UAE’s AI-based digital solutions company, Gibraltar Technologies (GT) has acquired HCL Infotech, part of the Indian IT giant HCL Group.
GT along with its partners have signed the share purchase agreement to acquire the firm at its enterprise value of $20 million (74.6 million dirhams). The transaction has been duly informed to the stock exchanges in India.
According to the agreement, GT along with its partners will acquire the assets, employees, and customer contracts managed by HCL Infotech. Further, they will also manage the prestigious projects, including the world’s largest biometric system and India’s largest Internet backbone network.
Through this acquisition, GT intends to strengthen and expand its service offerings, provide best-of-breed solutions and create even more customer delight.
In its latest filings, HCL infosystems, parent of HCL Infotech, has reported that the current revenue of HCL Infotech is $20.4 million (75.1 million dirhams) and its net worth is $72 million (265.5 million dirhams).
“Our corporate mission is to become the region’s leading IT and Digital company and this acquisition brings us one step closer to accomplishing our goals. HCL Infotech’s unique experience in managing the world’s largest biometric system and their expertise in defense, power, and e-government related projects are unparalleled knowledge assets we can leverage to gain a competitive edge. This acquisition not only unlocks a huge market potential for GT but also comes as a positive move for our partners, customers, employees, and shareholders in the Middle East.”
Gibraltar Technologies (GT) is a technology company offering AI-based digital solutions. GT has over 20 years of experience and expertise in the field of IT solutions. It offers specific vertical solutions, including infrastructure, enterprise software solutions, networking solutions, e-Security solutions, and so on. The company’s client base includes large government organizations and financial institutions from all over the world.