HCL Technologies to acquire Bengaluru-based Quest Informatics; Stock rises

10 May 2022 , 09:17 AM

HCL Technologies (HCL), a leading global technology company has announced it will acquire, through its wholly-owned subsidiary, a Bengaluru-based Quest Informatics Private Limited (Quest) – an aftermarket, Industry 4.0 and IoT company, in an all-cash deal.

Quest currently serves more than 40 global leaders in the aftermarket space with its cloud-enabled aftermarket ERP, field services management, and digital parts catalog product suites. Aftermarket digital spending is one of the fast-growing segments in the 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. “Additionally, Quest’s existing customers will benefit through HCL Technologies’ scale, reach and R&D prowess.”

“HCL Technologies’ global reach and expertise combined with Quest Informatics’ deep domain knowledge will help accelerate product innovation and drive a global reach for continued growth. The acquisition will create synergies and enable meaningful engagements with customers in the end-to-end digital aftermarket space,” said Rudresh Basavarajappa, CEO & Chairman, Quest Informatics Private Limited.

The deal is expected to be complete before July 31, 2022.

On Tuesday at around 9:20 AM, HCL Technologies was trading at Rs1,080.95 apiece up by Rs5.2 or 0.48% on the BSE.