Kanbay
| Company type | Public |
|---|---|
| Industry | Information technology services |
| Founded | 1989 |
| Founder | Raymond Spencer, John Patterson, Dileep Nath |
| Defunct | 2007 |
| Fate | Acquired by Capgemini |
| Headquarters | Rosemont, Illinois , United States |
Area served | Worldwide |
| Products | Management consulting, technology integration, application development, outsourcing solutions |
Number of employees | 6,900 (2006) |
| Website | www |
Kanbay International, Inc. was a globally operating IT services company headquartered in both India and the United States, employing approximately 6,900 professionals worldwide. Established in 1989, the firm focused on management consulting, technology integration, application development, and outsourcing solutions. It has since been integrated into Capgemini as the Financial Services Strategic Business Unit (FS-SBU).
Founding and Early Growth
Kanbay was created in 1989 by Australian entrepreneur Raymond Spencer, Canadian John Patterson, and Indian Dileep Nath, who had previously worked together at the Institute of Cultural Affairs in Maharashtra. The company’s main office was set up in Chicago. In September 1998, venture capital firm Safeguard Scientifics, Inc. purchased a 25% ownership interest. By 1999, Kanbay’s revenues had climbed to $44.2 million.
In October 2000, Kanbay entered the Australian market through the acquisition of Megatec, an e-business products and solutions provider based in Melbourne with annual revenues of $15 million. The company earned ISO 9001 certification by 2001, demonstrating its adherence to international quality management standards.
By 2003, Kanbay’s clientele featured prominent financial institutions including Household International, HSBC Group, Morgan Stanley, CitiFinancial, Development Bank of Singapore, ABN-AMRO, and Sun Life Financial. That year, it reported revenues of $107.2 million alongside a net profit of $11.4 million.
Public Offering and Expansion
In July 2004, Kanbay International launched its initial public offering on the NASDAQ stock exchange under the ticker KBAY, successfully raising $93 million. Early in 2005, it acquired Accurum, a New York-based IT services company specializing in capital markets. During that period, HSBC Holdings and Morgan Stanley accounted for roughly 60% of Kanbay’s $230.5 million revenue. The following year saw Kanbay enhance its consulting and ERP implementation expertise by purchasing Adjoined Consulting.
Integration into Capgemini
On October 27, 2006, Capgemini announced an agreement to acquire Kanbay for $1.25 billion to bolster its service capabilities and footprint in India. The transaction was completed in early 2007 after receiving necessary shareholder and regulatory consents. Currently, Kanbay operates as Capgemini's Financial Services Global Business Unit (FS-GBU).
Locations and Workforce
Kanbay established offices in Tokyo in 2001 along with technology centers located in Pune and Hyderabad, India. By 2004, it maintained regional offices across eight countries and held a 49% ownership stake in England’s SSS Holdings Corporation Limited. With headquarters situated in Rosemont, Illinois, by 2006 Kanbay employed about 6,900 individuals globally, including nearly 5,000 professionals based within software development centers across Pune, Madras (Chennai), and Hyderabad.
Products and Offerings
Concentrating on the financial services sector, Kanbay leveraged a global delivery framework named GlobalLink to provide clients worldwide with expert systems development and support services. As of 2006, its customer base extended across financial services as well as consumer products, industrial goods, and communications industries. The company delivered management consulting, technology integration, ongoing maintenance, and outsourcing solutions.
Kanbay’s expertise encompassed software applications and services tailored for banking and insurance sectors, credit card processing platforms, payment systems, life insurance administration, health and property consultancy services, lending platforms, and securities trading systems—addressing critical segments within financial markets.
See also
External links
- Official website of Capgemini (holding company)