HCL Technologies to acquire Quest Informatics

HCL Technologies (HCL), a leading global technology company, announced it will acquire, through its wholly-owned subsidiary, a Bengaluru-based Quest Informatics Private Limited (Quest) - an aftermarket, Industry 4.0 and IoT company, in an all-cash deal.

Quest currently serves more than 40 global leaders in the aftermarket space with its cloud-enabled aftermarket ERP, field services management, and digital parts catalog product suites. Aftermarket digital spending is one of the fast-growing segments in the transportation and manufacturing industries.

"Quest will help expand HCL Technologies' Industry 4.0 offerings into the fast-growing aftermarket space. Quest's suite of aftermarket solutions and products will be valuable to transportation and manufacturing clients globally in their digital transformation journey," said Sukamal Banerjee, Corporate Vice President, Industry Software Division and IoT WoRKS™, HCL Technologies. "Additionally, Quest's existing customers will benefit through HCL Technologies' scale, reach and R&D prowess."

"HCL Technologies' global reach and expertise combined with Quest Informatics' deep domain knowledge will help accelerate product innovation and drive a global reach for continued growth. The acquisition will create synergies and enable meaningful engagements with customers in the end-to-end digital aftermarket space," said Rudresh Basavarajappa, CEO & Chairman, Quest Informatics Private Limited.

The deal is expected to be complete before July 31, 2022.

Shares of HCL Technologies Limited was last trading in BSE at Rs. 1050.15 as compared to the previous close of Rs. 1071.95. The total number of shares traded during the day was 94704 in over 5893 trades.

The stock hit an intraday high of Rs. 1060.90 and intraday low of 1029.40. The net turnover during the day was Rs. 98964054.00.

Source : Equity Bulls

Keywords

HCLTechnologies INE860A01027 Acquisition QuestInformation IoT