HCL completes Axon acquisition

HCL Technologies has completed its £440 million (Rs3,100 crore) acquisition of UK-based SAP consulting company Axon Plc, the largest Indian acquisition in the IT space.

HCL, the country's fifth largest IT software and services provider, expects Axon to add around $600 million (Rs2,880 crore), or 30 per cent, to the current HCL revenue.

Axon, however, will remain a separate entity, called HCL Axon, and the  current chief executive of Axon Group, Steve Cardell, will continue to head the new entity.

Around 1,700 people from Axon's current SAP practice will also join HCL through the reverse merging of HCL's SAP practice with Axon.

''A Blue Ocean thinking to create uncontested market spaces is an underpinning of the HCL transformation story. The merger of Axon and HCL SAP practice presents a great opportunity to bring new capabilities to the market with a truly global delivery model providing the full lifecycle suite of services - fitting into HCL's Blue Ocean strategy perfectly.

HCL has a long history of experience in ensuring smooth integration and preserving the unique identity and character of the companies we acquire, and we welcome Axon employees into the HCL family in the form of HCL Axon'', said Vineet Nayar, CEO and member of  the board, HCL Technologies.