HCL Technologies (HCL), a leading global IT services provider has entered into a strategic partnership with Linedata, a leading French global applications software provider. HCL had, through its acquisition of Capital Stream in early 2008 became the owner of Finance Center; a commercial lending software suite.
HCL through its expertise in product development and domain knowledge has significantly transformed this product into a management platform automating disparate operations into a fully-integrated straight through processing solution. The product offers comprehensive business benefits providing full utilization of the cross-portfolio information needed to streamline decision making, collaborate and manage credit and asset risk.
HCL and Linedata find an excellent strategic opportunity by combining the evolved Finance Center product with Linedata’s existing Financial Services software product suite whereby enabling the provision of both front and back office products to customers. Under the partnership, HCL will transfer its commercial lending software product (Finance Center) business, including customer contracts and other associated assets and liabilities for consideration of $45 million while supporting Linedata with offshore product development and professional services. HCL had derived revenue of $30 million during FY 12 from Capital Stream. The agreement is subject to customary closing conditions.
HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses.