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HCl buys 80% equity stake in US analytics firm

HCl buys 80% equity stake in US analytics firm

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HCl buys 80% equity stake in US analytics firm
New Delhi, April 12 (IANS) Indian software major HCl Technologies on Thursday said it was buying 80 per cent equity stake of Actian Corporation, a US-based analytics firm, in an all-cash deal.
US-based technology and growth-focused private equity firm Sumeru Equity Partners will own the remaining 20 per cent stake.
"The all-cash deal is valued at $330 million (Rs 2,145 crore). HCl will own 80 per cent equity, while Sumeru 20 per cent stake in Actian," said the Noida-based IT firm in a regulatory filing on the BSE.
The Palo Alto-headquartered Actian is a leader in hybrid data management, cloud integration and analytics that helps global enterprises to solve data challenges.
"Actian's acquisition will add intellectual property (IP) to our capabilities to enable digital transformation of global enterprises," added the filing.
Commenting on the buyout, HCl Chief Executive C. Vijayakumar said Actian would play a critical role in enhancing the company's Mode 3 offerings in data management products and platforms.
"Actian's products, combined with our offerings like Cloud Native, Digital and Analytics and IoT Works, will be a powerful proposition to harness the power of hybrid data," said Vijayakumar in a statement later.
Actian's flagship products are Vector, a columnar database; Data Connect, a hybrid integration platform; and X, a hybrid database for next generation operational analytics.
Recent customer wins by Actian validate the potential of its offerings to help customers extract maximum business value out of data.
Sumeru is partnering with HCl to invest in Actian due to growth opportunity in data-centric firms and leads with product innovation.
"Our shared vision, expertise, and global reach will enable businesses to realise the value of their hybrid data," said Sumeru Managing Director George Kadifa in the statement.
Actian, however, will operate as a separate entity within the HCl ecosystem, headed by Chief Executive Rohit De Souza.
"The age of hybrid data and its management is upon us and Actian is at the forefront. Business leaders recognise data as valuable asset and strive to leverage it at the speed of their business, no matter where it resides," De Souza said.
As majority stakeholder, HCl will have higher representative on the Actian board, while Sumeru's Managing Directors Kadifa and Sanjeet Mitra will join the board as Directors.
--IANS
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(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

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