IT Major, HCL Technologies has signed an agreement to acquire Germany based IT and engineering service provider H&D International Group to fuel its European expansion.
In its official statement, HCL said, This landmark deal sees HCL attain significant in-country front office and delivery capabilities and will further enhance the company’s domain expertise in the global automotive sector.
Ashish Gupta, Corporate Vice President at HCL Technologies said, “Germany is a critical market for HCL as we continue to expand our business in Europe. We feel the German market is at an inflexion point and it is the right time for HCL to expand and make significant investments here.”
It is interesting to note that H&D is one of the leading IT majors in German automotive industry that operates in over 20 locations globally including Czech Republic, US, and Poland.
H&D specialises in IT infrastructure, application services particularly R&D IT along with expertise in the domain such as SAP, computer-aided technologies and customer-centric product development.
Speaking on the latest development, Bernhard Honigsberg, CEO of H&D International Group, said: “By combining H&D’s delivery capabilities with those of HCL, we have an unprecedented opportunity to add tremendous value to the services we provide to support our clients’ IT transformation ambitions.
Meanwhile, shares of HCL have witnessed a rise of 1.5 percent amidst the news of company acquiring the German-based IT firm. The completion of the transaction is expected to close in August 2018.