|
Sarkaritel.com News and
Features-Corporate News
HCL Tech buys US firm Capital Stream for Rs 160 cr
New Delhi, February 21, 2008
Country's fifth largest software exporter HCL Technologies on
Wednesday announced the acquisition of US-based banking
software company Capital Stream for USD 40 million (about Rs
160 crore).
The acquisition of Capital Stream would enhance HCL's ability
to provide end-to-end solutions through product and
multi-service delivery capability to commercial and retail
financial institutions, the company said in a statement here.
HCL has acquired the company in an all cash deal, it added.
Capital Stream's flagship product Finance Center is a
multi-tier web-based application for automation of business
and commercial lending institutions.
The product is currently used by over 20 per cent of the top
banks in North America, the statement said.
"This acquisition is a part of a well structured M&A strategy
to fulfil HCL's aspiration to be a global leader in selected
industry verticals by using acquisition to either bridge gaps
or enhance the capabilities in our service offerings,"
company's Head M&A (IT services) Ramkrishna said.
The acquisition would the IT firm to provide comprehensive
end-to-end solutions to commercial banks and other financial
institutions, with significantly reduced implementation time.
E-Mail :
newseditor@sarkaritel.com
|
