HCL beats Infy to bag Axon - Biggest Tech News Of 2008

[VelMurugan]

HCL beats Infy to bag Axon

The deal for the first time saw two leading Indian vendors, HCL and Infosys, used to fighting over deals, battle it out over an overseas acquisition.

Infosys had made a cash offer of 407.1 million pound for buying out Axon. The country's fifth largest software exporter, HCL Tech, raised its counter bid 441 million-pound ($811 million) to clinch the deal.

HCL Technologies recently completed the acquisition and the new entity would pursue deals worth 1.2 billion dollars.

Post-acquisition, HCL Axon is headed by Steve Cardell, the President of Axon. The independent entity have about 4,500 consultants which includes 1,700 people involved in the SAP practice in HCL.

Enterprise Application Services (EAS), the sector in which HCL AXON operates, constitutes 11 per cent of HCLs revenue. Company's Corporate Vice President and Head - Enterprise Application Services Ram Krishna said that HCL-Axon will create a business accounting for 25 per cent of HCLs revenues.

Source : IndiaTimes