Latest News | HCL Technologies to Acquire Quest Informatics
Get latest articles and stories on Latest News at LatestLY. IT services company HCL Technologies on Monday said it will acquire Bengaluru-based Quest Informatics through its wholly-owned subsidiary, in an all-cash deal.
New Delhi, May 9 (PTI) IT services company HCL Technologies on Monday said it will acquire Bengaluru-based Quest Informatics through its wholly-owned subsidiary, in an all-cash deal.
In a BSE filing about the deal, the company pegged the purchase consideration at Rs 15 crore.
According to HCL Tech statement, Quest currently serves more than 40 global leaders in the 'after-market' space with its cloud-enabled after-market ERP, field services management, and digital parts catalog product suites.
After-market digital spending is one of the fast-growing segments in the transportation and manufacturing industries.
Also Read | NEET UG 2022 Registration Date Extended Till May 15; Here Are Few Rank Booster Tips for NEET UG 2022 Exams.
The deal is expected to be completed before July 31, 2022.
"Quest will help expand HCL Technologies' Industry 4.0 offerings into the fast-growing aftermarket space. Quest's suite of aftermarket solutions and products will be valuable to transportation and manufacturing clients globally in their digital transformation journey," Sukamal Banerjee, Corporate Vice President, Industry Software Division and IoT WoRKS at HCL Technologies said.
Additionally, Quest's existing customers will benefit through HCL Technologies' scale, reach and research and development prowess, Banerjee added.
"Sankalp Semiconductors Private Limited, a wholly owned step-down subsidiary of HCL Technologies, is acquiring 100 per cent stake in Quest Informatics incorporated in India," the BSE filing by the company said.
The target company had revenues from operations of Rs 13.6 crore for the financial year ended March 2021.
"Founded in 2000, Quest, based out of Bengaluru, is an after-market digital transformation company catering the automotive and construction equipment industries in the after-market ERP space with their products and professional services," it added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)