The story
Founded by Shiv Nadar and Vineet Nayar in 1991.1
History
Formation and early years
The company originally focused on hardware, but software and services became the main focus through HCL Technologies. On 12 November 1991, HCL Technologies was spun off as a separate unit, being incorporated as HCL Overseas Limited, a provider of software and technology development services.
In 1993, the company also started providing enterprise IT infrastructure management services, winning an order to establish India's first floorless, electronic stock exchange for NSE.
In July 1994, the company name was changed to HCL Consulting Limited. On 6 October 1999, the company was renamed 'HCL Technologies Limited' for "a better reflection of its activities."
Between 1991 and 1999, the company expanded its IT services capacities to US, European and APAC markets.
IPO and subsequent expansion
HCLTech went public on 11 January 2000, with an issue of 14.2 million shares. By the early 2000s, its wholly owned subsidiary HCL Comnet had expanded its offerings from VSAT to include network security and IT infrastructure services.
In 2001, HCLTech formed a joint venture with Deutsche Bank by acquiring a 51% stake in the latter's Indian subsidiary Deutsche Software (later renamed DSL Software). In 2004, HCLTech bought out the remaining 49% stake in DSL Software, which then became part of HCL's banking technology division.
In 2003, HCLTech won a contract to develop embedded software for Airbus A340's flight warning system. That same year, the company sold its entire stake in HCL Perot Systems, a seven-year-old IT services company, to joint venture partner Perot Systems for over $105 million.
In 2005, HCLTech expanded its operations in Northern Ireland. At the 2006 UK Trade and Investment India Business Awards in New Delhi, then-UK Prime Minister Tony Blair announced the expansion.
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In 2008, HCLTech acquired the UK-based consultancy Axon Group for £440 million and merged the company's enterprise application services (EAS) division into Axon. In the three years following the acquisition, the EAS division's revenue share within HCL increased from 9% to 22%.
In October 2017, IBM and HCLTech announced a strategic partnership, with the latter taking over the development of IBM Lotus Software's Notes, Domino, Sametime and Verse collaboration tools.
In 2018, US-based Actian was acquired by HCLTech and Sumeru Equity Partners for $330 million. In 2021, HCL America acquired the remaining 19.6% stake in Actian for $100.2 million, transforming Actian into HCLSoftware's data & analytics division, but keeping it as an independent company.
In 2019, HCL Technologies acquired products of IBM including AppScan, BigFix, Commerce, Connections, Digital Experience (Portal and Content Manager), Notes/Domino, and Unica.
In 2021, the company reached $10 billion in revenue.
In 2023, HCLTech acquired ASAP Group, a German automotive engineering company, for $279 million. In August 2023, HCLTech signed a $2.1 billion managed network services deal with Verizon Business.
In May 2024, HCLTech announced the acquisition of select assets of Communications Technology Group, a business division of Hewlett Packard Enterprise (HPE), for $225 million.
In June 2026, it picked up a 10.5% stake in Indian AI startup Sarvam for $150.7 million. In 2026, the company entered the data center business to offer full-stack AI services.
HCLFoundation
HCLFoundation is the CSR arm of HCL Technologies in India. As of March 2026, it has invested around ₹1,984 crores in social and environmental programs. Its initiatives include the HCLTech Grant. Samuday, Uday, My Clean City and Harit. Through Sports for Change, it has reached over 64,000 athletes, out of which 25 para athletes have represented India internationally. Through My E-Haat, HCLFoundation has supported over 5,000 artisans in diverse craft traditions across 10 states.
From Wikipedia’s article on HCLTech, shared under CC BY-SA 4.0.5