Thursday, March 18, 2010


Religare Technova (Formerly Fortis Financial Services) 
is a Religare  Group company promoted by the 
erstwhile promoters of Ranbaxy Laboratories Ltd.
Earlier,  company surrendered its NBFC license to 
RBI and stopped all financial service related
activities. Now it is the holding company of all 
IT related activities of the Group. Its  sister
concern named Religare Technova Global( Formerly 
Asian CERC IT)is also a listed entity.Company is 
mainly concentrating in IT solutions related 
with the financial service sector.Company’s customers 
includes stock brokers, investment bankers,
fund managers.. etc.  iBROKER ,Phoenix AI,
Nova Confirm,Nova Custody, Nova Margin Trading,
and Nova Archive are the major offerings by the 
company. Earlier ,company’s expansions plans slowed 
down due to the slackness in financial service sector.
But last year company made two acquisitions - 
Olive rays  innovations Private Ltd and Capital 
Market solutions Pty . Capital Market Solutions 
is offering software and services to financial 
markets in the Asia Pacific and UK. Recently one 
of its subsidiary acquired the healthcare related 
vertical of the IT arm of Sobha Group. Now company
is planning a complete restructuring in its operations. 
As part of this, it is going  to merge its subsidiaries
- Religare Technova Global  ltd , Religare Technova 
IT services Ltd. and Religare Technova Intellect Ltd.
with itself. After this consolidation , company will be 
divided into two entities –one specializing in IT 
products and other in IT services. These two entities
will be separately listed in Stock Exchanges after 
completing the formalities. At present company have
around 2000 employees in its payroll.
                           In last financial year ,
on a consolidated basis company posted a turnover
of 218 crore and posted a net loss of 30 crore.
For the nine month period of current financial year 
company posted a turnover of 166 crore and a loss 
of Rs.24 crore. Even if these figures not giving 
any comfort at this point,history of the promoters
mainly on account of surprising moves through mergers 
and acquisitions may make it a dark 
horse.Only high risk takers can try this.

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