IT services provider HCL Technologies Ltd (HCL) has entered into a strategic partnership with French applications software provider Linedata to sell its commercial lending software business Finance Center including customer contracts and other associated assets & liabilities for $45 million, the firm disclosed on Friday.
HCL, through its acquisition of Capital Stream in early 2008, became the owner of Finance Center – a commercial lending software suite. It paid $40 million to acquire US-based Capital Stream five years ago and garnered revenues of $30 million from the entity during FY12.
HCL, which has been active in M&As during 2008, had gone slow after that in terms of inorganic expansion and acquired just one asset in the past four years. In 2011, it acquired the UK-based software assets division of Citibank for a total consideration of $26 million.
Private equity firm ChrysCapital is one of the shareholders of HCL Technologies and owns 3.7 per cent stake in the top tier IT services firm.
(Edited by Sanghamitra Mandal)