HCL Technologies on Thursday announced that it has acquired Minneapolis-based PowerObjects, provider of Microsoft Dynamics CRM. Total cash consideration for this transaction is approximately Rs 299 crore ($46 million), including contingent payments subject to certain financial milestones, the company stated in a BSE filing.
The acquisition, it claims, will accelerate HCL’s growth and bolster its global applications business.
Founded in 1993, PowerObjects provides service, support, education and add-ons for Microsoft Dynamics CRM.
“This acquisition enables HCL to take advantage of the rapidly growing global CRM industry, as Microsoft Dynamics is one of the fastest growing CRM products in the market,” said the company.
The worldwide CRM market is likely to be valued at $36 billion by 2017, growing at 13.3%, according to researcher Gartner Inc.
“Together, HCL and PowerObjects will now offer one of the largest Microsoft Dynamics practices in North America,” said Greg Palesano, executive vice president and global head of application services at HCL.
Around 250 employees will be transferred to the rolls of HCL in Noida. Other than that there will be no change in the existing leadership team of powerObjects.