Stocks

HCL Tech up 3% on Australian IT firm acquisition plan

Internet Desk | Updated on September 21, 2020 Published on September 21, 2020

Shares of HCL Technologies rose 3 per cent on Monday's trade on its intention to acquire Australian IT firm, DWS Limited.

At 9.25 am, the companies scrip has risen ₹25.40 up 3.13 per cent to trade at ₹836.

Early today, HCL Technologies announced its intent to acquire DWS Limited (DWS), a leading Australian IT, business and management consulting group.

 

DWS, with over 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane, and Canberra, delivers business and technology innovation to large clients across a spectrum of verticals, HCL said in a statement without disclosing the deal size.

The DWS Group had revenue at A$ 167.9 million in the financial year 2020. The acquisition of DWS will strongly enhance HCL's contribution to digital initiatives in Australia and New Zealand while strengthening HCL's client portfolio across key industries, it said.

HCL currently employs 1,600 people in major cities, including Canberra, Sydney, Melbourne, Brisbane, and Perth. It has been delivering technology solutions to some of the region's largest companies. The transaction is expected to close in December, subject to closing conditions, including regulatory approvals, it said.

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Published on September 21, 2020
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