IT services provider HCL Technologies Ltd (HCL) has entered into a strategic partnership with French applications software provider Linedata to sell its commercial lending software business Finance Center including customer contracts and other associated assets & liabilities for $45 million, the firm disclosed on Friday.
HCL, through its acquisition of Capital Stream in early 2008, became the owner of Finance Center - a commercial lending software suite. It paid $40 million to acquire US-based Capital Stream five years ago and garnered revenues of $30 million from the entity during FY12.
By combining the Finance Center product with its existing financial services software product suite, Linedata can provide both front and back office products to its customers.
HCL, which has been active in M&As during 2008, had gone slow after that in terms of inorganic expansion and acquired just one asset in the past four years. In 2011, it acquired the UK-based software assets division of Citibank for a total consideration of $26 million.
Private equity firm ChrysCapital is one of the shareholders of HCL Technologies and owns 3.7 per cent stake in the top tier IT services firm.
— Copyright 2013 VCCircle.com. All rights reserved. This content/article is provided by Mosaic Media Ventures Private Limited and not by Reuters. All rights, including copyright, in this content/article provided by VCCircle.com are owned or controlled by Mosaic Media Ventures Private Limited. The content may not be copied, broadcast, downloaded and stored (in any medium), transmitted, adapted or changed in any way whatsoever without the prior written permission of Mosaic Media Ventures Private Limited.