HGS to acquire TekLink International for USD 58.8 million

Business process management firm Hinduja Global Solutions (HGS) on Thursday said it will acquire 100 per cent stake in TekLink International for USD 58.8 million (about Rs 483 crore).

HGS also said it has signed a non-binding Letter of Intent (LoI) to acquire uKnowva, a digital Human Resources Management System (HRMS) product business, from Convergence IT Services.

"HGS has entered into a definitive agreement to acquire a 100 per cent stake in TekLink International, Inc, for a consideration of USD 58.8 million, subject to earnouts and other customary and agreed adjustments. The transaction with the analytics service provider is expected to close in the next two months," the company said in a statement.

US-based TekLink supports over 60 clients, including one of the world's leading food manufacturers, an American multinational confectionery and a global beverages giant. It has presence in Europe and delivery centres in Hyderabad and Indore in India.

"TekLink and uKnowva with their transformative solutions in the analytics and financial planning and HR technology segments, respectively, are a good strategic fit for us. The synergies will help us strengthen our existing digital portfolio substantially, expand in new rapidly growing segments, co-create solutions, and cross-sell to clients," HGS CEO Partha DeSarkar said.