HCL Technologies may buy DWS for A$158 mn

HCL Technologies on Monday announced its intent to acquire Australian IT services firm DWS for A$158.2 million to enhance presence in the Australia and New Zealand.Headquartered in Melbourne, DWS is a public company listed on the Australian stock exchange and provides IT Services to large clients spread across strategic verticals in the Australia and New Zealand region.

“The acquisition helps HCL expand its coverage of clients and use the acquired customer base to offer its expanded portfolio of services,” the company said in a filing to the BSE, adding that total equity value pay-out will be A$158.2 million after considering a total number of shares at 131.83 million on a fully diluted basis.

DWS has over 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane, and Canberra. DWS’ FY20 revenue stood at A$167.9 million. HCL said it currently employs 1,600 people in major cities, including Canberra, Sydney, Melbourne, Brisbane, and Perth.

“We are excited for this expansion of HCL Technologies in Australia and New Zealand and are confident that our combined strengths will further accelerate the digital transformation journeys of our clients and innovations for their end customers,” Michael Horton, Executive Vice President & Country Manager, Australia & New Zealand, HCL Technologies, said in a statement.

The transaction is expected to close in December 2020, subject to closing conditions, including regulatory approvals.

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