HCL TECHNOLIGIES

The company has always encouraged use of inorganic growth strategies, a trait passed onto it from the parent company - HCL. Shortly after the setting up of HCL Technologies to address the engineering services and outsourced R&D market, it created a JV with James Martin in April 1996 to address the Y2K opportunity with HCL holding 60% of the equity.

HCL Technologies in March 1999 bought the remaining 40% stake because of the change in James Martin's policy on not using its brand name in any joint venture. HCL renamed the entity Intellicent.In Septermber 2001, HCL acquired 51% stake in 's India software operation - Deutsche Software Limited (DSL) in an unspecified all-cash transaction. The deal included the 450 employees in the operation and HCL had provision to acquire the remaining 49% over the next three years. Towards the end of the year, HCL consolidated its entry into services by acquiring 90% of Apollo Contact Centre from for US$0.5 million.

The remaining 10% of the company was acquired for US$1.8 million in 2004. The acquisition provided HCL with 350 employees in in 2001 and the team grew to 1,600 by 2004 Gulf Computers, a US-based UT services company focusing on ADM services was acquired in June 2002 for US$9.75 initial cash payment and earn-outs for three more years.

The company acquired Capitalstream, a US product company was for US$40 million in February 2008. Capitalstream's FinanceCenter product is an addition to HCL's current product addressing the BFSI market - Penstock, the product that HCL launched in 2007. The company acquired Liberata Financial Services Ltd. on 2nd Sep 2008, Liberata confirmed the sale of Liberata Financial Services Ltd. (LFS) to HCL for an undisclosed sum, following approval for change of control from the Financial Services Authority. On 15th Dec 2008 it acquired, and was renamed HCL Axon, the largest acquisition in the history of the Indian IT industry, surpassing Wipro’s $600-million acquisition of Infocrossing in 2007.