Looks like all Indian companies are in a aqusition stratergy. India based tech company HCL has signed a $2 million deal to buy a U.K based back-office service firm, Liberata Financial Services.
Liberata Financial Services (LFS), a wholly owned subsidiary of Liberata Limited, provides services for pensioners and life. The company has an annual revenue of about $60 million. LFS multi-year contracts are worth $540 million.
Eyeing on the benefits and profit margin, HCL has made the move to acquire it at any cost. Chief Executive Officer for HCL Business Processing and Outsourcing, Ranjit Narasimhan stated, “This acquisition will equip HCL with a ready capability across the value chain by providing access to an existing revenue stream of policy management, actuarial and analytics,”
HCL Technoloigies has planned to invest $24 million in the next three years to increase its revenue. It should also be noted that HCL would aquire four delivery centers in UK which would be part of the deal. The employee strength would be 800, all four centers combined.
Ahead of deal, HCL Indian shares at BSE closed at 215.35 rupees