HCL acquires Concept to Silicon Systems

Country's fourth largest software services firm HCL Technologies has acquired Bengaluru-based engineering services company Concept to Silicon Systems (C2SiS).
The acquisition valued at under USD 10 million will help HCL Tech strengthen its position in the semiconductor and industrial IoT (Internet of Things) market.
"This is not a client revenue stream acquisition but more of a capability buy. We have been a strong player in the semiconductor segment but this will further strengthen our position," HCL Technologies CEO Anant Gupta said.
He added that the deal was valued at "under USD 10 million".
The privately-held C2SiS powers a broad range of industries with its specialisation in system-on-chip and system design services and its client list includes Fortune 100 and Fortune 500 companies.

"With this strategic acquisition, HCL will be able to leverage C2SiS' technical prowess in areas like System-on- Chip, Physical design etc", he said.

The company also announced its first quarter results. It reported 2.7 per cent dip in consolidated net profit at Rs 1,823 crore while its revenues rose 15.6 per cent to Rs 10,097 crore in July-September 2015 quarter.
Cash and cash equivalents stood at Rs 777.3 crore at the end of September 30, 2015.
HCL Technologies shares today closed at Rs 857.15 apiece, up 1.88 per cent from the previous close on BSE.