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HCL buys 80% equity stake in US analytics firm
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SME Times News Bureau | 13 Apr, 2018
Indian software major HCL Technologies on Thursday said it was buying 80
per cent equity stake of Actian Corporation, a US-based analytics firm,
in an all-cash deal.
US-based technology and growth-focused private equity firm Sumeru Equity Partners will own the remaining 20 per cent stake.
"The
all-cash deal is valued at $330 million (Rs 2,145 crore). HCL will own
80 per cent equity, while Sumeru 20 per cent stake in Actian," said the
Noida-based IT firm in a regulatory filing on the BSE.
The Palo
Alto-headquartered Actian is a leader in hybrid data management, cloud
integration and analytics that helps global enterprises to solve data
challenges.
"Actian's acquisition will add intellectual property
(IP) to our capabilities to enable digital transformation of global
enterprises," added the filing.
Commenting on the buyout, HCL
Chief Executive C. Vijayakumar said Actian would play a critical role in
enhancing the company's Mode 3 offerings in data management products
and platforms.
"Actian's products, combined with our offerings
like Cloud Native, Digital and Analytics and IoT Works, will be a
powerful proposition to harness the power of hybrid data," said
Vijayakumar in a statement later.
Actian's flagship products are
Vector, a columnar database; Data Connect, a hybrid integration
platform; and X, a hybrid database for next generation operational
analytics.
Recent customer wins by Actian validate the potential
of its offerings to help customers extract maximum business value out of
data.
Sumeru is partnering with HCL to invest in Actian due to
growth opportunity in data-centric firms and leads with product
innovation.
"Our shared vision, expertise, and global reach will
enable businesses to realise the value of their hybrid data," said
Sumeru Managing Director George Kadifa in the statement.
Actian, however, will operate as a separate entity within the HCL ecosystem, headed by Chief Executive Rohit De Souza.
"The
age of hybrid data and its management is upon us and Actian is at the
forefront. Business leaders recognise data as valuable asset and strive
to leverage it at the speed of their business, no matter where it
resides," De Souza said.
As majority stakeholder, HCL will have
higher representative on the Actian board, while Sumeru's Managing
Directors Kadifa and Sanjeet Mitra will join the board as Directors.
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