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Dubai-based technology company Gibraltar Technologies (GT) has announced the acquisition of HCL Infotech for 74.6 million dirhams.
GT in its statement said, “The company along with its partners have signed a purchase agreement to acquire HCL Infotech at the enterprise value of 74.6 million dirhams and the transaction has duly informed the stock exchange of India.”
Speaking on the acquisition, Khadeer Peer Shariff SS, CEO of Gibraltar Technologies said, “Our corporate mission is to become the region’s leading IT and Digital Company and this acquisition brings us one step closer to accomplishing our goals.”
“HCL Infotech’s unique experience in managing the world’s largest biometric systems and their expertise in defense power and e-government related projects are unparalleled knowledge assets which can help to gain a competitive edge,” Shariff said.
“This acquisition out only unlocks a huge market potential for GT but also comes as a potential for GT but also comes as a positive move for our partners, customers, employees, and shareholders in the Middle East,” he added.
As a part of the purchase agreement, GT will acquire HCL Infotech’s assets along with its over 800 employees and customers’ projects.