Thu, Jul 17 01:05 AM
HCL Technologies, India's fifth largest software exporters has entered into a definitive agreement to acquire Liberata Financial Services (LFS), a leading UK-based BPO provider and wholly owned subsidiary of Liberata Ltd. Under the deal, HCL Technologies will spend $2 million for acquiring the assets of LFS and would invest another $24 million over the next 12 months, said Anil Chanana, executive vice president, Finance of HCL Technologies.
The deal comes at a time when companies are moving cautiously on mergers and acquisitions as their bottomlines have come under pressure amid rising inflation and a global economic slowdown. The company would generate revenues of $60 million in the current financial year and start making profit in three years, he added.
LFS regulated in the UK by The Financial Services Authority (FSA) provides comprehensive end-to-end administrative and customer services for the Life and Pensions industry. As part of this transaction, HCL will acquire four delivery centers in UK with 800 professionals who come to HCL with domain knowledge and technical expertise.
"This strategic acquisition of LFS enhances HCL's ability to become an end-to-end provider of business process outsourcing services in the Financial Services space," Ranjit Narasimhan, President and CEO of HCL BPO said.
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