Part of the HCL Group, HCL Infotech Ltd has been bought for 74.6 million dirhams (?147 crore) by UAE-based Gibraltar Technologies (GT).
Assets, 800 employees and customer contracts managed by HCL Infotech shall be acquired by the AI-based digital solutions company Gibraltar Technologies (GT) as a part of the deal.
One Step Closer To The Corporate Mission
In the hope of strengthening and expanding the service offerings, providing better solutions and creating more customer delight GT took the decision.
The company’s 20-year experience servicing large government organizations in the Middle East combined with the organizational capabilities of HCL Infotech shall work wonders for the organization as a whole.
CEO of Gibraltar Technologies, Khadeer Peer Shariff S S said that the corporate mission of the organization is to become the leading IT and Digital company in the region. The acquisition of HCL Infotech by GT shall bring the organization one step closer to their mission.
Gain Competitive Advantage & Unlock Market Potential
The company intends to gain competitive edge through HCL Infotech, as the later has experience in managing the world’s largest biometric system. Along with it also specializes in defence, power and e-government related projects, and coming together of the two shall create a synergy.
According to CEO, not only it unlocks a huge market potential for GT but also a positive move for our partners, customers, employees and shareholders in the Middle East.
For the quarter-ended December, the parent company of HCL Infotech, HCL Infosystems reported a loss of ?34.32 crore. According to a BSE filing, revenue and net worth of HCL Infotech are ?148.03 crore and ?523.16 crore respectively.
Last week, HCL Infosystems spoke about the sale of HCL Infotech but didn’t disclose name of the buyer.
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