UAE-Headquartered Gibraltar Technologies Acquires Part Of Indian Multinational HCL Group
HCL Infotech's assets, people, and customer contracts bought over for 74.6 million dirhams
Gibraltar Technologies (GT), an AI-based digital solutions company with offices in the Middle East, today announced their acquisition of HCL Infotech, part of the USD 10 billion IT giant HCL Group.
Incorporated in 1986, HCL Infosystems Ltd is India's premier information enabler, ICT system integrator and distribution company. HCL infosystems in its latest filings have mentioned that the HCL Infotech current revenues are at 75.1 million dirhams and net worth of 265.5 million dirhams. GT along with its partners have signed the share purchase agreement to acquire the company at its enterprise value of 74.6 million dirhams and the transaction has been duly informed to the stock exchanges in India.
According to the signed agreement, GT along with its partners will acquire the assets, employees and customer contracts managed by HCL Infotech. Their 800+ employees manages prestigious projects, including the world's largest biometric system and India's largest Internet backbone network.
By combining GT's 20-year experience servicing large government organizations in the Middle East with the organisational capabilities of HCL Infotech, GT hopes to strengthen and expand its service offerings, provide best of breed solutions and create even more customer delight.
Elaborating on this strategic acquirement, Khadeer Peer Shariff S S, CEO of Gibraltar Technologies, said, "Our corporate mission is to become the region's leading IT and Digital company and this acquisition brings us one step closer to accomplishing our goals. HCL Infotech's unique experience in managing the world's largest biometric system and their expertise in defence, power and e-government related projects are unparalleled knowledge assets we can leverage to gain a competitive edge. This acquisition not only unlocks a huge market potential for GT, but also comes as a positive move for our partners, customers, employees and shareholders in the Middle East."
