HCL Technologies, India’s fifth-largest IT software and services provider, has completed its £440 million (around Rs 3,100 crore) cash offer for UK-based SAP consulting company, Axon Group Plc -- the country's largest overseas acquisition in the IT space. Axon will exist as a separate entity called HCL Axon. The current CEO of Axon group Steve Cardell will be its new chief.
This new structure will contribute around $600 million (around Rs 2,880 crore) -- around 30 per cent of HCL’s revenues. The October-December quarter will reflect 15 days' revenue from the new entity. From 2009, the entire revenue will start getting reflected. Around 1,700 people from Axon’s current SAP practice, including sales and delivery will join HCL through the reverse merging of HCL’s SAP practice with Axon.