Online edition of India's National Newspaper
Thursday, Feb 21, 2008
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Online edition of India's National Newspaper Thursday, Feb 21, 2008 ePaper | Mobile/PDA Version |
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NEW DELHI: HCL Technologies on Wednesday announced the acquisition of U.S.-based banking software company, Capital Stream, for $40 million (about Rs. 160 crore). The acquisition would enhance HCL’s ability to provide end-to-end solutions through product and multi-service delivery capability to commercial and retail financial institutions, the company said in a statement here. HCL has acquired the company in an all cash deal, it added. Capital Stream’s flagship product Finance Centre is a multi-tier web-based application for automation of business and commercial lending institutions. “This acquisition is part of a well structured M&A strategy to fulfil HCL’s aspiration to be a global leader in select industry verticals by using acquisition to either bridge gaps or enhance the capabilities in our service offerings,” company’s Head, M&A (IT services), Ramkrishna, said. — PTI
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