Expleo Solutions is a global engineering and digital-assurance firm that acts as the “guardians of trust” for complex, regulated systems - making sure a bank’s software is compliant, a car’s code works flawlessly, or an aerospace system is secure before it ever goes live. Born in 1998 as SQS India BFSI Limited, a pure-play software-testing specialist for banks, it evolved into a diversified digital-solutions provider after the SQS-Assystem merger created the Expleo Group, and a sweeping FY23 restructuring folded four Indian group entities into the listed company to unify every capability under one roof. The recurring approach that explains everything else is “first time right” - embedding quality, security and engineering rigour into every layer of a digital system from day one, so clients in 29 countries keep coming back. # Business segments A single engine, but one that has been deliberately rebuilt - what was once a pure testing shop for banks is now a full-spectrum digital engineering and quality-assurance firm serving 14 industries, with the same “build it right the first time” discipline running through every service line. ## 1. Digital engineering and quality assurance: building and safeguarding the systems that run regulated industries **The company earns its fees by helping large enterprises design, build, test and secure their most critical software - and 99% of its revenue comes from clients who stay year after year.** - **Testing is the heritage, not the ceiling** - the company started as a software-testing specialist and still runs one of the deepest quality-assurance practices in the industry, with pre-built test suites for over 20 major banking and financial-software products including Oracle FLEXCUBE, Finacle, T24 and FinnOne, so system integrators and product companies can roll out near defect-free releases faster. - **Digital services now drive half the business** - application modernisation, cloud cost optimisation, AI/ML solutions, low-code/no-code platform integration and DevSecOps contributed just over 50% of revenue in the most recent quarter, up from roughly 44% two years earlier, reflecting a deliberate shift from pure testing toward full-stack digital transformation work. - **Proprietary tools create stickiness** - the company has built its own platforms rather than relying entirely on third-party software: Sophia, a GenAI tool, scrutinises requirements documents for ambiguity and contradictions before a line of code is written, while Teresa automates web, mobile and API testing, and Expleo.ai provides a centralised hub for machine-learning development on Databricks infrastructure. - **Cybersecurity is baked in, not bolted on** - the company is empanelled by India’s national computer-emergency response team (CERT-In) to conduct information-security audits, runs a dedicated Security Operations Centre, and fields a team where 90% of resources hold security certifications, so banks and aerospace clients can meet their regulatory obligations through a single provider. - **Certifications are the moat in regulated sectors** - every offshore centre holds ISO 9001 and ISO 27001 certifications, the Chennai and Coimbatore facilities have passed SSAE 18 audits by a Big Four firm for nine consecutive years, the Bengaluru unit is certified to the aerospace-specific AS9100D standard, and the company is compliant with the EU’s Digital Operational Resilience Act (DORA) for financial-sector work, making it one of the few Indian firms that can credibly serve both a European bank and an aircraft manufacturer from the same delivery network. # Group structure and partners **The company is the listed Indian arm of a €1.4 billion European engineering group, with a simplified structure that funnels all domestic capabilities through a single entity and a growing network of overseas subsidiaries that place delivery teams close to clients.** - **A German parent with global scale** - Expleo Technology Germany GmbH holds just over 71% of the shares, and the group behind it employs 17,000 experts across 30 countries, giving the Indian entity a pipeline of intra-group work (34% of revenue in FY25) and access to capabilities such as the group-wide Cybersecurity Virtual Excellence Centre. - **Four became one** - effective April 1, 2023, four unlisted Indian group companies covering software testing, aerospace and automotive engineering, engineering consultancy and software development were merged into the listed entity, consolidating all Indian businesses under one roof and eliminating inter-company complexity. - **A data-governance bolt-on** - the 2022 takeover of Lucid Technologies brought in 50 data specialists, intellectual property and partnerships with platform providers Collibra, BigID and Okera, adding data-governance and augmented-analytics capabilities that the company now sells to Fortune 500 clients in banking, healthcare and retail. - **Five overseas subsidiaries, with a Middle East pivot** - wholly owned units in Singapore, the UK, the US and Dubai are operational, a new Saudi Arabian subsidiary was registered on January 23, 2025 and March 12, 2025, and a legacy UAE free-zone entity was liquidated because its Sharjah location made it hard to reach Gulf clients, with all regional work now routed through the Dubai entity. - **A Gift City subsidiary in the works** - the board approved the investment proposal for Expleo Solutions Gift IFSC Limited in May 2026, with an initial capital of €0.2 million, to establish a presence in India’s international financial services zone.