HCL Tech acquires CRM services provider PowerObjects

HCL Technologies, a leading global IT services provider, announced today that it has acquired Minneapolis-based PowerObjects – a leading North American provider of Microsoft Dynamics CRM. Total cash consideration for this transaction is approximately Rs 299 crore ($46 million), including contingent payments subject to certain financial milestones, the company stated in a BSE filing.

HCL Technologies Limited is a global Technology and IT Enterprise offering R&D and Technology Services, Enterprise and Applications Consulting, Remote Infrastructure Management, BPO services, IT Hardware, Systems Integration and Distribution of Technology and Telecom products in India. It reported $37 million trailing twelve months revenue as of September 30.

PowerObjects employs over 250 employees. Other than that there will be no change in the existing leadership team of powerObjects. Before that, it bought Bengaluru-based privately held engineering services firm Concept to Silicon Systems (C2SiS). Within CRM market, Microsoft Dynamics CRM clocked a phenomenal market growth at 21.7 percent in 2014 compared to industry growth of 14 percent.

Dean Jones, CEO of PowerObjects, said, “As clients attempt to grow their revenues by improving their CRM processes and technologies, we believe that blending our (PowerObjects and HCL) teams and areas of expertise will result in increasingly transformational products and services”.

With this the company officials also claimed that after the acquisition, the HCL would certainly help the company to have an increased and enhanced growth in the worldwide application business and with this boost the company would be making sure that in their each fiscal quarter they would be making a few outstanding net profit figures.