R Systems International Limited

R Systems International Limited was started in 1993 as a software consulting firm in the United States. With a focus on delivering quality to all customers, they started the India operations in 1997, by setting up the offshore software development center in Noida, India. Company received strategic investments from Intel Capital and GE Capital in 2001 and 2002. With a backdrop of successful response from ISVs, they underwent a massive transformation in 2006. From offshore software Development Company to global outsourced product Development Company, they revisited their business focus. The remarkable acquisitions at that time included Pune-based Indus Software and Singapore-based ECnet. During this phase, company strengthened its serviceability by aligning mature quality assessments like CMMI Level 5, ISO: 9001: 2008, PCMM Level 5, and Six Sigma certifications. They also added US-based Web Converse & Europe-based Sento in their list of acquisitions and became a listed member on National Stock Exchange (NSE) and Bombay stock Exchange (BSE). Company began offering services in four major verticals including; Banking & Finance, Telecom & Digital Media, Healthcare, and Manufacturing & Logistics. To further strengthen the Telecom Vertical, they acquired UK-based Computaris. The financials of the company average, RoNW is 21.40% and at CMP its looks fully priced. Price difference is around 21% from CMP, but as per current share holding pattern acceptance ratio will be around 5%, which is very low. So we give NEUTRAL rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal