Mergers and Acquistions News
Categories: IT Services & Consulting
December 16th 2008, 15:58PM
The takeover of UK-based SAP consultancy AXON Group by HCL Technologies has been completed.
HCL is paying around £441 million for the acquisition of AXON and it hopes the merger will bring new capabilities to the market and help provide a "full lifecycle" of IT-based services.
The combination of the businesses will increase HCL's interest in the Enterprise Application Services sector, claims the firm, taking it from making up 11 per cent of revenue to 25 per cent.
Steve Cardell, president of HCL AXON, said the merger had "enormous potential" to help the firm "leapfrog" their competition and deliver solutions for corporations which choose SAP as their mains strategic technology platform.
He added: "As HCL AXON, we will be combining AXON's strong business benefit led consulting and implementation capabilities with HCL's strong global delivery based application and infrastructure management capabilities."
A recent study by analysts Frost and Sullivan found that emerging markets could be ripe for merger and acquisition activities in the software sector.
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