Kanbay

Kanbay

Kanbay was founded in 1989 by Raymond Spencer of Australia, John Patterson of Canada, and Dileep Nath of India. All three had worked together in the late 1980s at the Institute of Cultural Affairs, a nonprofit in Maharashtra. Spencer lived in Chicago at the time when Kanbay was established, and headquarters were placed there. In September 1998, venture capital firm Safeguard Scientifics, Inc. acquired an interest in Kanbay, equating to roughly 25 percent. Revenues for Kanbay in 1999 were $44.2 million. In October 2000, Kanbay entered into the Australian market with the acquisition of Megatec, an Australian distributor.

Megatec was a $15 million Melbourne, Australia-based ebusiness products and solutions firm. In the summer of 2001, Kanbay announced its ISO 9001 certification. By the end of 2003, major clients included Household International, HSBC Group, Morgan Stanley, CitiFinancial, Development Bank of Singapore, ABN-AMRO and Sun Life Financial. Revenues in 2003 were $107.2 million, with net income of $11.4 million.

Kanbay International

Kanbay International became a publicly traded company in July 2004, listing on the NASDAQ and raised $93 million under the symbol KBAY. In early 2005, the company acquired Accurum in New York, an IT services provider to the capital markets industry. In 2005 HSBC Holdings and Morgan Stanley accounted for around 60 percent of the $230.5 million in revenue the company earned. In early 2006, Kanbay acquired Adjoined Consulting a professional services firm. In particular, Adjoined offered formal management consulting and added its ERP implementation capability to Kanbay.

Capgemini division