HCL Tech to Acquire French Software Firm Zeenea; Shares Rise

9 Aug 2024 , 01:19 PM

HCL Technologies Ltd said Friday its software business division has agreed to acquire Paris-based software company Zeenea SAS at a total enterprise valuation of €24 million (₹220 crore).

The acquisition will enable HCLSoftware to accelerate the GenAI and data engineering roadmap of its customers by adding data catalog, lineage and governance solutions, HCL Tech said in a statement.

The deal will also enhance HCLSoftware’s data and analytics business Actian, the Indian IT company said.

The acquisition is likely to be closed in September.

Shares of HCL Tech were 2.6% higher at Rs 1,599.00 apiece on the BSE in afternoon trade, outpacing the Sensex’s 0.96% gain.

Zeenea provides an intelligent data discovery platform that supports metadata management applications from search and exploration to data catalog, lineage, governance, compliance and enterprise data marketplace. It reported revenue of €2.6 million for the year ended December 31, 2023, up from €1.8 million the year before.

“Metadata management is becoming critical for our customers to accelerate their GenAI initiatives across business functions,” said Kalyan Kumar, Chief Product Officer, HCLSoftware.

“Zeenea will further accelerate the growth in the data and analytics space for HCLSoftware. It will enable HCLSoftware to offer a unified data intelligence solution that will power enterprises to discover, govern, connect, manage and better leverage data in their data engineering and GenAI journeys,” he added.