HCL Technologies Ltd. (HCL), India’s leading global IT services provider, today announced signing of an agreement to fully acquire Control Point Solutions, Inc., the leading provider of voice, data and wireless Telecommunications Expense Management (TEM) services. Privately held, Control Point Solutions (CPS) leads the TEM market with robust platforms catering to both enterprises and carriers across industry verticals. As part of the transaction, HCL will acquire four delivery centres in US with over 200 professionals who come to HCL with domain knowledge and technical expertise. Control Point Solutions is being acquired at an enterprise valuation of USD 20.8 million. This valuation is on cash free and debt free basis.

This acquisition strengthens HCL’s unique advantage of providing multi-service delivery platforms for our customer with CPS’ TEM expertise complementing HCL’s remote infrastructure service offering. Control Point Solutions is a market leader in the highly fragmented TEM industry with its internally developed robust platforms. Control Point Solutions’ technology has been a key differentiator that has demonstrated capability to support both the Enterprise and Carrier segments. Control Point Solutions customers include Fortune 500 organizations across a broad variety of industries. For nearly two decades, Control Point Solutions has managed the entire telecom expense life cycle for clients, providing industry-leading solutions for their voice, data and wireless requirements.

Commenting on the acquisition, Mr. Ranjit Narasimhan, President and CEO- BPO Services of HCL Technologies, said, “The strategic acquisition of Control Point Solutions is in line with HCL BPO’s goal to make strategic, platform-based acquisitions which give us sustainable competitive advantage in chosen verticals. This acquisition enhances HCL’s ability to become an end-to-end provider of business process outsourcing services in the attractive TEM space. With this acquisition, HCL becomes the first business process service provider to enter this market. HCL will leverage its existing experience in TEM to further diversify into other geographies and newer areas like utilities, freight, to name a few. We are delighted to welcome the high quality staff of CPS into the HCL family, and we look to the continued leadership and caliber of its executive team to take TEM to the next generation.”

Bob McMullan, CEO of Control Point Solutions Inc., said, “Over the last year, Control Point Solutions has invested in delivering the most advanced technologies, building new data and service centers, and elevating our customer service to become a leader across the industry. Our decision to join HCL is yet another strategic move aimed at advancing our position in the marketplace. HCL is well capitalized with a far-reaching global infrastructure, offering new channels that will enable Control Point Solutions to focus on and grow its core BPO business in both the enterprise and carrier segments. HCL Technologies will also facilitate Control Point Solutions’ push to offer additional services to our current client base and enhance its current platform.”

Commenting on the acquisition, Anil Chanana, Executive Vice President- Finance of HCL Technologies, mentioned, “The acquisition of Control Point is in continuation of HCL’s strategy to seek non-linear growth opportunity. This acquisition will further enhance HCL’s presence in F&A BPO space. We are confident of delivering incremental shareholder value through our acquisitions.”

Langham Capital Limited acted as financial advisors to HCL in the transaction. The acquisition is subject to fulfillment of certain closing conditions.

Tags: calls, daytrading, free calls, intraday, tips

Similar Posts:

• CTE acquires Q-Soft Systems & Solutions
• NIIT Technologies acquires SofTec GmbH
• Polaris Software signs agreement to acquire SEEC Inc
• HCL Tech:Best Performing Infrastructure Service Provider
• HCL Tech signs contract with VMware