UAE - Mubasher: The UAE-headquartered Gibraltar Technologies (GT), an AI-based digital solutions company, and its partners have inked a share purchase agreement to hold HCL Infotech, part of the Indian IT giant HCL Group, in exchange for AED 74.6 million.
The transaction, under which GT will acquire the assets, employees, and customer contracts managed by HCL Infotech, was fully informed to the stock exchanges in India, according to a press release on Tuesday.
The transaction will enable GT to combine its 20-year experience in serving large government organisations in the Middle East with the organisational capabilities of HCL to foster its position.
HCL Infotech's current revenues amounted to AED 75.1 million and net worth of AED 265.5 million.
Commenting on the transaction, the CEO of Gibraltar Technologies, Khadeer Peer Shariff S S, said: "HCL Infotech's unique experience in managing the world's largest biometric system and their expertise in defence, power, and e-government related projects are unparalleled knowledge assets we can leverage to gain a competitive edge."
