{{short description|Former information technology services firm}} {{Infobox company | name = Kanbay International, Inc. | type = Subsidiary | traded_as = {{NASDAQ was|KBAY}} | fate = Acquired by Capgemini | defunct = {{End date|2006}} | logo = KANBAY logo.png | founded = {{Start date and age|1989}} | industry = Information technology | location = Chicago<br>Pune<br>Hyderabad<br>Chennai | key_people = Raymond Spencer (chairman) | num_employees = 6500 (2006) | revenue = US$ 230.5 million | website = {{url|http://www.kanbay.com}} }} '''Kanbay International, Inc.''' was an Indian-based global information technology (IT) services firm with approximately 6900 associates worldwide that later created a second Headquarters in the United States. Founded in 1989, the organization offered management consulting, technology integration, application development, and outsourcing strategies. Kanbay is now a division of Capgemini under the name ''Financial Services Strategic Business Unit (FS-SBU)''.
== History == ===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.<ref name="figured">{{cite news |last=David |first=Ruth |date=October 31, 2006 |title=Kanbay Founders Figured IT Out |url=https://www.forbes.com/2006/10/31/dsouza-kanbay-capgemini-face-cx_rd_1031autofacescan03.html | work=Forbes |access-date=March 3, 2017}}</ref> In September 1998, venture capital firm Safeguard Scientifics, Inc. acquired an interest in Kanbay, equating to roughly 25 percent.<ref name="philly-journal">{{cite news |author=<!--Staff writer(s); no by-line.--> |title=Safeguard grabbing a share of Kanbay |url=http://www.bizjournals.com/philadelphia/stories/1998/08/31/daily9.html | work=Philadelphia Business Journal |location=Philadelphia |date=September 3, 1998 |access-date=March 3, 2017}}</ref> Revenues for Kanbay in 1999 were $44.2 million.<ref name="ipo-nasdaq" /> In October 2000, Kanbay entered into the Australian market with the acquisition of Megatec, an Australian distributor. <ref name="comp-ability">{{Citation |last=Forsyth |first=Angelina |date=March 17, 2001 |title=Kanbay builds up Indian capability |publisher=Computerworld |url=http://www.computerworld.com.au/article/94161/kanbay_builds_up_indian_capability/ |access-date=March 3, 2017 }}</ref> Megatec was a $15 million Melbourne, Australia-based ebusiness products and solutions firm.{{citation needed|date=March 2017}} In the summer of 2001, Kanbay announced its ISO 9001 certification.<ref name="ISO">{{cite news |author=DQW Bureau |title=Kanbay achieves BS EN ISO 9001 |url=https://www.dqweek.com/kanbay-achieves-bs-en-iso-9001/ | work=DQ Week |date=August 2, 2001 |access-date=March 3, 2017}}</ref> By the end of 2003,<ref name="ipo-nasdaq" /> major clients included Household International, HSBC Group, Morgan Stanley, CitiFinancial, Development Bank of Singapore, ABN-AMRO and Sun Life Financial.<ref name=accurum/> Revenues in 2003 were $107.2 million, with net income of $11.4 million.<ref name=ipo-nasdaq/>
===Kanbay International=== Kanbay International became a publicly traded company in July 2004, listing on the NASDAQ and raised $93 million<ref name=accurum/> under the symbol KBAY.<ref name=ipo-nasdaq/> In early 2005, the company acquired Accurum in New York, an IT services provider to the capital markets industry.<ref name=accurum>{{cite news |author=<!--Staff writer(s); no by-line.--> |title=Kanbay acquires offshore finance services company Accurum | work=CBR |date=March 6, 2005 }}</ref> In 2005 HSBC Holdings and Morgan Stanley accounted for around 60 percent of the $230.5 million in revenue the company earned.<ref name=ribeiro-john>{{cite news |last=John |first= Ribeiro|date=2005|title=Capgemini to acquire IT services firm Kanbay |url=https://www.infoworld.com/article/2659152/techology-business/capgemini-to-acquire-it-services-firm-kanbay.html | work=InfoWorld |access-date=March 3, 2017}}</ref> 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.<ref name=kanbay-march>{{Citation |date=March 10, 2006 |title=Kanbay International Completes Transformational Acquisition of Adjoined Consulting |publisher=Kanbay |url=http://www.prnewswire.com/news-releases/kanbay-international-completes-transformational-acquisition-of-adjoined-consulting-55317542.html |access-date=March 3, 2017 }}</ref>
===Capgemini division=== On October 27, 2006, Capgemini agreed to acquire Kanbay International for $1.25 billion. Capgemini India's CEO stated that the merger was intended to help Capgemini grow in India<ref name=bstandard-kanbay>{{cite news |date=October 27, 2006 |title=Capgemini acquires Kanbay for $1.25 bn |url=http://www.business-standard.com/article/technology/capgemini-acquires-kanbay-for-1-25-bn-106102701089_1.html | work=Business Standard |location=Mumbai/Paris |access-date=March 3, 2017}}</ref> and boost its services delivery there. It was reported that the deal would close at the beginning of 2007, after final approval for shareholders and anti-trust clearance.<ref name=ribeiro-john/> Kanbay is now a division of Capgemini under the name FS-GBU (Financial Services Global Business Unit).<ref name=loomberg-kanbay/> {{citation needed|date=March 2017}}
==Facilities and employees== In September 2001 Kanbay established an office in Tokyo. Kanbay inaugurated its technology center in Pune, India in October 2001.{{citation needed|date=March 2017}} By 2004, Kanbay had regional offices located in eight countries, as well as delivery centers in Pune and Hyderabad, India.<ref name=ipo-nasdaq/> Kanbay also owned a 49.0% interest in SSS Holdings Corporation Limited (SSS) in England.<ref name=ipo-nasdaq/> By October 2006, Kanbay International remained headquartered in the United States<ref name=bstandard-kanbay/> in Rosemont, Illinois,<ref name=ribeiro-john/> also reported as Chicago.<ref name=figured/> It had around 6,900 staff, the majority of which were in India.<ref name=ribeiro-john/> as 5,000 of 7,000 employees worked in software development centers in Pune, Madras, and Hyderabad.<ref name=figured/><ref name=loomberg-kanbay/>
==Software and services== Focused on the financial services industry, <ref name=ipo-nasdaq>{{Citation |date=July 22, 2004 |title=IPO Filing |publisher=Nasdaq |url=http://www.nasdaq.com/markets/ipos/filing.ashx?filingid=2894275 |access-date=March 3, 2017 }}</ref> as of 2001, ''Computerworld'' wrote that "Kanbay uses a global delivery network, called GlobalLink, to provide its clients access to resources worldwide, especially systems development and support skills."<ref name=comp-ability/>
Wrote ''Forbes'' in 2006, "Kanbay's clients include businesses in financial services, consumer and industrial products and the communications industry. The company provides management consulting, technology integration, and maintenance and outsourcing services."<ref name=figured/>
According to a ''Bloomberg'' profile on the Indian division, "the company focuses in the areas of credit cards and payment systems, life insurance, health and property consultancy, banks, and other lending systems and securities. It provides software and services for banking and insurance, credit cards, and credit-related activities."<ref name=loomberg-kanbay>{{cite news |title=Company Overview of Kanbay Software (India) Private Limited |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=26399486 | work=Bloomberg |access-date=March 3, 2017 }}</ref>
==See also== *Software industry in Telangana
==References== {{reflist}}
==External links== * [https://www.capgemini.com/ Capgemini.com] (parent company)
Category:Capgemini Category:1989 establishments in Illinois Category:2006 disestablishments in Illinois Category:2006 mergers and acquisitions Category:American companies established in 1989 Category:American companies disestablished in 2006 Category:Companies formerly listed on the Nasdaq Category:Computer companies established in 1989 Category:Computer companies disestablished in 2006 Category:Defunct companies based in Chicago Category:Defunct computer companies of the United States Category:Defunct computer hardware companies Category:Software companies established in 1989 Category:Software companies disestablished in 2006