You are here: Home » PTI Stories » National » News
Business Standard

HCL Tech, Sumeru Equity Partners to acquire Actian Corporation for $330 mn

Press Trust of India  |  New Delhi 

India's fourth largest IT services firm and (SEP) will acquire US-based Corporation in a USD 330-million all-cash deal.

HCL will own 80 per cent stake in the joint venture that has been formed, with SEP holding 19.5 per cent and (Corporation CEO) owning 0.5 per cent, HCL said in a regulatory filing.

It added that the JV entity will acquire 100 per cent stake in Corporation from its shareholders. The acquisition is expected to be completed by August this year.

The acquisition will be funded by HCL, making an equity contribution of USD 164 million and debt of USD 125 million. SEP and De Souza will contribute USD 40 million and USD 1 million, respectively, the filing said.

Through this deal, HCL will "own high margin, recurring revenue IP in data analytics, integration and management products," it said.

Palo Alto-based offers hybrid data management, cloud integration, and Incorporated in 2005, it has over 275 employees and had registered revenue of USD 107.1 million in 2017.

It has a global customer base with operations primarily in the US, the UK, Germany, and

"will play a critical role in enhancing HCL's Mode 3 offerings in and platforms. Actian's products when combined with HCL's Mode 2 solution offerings Cloud Native, Digital and Analytics, and IoTWorks, will be a powerful proposition to harness the power of hybrid data," President and C Vijayakumar said.

will continue to operate as a separate entity within the ecosystem, led by current and President,

as the majority stakeholder of this strategic acquisition will have majority representation on the board of directors, and SEP MD and will also join the board at closing.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 21:05 IST
RECOMMENDED FOR YOU