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HCL Tech to acquire Liberata Financial Services

BS Reporter  |  New Delhi 

HCL expects its insurance practice to be strengthened by LFS's core capability to manage complex transactions utilising competencies in case assessment and actuarial calculations. LFS is one of the few in UK which uses internally developed ALPS platform. LFS' technology has been a key differentiator that has demonstrated capability to support multiple books of business and multiple insurers on a common platform. LFS has multi-year contracts with its customers which include blue chip names. The acquisition is subject to fulfillment of certain closing conditions including obtaining regulatory approval.

Ranjit Narasimhan, President and CEO of HCL BPO, said, "This strategic acquisition of LFS enhances HCL's ability to become an end-to-end provider of business process outsourcing services in the Financial Services space. This acquisition will equip HCL with a ready capability across the value chain by providing access to an existing revenue stream of policy management, actuarial and analytics catapulting HCL to become a leading service provider in the UK market for the Life and Pensions industry. We are delighted to welcome the high quality staff of LFS into the HCL family."

Robert Gogel, CEO of Liberata Limited, said: "We are pleased to have found an appropriate buyer for this business, thereby assuring its long-term future development. We have made significant investments in people, platform and service line development which has allowed our clients to benefit from high levels of service excellence. This sale will enable Liberata to focus on its core BPO business in the public sector."

First Published: Wed, July 16 2008. 16:45 IST