HCL Technologies to acquire Quest Informatics
Highlight
- HCL Technologies to acquire Quest Informatics for an all-cash deal
- In BSE filing about the deal, HCL pegs the purchase consideration at Rs 15 crore
- Quest serves over 40 global leaders in the ‘after-market’ space
IT services major HCL Technologies on Monday said it will acquire Bengaluru-based Quest Informatics through its wholly-owned subsidiary. In a BSE filing about the deal, the company estimated the purchase consideration at Rs 15 crore.
According to an HCL Tech statement, Quest currently serves over 40 global leaders in the ‘after-market’ space with its cloud-enabled after-market ERP, field services management and digital parts catalog product suite.
After-market digital spending is one of the fastest growing sectors in the transportation and manufacturing industries. The deal is expected to be completed before July 31, 2022.
“Quest will help expand HCL Technologies’ Industry 4.0 offerings into the rapidly growing aftermarket space. Quest’s aftermarket solutions and products will be valuable to transportation and manufacturing customers globally in their digital transformation journey,” said Sukamal Banerjee, Corporate WoRKS Vice President, Industry Software Division and IoT at HCL Technologies said.
Additionally, Quest’s existing customers will benefit through HCL Technologies’ scale, reach and research and development prowess, Banerjee said.
“Sankalp Semiconductors Pvt Ltd, a wholly owned subsidiary of HCL Technologies, is acquiring 100 per cent stake in Quest Informatics incorporated in India,” the BSE filing by the company said.
For the financial year ended March 2021, the targeted company generated revenue of Rs 13.6 crore from operations.
“Established in 2000, based out of Bengaluru, is an after-market digital transformation company that caters to the automotive and construction equipment industries in the after-market ERP space with its products and professional services.”