PHOTO
UAE-based Gibraltar Technologies (GT) has acquired part of Indian IT giant HCL Group for approximately $20 million.
The acquisition includes the assets, employees and customer contracts managed by HCL Infotech, which is part of the $10 billion Asian company and whose current revenues stood at 75.1 million dirhams and net worth at 265.5 million dirhams.
GT is an AI-based digital solutions company with offices in the Middle East.
HCL Infotech has more than 800 employees that handle major projects, including the world’s largest biometric system and India’s largest Internet backbone network.
Contract signed
GT said the share purchase agreement to acquire the company at its enterprise value of 74.6 million dirhams has been signed.
“By combining GT’s 20-year experience servicing large government organisations in the Middle East with the organisation capabilities of HCl Infotech, GT hopes to strengthen and expand its service offerings, provide best of breed solutions and create even more customer delight,” the firm said in a statement.
According to Khadeer Peer Shariff S S, CEO of Gibraltar Technologies, their corporate mission is to become the region’s leading IT and digital company.
“This acquisition brings us one step closer to accomplishing our goals. HCL Infotech’s experience in managing the world’s largest biometric system and their expertise in defence, power and e-government related projects are unparalleled knowledge assets we can leverage to gain a competitive edge,” he added.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
