HCL Technologies picks up minority stake in London-based startup Kalido

By Joseph Rai

  • 08 Aug 2019
HCL Technologies picks up minority stake in London-based startup Kalido
Credit: VCCircle

Software services firm HCL Technologies Ltd said on Thursday it has picked up a 6.64% stake for $2 million (Rs 14 crore) in London-headquartered artificial intelligence (AI)-enabled business networking app Kalido.

The company said in a stock-exchange filing that the investment will boost its network capabilities, improve customer features and enhance its digital workplace solutions.

The investment was made through HCL's wholly-owned subsidiary -- HCL Technologies UK Ltd.

Om Mobile Ventures, which operates the app Kalido, was founded in 2014. Kalido is a matching platform that helps people connect within their enterprise, community, charity or general public to help build meaningful connections.

Kalido is currently in pre-revenue product development stage.

HCL has been one of the most prolific acquirers among India's IT services companies. It has struck almost a dozen deals in India and overseas since 2015, according to VCCEdge, the data research arm of Mosaic Digital. 

Earlier in March, HCL agreed to acquire US-based Strong-Bridge Envision to enhance its digital transformation consulting capabilities.

In December 2018, the Indian IT firm sealed one of the biggest deals by agreeing to buy some of the software businesses from IBM Corp for $1.8 billion.

The company made three other acquisitions last year. It agreed to acquire Germany's H&D International Group for around $35 million, life sciences and consumer services provider C3i Solutions from US drugmaker Merck & Co. for $60 million and US-based Actian Corporation for $330 million.

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