HCL Technologies on Monday said it would acquire Bengaluru-based Quest Informatics Private Limited (Quest), an aftermarket, Industry 4.0 and IoT company, in an all-cash deal.
In an communique to the stock exchange, the company said Sankalp Semiconductors Private Ltd., a wholly owned step-down subsidiary of HCL Technologies Ltd., was acquiring 100% stake in Quest Informatics Private Ltd. incorporated in India for a purchase consideration of ₹15 crore.
The target company had revenues from operations of ₹13.6 crore for the financial year ended March 31, 2021, HCL added.
Quest currently serves more than 40 global leaders in the aftermarket space with its cloud-enabled aftermarket ERP, field services management, and digital parts catalogue product suites. Aftermarket digital spending is one of the fast-growing segments in transportation and manufacturing industries.
“Quest will help expand HCL Technologies’ Industry 4.0 offerings into the fast-growing aftermarket space. Quest’s suite of aftermarket solutions and products will be valuable to transportation and manufacturing clients globally in their digital transformation journey,” said Sukamal Banerjee, corporate vice president, Industry Software Division and IoT WoRKS, HCL Technologies.
Quest’s existing customers will benefit through HCL Technologies’ scale, reach and R&D prowess, he added.