Dubai, UAE headquartered information technology (IT) solutions provider Gibraltar Technologies has bought HCL Infotech, which is a part of IT services giant HCL Group, for Rs 147 crores or 74.6 million dirhams (about $20 million at current exchange rates).
As part of the acquisition, Gibraltar and its partners will now gain access to the assets, people and customer contracts of HCL Infotech. According to a statement, the over 800 workforce at HCL Infotech manages projects such as the "world's largest biometric system and India's largest Internet backbone network".
HCL Infosystems, an ICT (information communications technology) systems integrator and distribution company, recently revealed in its filings that HCL Infotech’s current revenue stood at 75.1 million dirhams (Rs 148.8 crores) with a net worth of 265.5 million dirhams (about Rs 526 crores).
Queries sent to the company regarding HCL Infosystems and HCL Infotech did not elicit any response at the time of publishing this article.
“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," Khadeer Peer Shariff S, CEO of Gibraltar Technologies said.
Formerly known as HCL Infosystems MEA, Gibraltar Technologies has offices in seven countries across the Middle East, India, Singapore and the US. The company focuses on creating solutions for three technology areas: digital mobility, robotics and AI.
In October 2018, HCL Infosystems had approved to sell the ownership held by Nurture Technologies FZE to its subsidiaries Gibraltar Technologies Dubai. The part sale of its Dubai subsidiary was made to Ahmed Khalaf Al Otaiba, a current board member at Abu Dhabi national insurance corporation, and Syed Mohammed Bukhari, who is the current vice chairman of Gibraltar.
Gibraltar Technologies also provides an application called Wai, which has multiple iterations, mainly in the areas of healthcare, enterprise content management and social media management, among others.