M&A

M&A

HCL Tech, apoBank to acquire German IT consulting firm GBS for $112-K

BSE Disclosure  

Noida-based, publicly listed technology company HCL Technologies and Deutsche Apotheker-und Ärztebank eG (apoBank), the largest cooperative primary bank in Germany, have signed a deal with Atruvia AG to acquire Munster, Germany-based IT consulting company Gesellschaft für Banksysteme GmbH (GBS) for EUR 99,000 (approx USD 112,271). Post-closing, HCL will own 51%, while apoBank will increase its stake from the existing 10% to 49% of GBS. The deal is expected to boost HCL's capabilities in digital transformation and enhance scale in Germany. GBS, which has 60 employees, offers IT transformation, IT migration, system integration & development, application management and consulting. Its revenue for CY21 is expected to be EUR 4.1 million.