finance news

HCL acquires German IT consulting firm Gesellschaft für Banksysteme

HCL acquires German IT consulting firm Gesellschaft für Banksysteme
HCL acquires German IT consulting firm Gesellschaft für Banksysteme

Indian software services firm, HCL Technologies and German cooperative bank, Deutsche Apotheker-und Ärztebank eG (apoBank), have reportedly signed an agreement with IT service provider, Atruvia AG, for the acquisition of Gesellschaft für Banksysteme (gbs), an IT consulting firm based in Germany.

In a statement, HCL said that the transaction is expected to close in January when all closing conditions, as well as regulatory approvals, are met.

With the acquisition, HCL will have a 51% stake in Gesellschaft für Banksysteme, while apoBank will have a 49% stake, which previously was a 10% shareholder and is increasing its stake in the firm.

Sudip Lahiri, Senior VP and Head of Financial Services at HCL Tech Europe, remarks that with the alignment of the two organizations, and with gbs, the company will be able to further expand its expertise in the financial service sector as well as its presence in the region.

Mr. Lahiri stated that Germany is a strategic region for the firm as it is one of the largest economies in Europe. 

The company said that the acquisition will provide an edge to HCL’s current capabilities in accelerating digital transformation while also enhancing its standing in Germany. It further added that the collaboration is per HCL’s investment in a local delivery model that is supported by the highly-skilled workforce of the country.

Johannes Kermer, Head of IT and Operations, apoBank, states that HCL’s innovative delivery model and expertise in financial services, and gbs’ knowledge in the cooperative baking sector, local IT, as well as regulatory requirements, makes a ‘winning combination.’  

As per the regulatory filing, HCL Technologies will also get access to the cooperative banking sector of Germany, which has almost 30% retail funds under its management, augmenting local financial services IT expertise and enhancing its transformation capabilities.

Currently, HCL Technologies has eight operating offices in Germany, including the regional headquarters in Eschborn, with over 1,800 employees that are serving across eighteen DAX 40 companies.

Source Credit: https://www.thehindubusinessline.com/companies/hcl-acquires-it-consulting-company-in-germany/article37907164.ece

About the author

Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.