HCL Technologies announced Monday that it will acquire Bengaluru-based Quest Informatics Private Limited (Quest), an aftermarket, Industry 4.0 and IoT company, in an all-cash deal.
In a statement to the stock exchange, the company announced that Sankalp Semiconductors Private Ltd., a wholly owned step-down subsidiary of HCL Technologies Ltd., is acquiring 100% of the shares in Quest Informatics Private Ltd. based in India for a purchase price of ₹15 crore.
The target company had operating income of £13.6 billion for the financial year ended 31 March 2021, HCL added.
Quest currently serves more than 40 of the world’s leading aftermarket companies with its cloud-enabled aftermarket ERP, field service management, and digital parts catalog product suites. Aftermarket digital spend is one of the fastest growing segments in the transportation and manufacturing industries.
“Quest will help extend HCL Technologies’ Industry 4.0 offering to the fast-growing aftermarket. Quest’s suite of aftermarket solutions and products will be valuable to transportation and manufacturing customers worldwide on their digital transformation journey,” said Sukamal Banerjee, corporate vice president, Industry Software Division and IoT WorkS, HCL Technologies.
Quest’s existing customers will benefit from HCL Technologies’ scale, reach and R&D capabilities, he added.
