Gibraltar Tech acquires HCL Infotech for Rs 148 crores

Representative Image. (Image: Twitter)

AI-based digital solutions company, Gibraltar Technologies (GT) announced its acquisition of HCL Infotech for about Rs. 148 crore (74.6 million dirhams).

The Dubai based company will absorb HCL Infotech's assets along with its more than 800 employees and customer contracts. The company along with its partners have signed the share purchase agreement to acquire the company at its enterprise value of 74.6 million dirhams and the transaction has been duly informed to the stock exchanges in India.

HCL infosystems in its latest filings have mentioned that the HCL Infotech current revenues are at 75.1 million dirhams and net worth of 265.5 million dirhams, GT noted in a statement.

"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," Khadeer Peer Shariff S S, CEO of Gibraltar Technologies said. He added that HCL Infotech's unique experience in managing the world's largest biometric system and their expertise in defence, power and e-government related projects are unparalleled knowledge assets which can help 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," he noted.

With more than 3500 employees, GT's businesses has spread over Oil & Gas, Power, BFSI Sectors, Information Technology and Hospitality among others.

[With input from agencies]