HCL Technologies and apoBank Come Together to Acquire German IT Consulting Company gbs

HCL Technologies (HCL), a leading global technology company, 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 Jan. 2022, subject to closing conditions, including regulatory approvals. Post-closing, HCL will own 51%, while apoBank will own 49% stake of gbs. apoBank is currently a 10% shareholder and is increasing its stake in gbs from 10% to 49%.

This strategic acquisition will add an edge to HCL's existing capabilities to accelerate digital transformation and further enhance HCL's scale in Germany. HCL's existing strengths, combined with gbs' portfolio, will enable HCL to expand within the German financial services sector. HCL and apoBank will leverage gbs' in-depth knowledge of the cooperative banking sector and regulatory expertise to offer next-generation services to its clients. This collaboration is in line with HCL's investments in a local delivery model supported by a highly skilled German workforce.

"Germany is one of the largest economies in Europe and is, therefore, a strategic region for HCL," said Sudip Lahiri, Senior Vice President and Head of Financial Services, Europe, HCL Technologies. "We're excited to welcome gbs to HCL and look forward to playing a significant role in shaping the digital transformation journey and providing next-generation services to our German clients leveraging Fenix 2.0 (HCL's industry leading digital transformation framework). There's a great alignment between both organizations and together with gbs, HCL will further augment expertise in the financial services portfolio which will expand our footprint in the region."

"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," said Johannes Kermer, Divisional Board Member for IT and Operations at apoBank. "HCL is already a trusted apoBank IT services partner and this strengthens our relationship further."

"We are confident HCL and apoBank are the ideal owners of gbs," said Martin Beyer, Board Spokesman and Head of Corporate Development, Atruvia. "gbs will continue to be part of the IT ecosystem to service the cooperative banking sector and will support and collaborate with Atruvia to service our joint clients."

HCL Technologies has eight offices in Germany, including its regional headquarters in Eschborn. Its more than 1,800 employees serve 18 of DAX 40 companies. HCL's state-of-the-art banking innovation center in Eschborn and an upcoming fintech lab in Berlin offer technology expertise to organizations globally.

Shares of HCL Technologies Limited was last trading in BSE at Rs. 1172.30 as compared to the previous close of Rs. 1149.20. The total number of shares traded during the day was 200846 in over 3201 trades.

The stock hit an intraday high of Rs. 1181.65 and intraday low of 1155.00. The net turnover during the day was Rs. 232783170.00.

Source : Equity Bulls

Keywords

HCLTechnologies INE860A01027 HCLTECH apoBank Acquisition gbs ITConsultingCompany