point of time during the Financial Year has been Rs. 99.6 crores. Also the Company has given Corporate Guarantees on behalf of its Subsidiaries namely Sonata Software North America Inc. USA. and Sonata Information Technology Limited India worth Rs 59.6 and 104.4 crores respectively for facilitating its business needs.The Company finalised its new 32000 Sq Ft. facility in Hyderabad in FY 2017.During the FY 2017 the Company had given Inter Corporate Deposits at prevailing bank lending rate to its Wholly owned Subsidiary Sonata Information Technology Ltd. for meeting its working capital requirements. The maximum amount outstanding at any point of time during the FY has been 88.8 crores. Also the Company has given Corporate Guarantees on behalf of its Subsidiaries namely Sonata Software North America Inc. USA. and Sonata Information Technology Limited India worth Rs 58.37 and 102.28 crores respectively for facilitating its business needs.During FY2018 the Company had given Inter Corporate Deposits at prevailing bank lending rate to its Wholly Owned Subsidiary Sonata Information Technology Limited for meeting its working capital requirements. The maximum amount outstanding at any point of time during the Financial Year has been Rs. 12105 lakhs. Also the Company has given Corporate Guarantees on behalf of its Subsidiaries namely Sonata Software North America Inc. USA. and Sonata Information Technology Limited India worth Rs 5865 and 10267 crores respectively for facilitating its business needs.During the FY2019the Company acquired Scalable Data Systems Pty Ltd. an Australian Company and also acquired Sopris Systems LLC. a Delaware Company through Sonata Software North Amercia Inc. a Wholly Owned Subsidiary of the Company.The company named a member of the prestigious 2018/2019 Inner Circle for Microsoft Dynamics. The company also bagged Best Marketer of the year 2018' at SAP India Partner Summit. Zinnov Zones 2019 rates Sonata Software as a Leader in Engineering R&D Services in Enterprise Software and Consumer Software categories.During the FY2020the Company incorporated an wholly-owned subsidiary company named Sonata Software Solutions Limited in India. The Company also entered into an agreement with SemiCab Inc. a US based Company to acquire upto 17% stake through Sonata Software North America Inc. a wholly-owned Subsidiary of the Company. The Company also acquired GAPbuster Ltd a UK registered Company through Sonata Europe Limited a wholly-owned Subsidiary of the Company. The company positioned as an Aspirant by Everest Group in Application Transformation Services PEAK MatrixT Assessment 2020 report. Sonata Europe Limited a wholly-owned subsidiary of Sonata Software Limited has acquired 100% stake in GAPbuster Ltd a UK registered Company on April 202020 for an investment of USD 4.8 million (approximately Rs 3632 lakhs) (net of working capital) including USD 0.5 million (approximately Rs 378 lakhs) which is deferred consideration payable on the completion of one year.

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