HCL Technologies (HCL), and Deutsche Apotheker-und Ärztebank eG (apoBank), the largest cooperative primary bank in Germany, have signed with Atruvia AG an agreement to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs).

“The transaction is expected to close in January, subject to closing conditions, including regulatory approvals,” HCL said in a statement. Post-closing, HCL will own 51 per cent, while apoBank will own 49 per cent stake of gbs. apoBank is currently a 10 per cent shareholder and is increasing its stake in gbs from 10 per cent to 49 per cent, it said.

“Germany is one of the largest economies in Europe and is, therefore, a strategic region for HCL. There’s a great alignment between both organisations and together with gbs, HCL will further augment expertise in the financial services portfolio which will expand our footprint in the region,” Sudip Lahiri, Senior Vice President and Head of Financial Services, Europe, HCL Technologies said.

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This strategic acquisition will add an edge to HCL’s existing capabilities to accelerate digital transformation and further enhance HCL’s scale in Germany, the company said. This collaboration is in line with HCL’s investments in a local delivery model supported by a highly skilled German workforce, it said.

“HCL’s innovative delivery models and financial services expertise, along with gbs’ knowledge of the cooperative banking sector, local IT and regulatory requirements is a winning combination,” Johannes Kermer, Divisional Board Member for IT and Operations at apoBank, said.

HCL Technologies has eight offices in Germany, including its regional headquarters in Eschborn with more than 1,800 employees who serve 18 of DAX 40 companies.

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