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HCL Technologies on Thursday said it has acquired Minneapolis-based PowerObjects, provider of Microsoft Dynamics CRM. This is the third such announcement of HCL Tech this month.
The total cash consideration for this transaction is around $46 million (₹ 299 crore), including contingent payments subject to certain financial milestones, the company said.
As part of the acquisition, the existing leadership team of PowerObjects will remain in place, and no workforce changes are planned, it said, adding that PowerObjects has over 250 employees. PowerObjects had 12-month revenue of around $37 million as of September 30.
The acquisition will enable HCL Tech to take advantage of the growing global CRM industry, as Microsoft Dynamics is one of the fastest growing CRM products in the market.
“Together, HCL and PowerObjects will now offer one of the largest Microsoft Dynamics practices in North America,” Greg Palesano, Executive Vice-President and Global Head of application services, HCL Tech, said.
The company on October 19 had announced acquisition of Bengaluru-based privately held engineering services firm, Concept to Silicon Systems (C2SiS) for under $10 million.
It had also bought Swedish vehicles company Volvo Group’s external IT business for $138 million (around ₹895 crore) in an all-cash deal on October 20.
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