HCL Technologies has acquired
PowerObjects, a US based provider of Microsoft Dynamics Customer resource
management solution, for $46 Million, to bolster its offerings in the
applications development space. Together HCL and Power Objects will now offer
one of the largest Microsoft Dynamic Practices in North America.
Based in Minneapolis, PowerObjects has
more than 250 employees who will now be transferred to the rolls of HCL. The total
consideration for the transaction includes contingent payments which are
subject to certain financial milestones. The existing leadership team of
PowerObjects will remain in place and no workforce changes are planned.
HCL has been on an acquisition
spree of mostly small companies. PowerObjects is the fourth company it has
bought this year. This week, HCL would buy Swedish automaker Volvo Group’s
External IT business, which provides IT Infrastructure, mainframe services and
application operation services, for an all-cash payment of $138 Million.
Microsoft Dynamics is one of the
fastest growing CRM products. Research firm Gartner expects CRM to become a $36
Billion Worldwide market by 2017 growing at an annual rate of 13.3% since 2014.
It is projected to grow faster than any other enterprise software category, as
businesses look to build upon term customer relationships.
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