Gibraltar Technologies acquires HCL infotech for 74 Mn AED with all employees and asset

By : |February 18, 2021 0

Gibraltar Technologies (GT) has acquired HCL Infotech Ltd, part of India’s HCL group. The deal of 74.6 million dirhams (about ₹147 crores) will absorb the assets, 800 employees and customer contracts of HCL Infotech. With this acquisition, GT hopes to strengthen and grow its service offerings. It further aims to offer better solutions to customers by combining its 20-year-long experience servicing large government organizations in the Middle East with the organizational capabilities of HCL Infotech.

In a press statement, Khadeer Peer Shariff S S, CEO of Gibraltar Technologies has stated that the company aims to become the IT and digital company. “This acquisition brings us one step closer to accomplishing our goals. This acquisition not only unlocks a huge market potential for GT but also comes as a positive move; for our partners, customers, employees and shareholders in the middle east.”

He further added that HCL Infotech’s experience in managing the biometric system; their expertise in defence, power and e-government-related projects would help GT gain a competitive edge. Sharing the news, he said, “A vision, shouldered together with partners, supported by an efficient team; hard work for more than a year.”

About the deal

The CEO, Khadeer Peer Shariff S S, had shared the brief of the deal on LinkedIn. GT has more than 3500 employees, with penetration in sectors including Oil & Gas, Power, BFSI Sectors, Information Technology and Hospitality among others.

The transaction has been duly informed to the stock exchanges in India.

About HCL Infotech

HCL infosystems in its latest filings have mentioned that the HCL Infotech current revenues are at 75.1 million dirhams (₹148.03 crores). It has a net worth of 265.5 million dirhams (₹523.16 crores). Further, HCL Infotech reported a loss of ₹34.32 crores in December quarter.

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