Key Findings & Highlights:

Noida, India, headquartered Coforge, was founded to provide software and IT services. Initially, part of NIIT, the largest IT training company in India, in 2004, NIIT Tech (renamed Coforge in 2020) was spun off as an independent public company to pursue the IT services industry. In April 2019, Barings Private Equity Asia acquired a majority ownership stake in Coforge from NIIT and other investors.

Coforge delivers services to clients in travel and transportation, banking and financial services, insurance, manufacturing, and media verticals. Its services include application development and maintenance, infrastructure management, and business process management.

Coforge has supported clients’ digital transformation journeys since the early 2000s, but Digital Services was formed as a horizontal unit in 2015.

Coforge formed its initial low code application services group in 2008 with ~15 employees focused primarily on Pega. It has since expanded this group to focus on other platforms, including Appian, Outsystems, Salesforce, and ServiceNow.

A key driver of growth for this group has been acquisitions. These acquisitions include:

• In May 2015, Coforge acquired a 51% stake in Incessant Technologies for $17m. At the time, Incessant had ~350 employees, including ~300 consultants across India (HQ and most employees are in Hyderabad), Australia, Canada, U.K., and the U.S., serving ~20 clients and several partnerships, including Pegasystems (the main area of expertise) and Appian. Incessant Technologies provides BPM consulting and automation and integration of back end systems
• In May 2017, Coforge acquired a 55% interest in RuleTek. Headquartered in Meridian, Idaho, RuleTek served customers in the US, with ~65 employees before the acquisition. RuleTek is a BPM architecture services company specializing in providing architectural leadership to Pega BPM projects.

NelsonHall estimates that low code application services revenues account for 15% of Coforge’s total CY 2020 ADM revenues (~$64m).

Coforge offers services across the full low code application lifecycle. These services span from advisory through implementation to on-going management.

Coforge has ~1.5k employees focused on low code platforms. It is targeting to increase the team by ~30% by the end of 2021.

Coforge has placed significant priority and investment in low code application services. This means it has broad, mature capabilities to draw on, including a broad, experienced workforce, refined methodology, proprietary assets, and accelerators. Its experience and focus to date, however, has been highly concentrated in Pega and Appian, particularly in Pega. With a nascent partnership with Outsystems and growing Salesforce and ServiceNow practices, it will improve its positioning through a broader set of experiences.

Coforge has a corporate priority on a refined set of industries that align closely with the greatest adopters of low code applications (particularly insurance and financial services), which has helped drive is focus on these services as well as the development of industry-tailored assets that further accelerate the value for which clients look to low code platforms.

Coforge's full lifecycle services include broad advisory services to ensure a structured adoption of low code platforms. As clients increasingly look to build an internal citizen developer capability, Coforge is expanding its capabilities in support of enabling its clients' citizen developer capabilities. Continuing to invest in these capabilities and broadening the portfolio of supporting reusable assets ensures that Coforge has the full breadth of necessary services to address all client needs.