Date:21/02/2008 URL: http://www.thehindu.com/2008/02/21/stories/2008022156052000.htm

Business

HCL Tech buys Capital Stream

NEW DELHI: HCL Technologies on Wednesday announced the acquisition of U.S.-based banking software company, Capital Stream, for $40 million (about Rs. 160 crore).

The acquisition would enhance HCL’s ability to provide end-to-end solutions through product and multi-service delivery capability to commercial and retail financial institutions, the company said in a statement here. HCL has acquired the company in an all cash deal, it added.

Capital Stream’s flagship product Finance Centre is a multi-tier web-based application for automation of business and commercial lending institutions.

“This acquisition is part of a well structured M&A strategy to fulfil HCL’s aspiration to be a global leader in select industry verticals by using acquisition to either bridge gaps or enhance the capabilities in our service offerings,” company’s Head, M&A (IT services), Ramkrishna, said. — PTI