Twenty three years after Infotech Enterprises was incorporated (it was a private limited company then), it has undergone a re-branding. It has now got shareholder approval to rebrand itself as "Cyient" from Wednesday (May 7) and will no more be called "Infotech Enterprises."
Speaking to Business Today, the company's executive chairman B. V. R. Mohan Reddy said: "Infotech, we felt was too generic and this new name sounds like "client" and science" as well." Both these things are close to the company and its people. Moreover, he said, the name has a link with the past as there is an "ient" in it (read: Infotech Enterprises there).
But why now? It is more aspirational, he says, the company is growing bigger and has aggressive growth plans and on scaling up. "We closed 2013/14 with revenues of around $360 million or around Rs 2,200 crore and in the next three to five years, we hope to get to a billion dollars both through organic and inorganic route. How inorganic? We have cash of around Rs 720 crore and can explore the inorganic route too," he said.
While Reddy has good reasons for the name change or the makeover, not everyone is convinced. For instance, one of the shareholders, who could not make it to the voting at the annual general body meeting, says, "I would have voted against it as it does not sound the way they see it and feel the earlier name was better. Also, the company was well established in its domain and see no reason why it should change the name now."