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HCL to acquire Liberata financial services business

Thu. July 17, 2008; Posted: 01:12 PM
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Jul 17, 2008 (Datamonitor via COMTEX) -- HCLTF | Quote | Chart | News | PowerRating -- Liberata, a provider of BPO services, has agreed terms to sell its financial services business to HCL Technologies, an Indian IT services company. Completion of the sale is subject to FSA approval. The sale consideration is undisclosed.

Robert Gogel, CEO of Liberata, said: "Whilst we are confident that our financial services (LP&I) business has an attractive long-term future, we believe it is likely to develop more effectively as part of a larger organization. We have invested in people, platform and R&D but, having reviewed our options and undertaken an extensive strategic analysis, the Board has decided to enter into an agreement with HCL to purchase the financial services business in its entirety."

Ranjit Narasimhan, president and CEO of HCL BPO, said: "This strategic acquisition of Liberata financial services enhances HCL's ability to become an end-to-end service provider to the Insurance industry. It will equip HCL with a ready capability across the value chain by providing access to an existing revenue base of underwriting, actuarial & analytics and policy management, catapulting HCL to become a leading service provider in the UK market for Life & Pensions."

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For full details for HCLTF click here.

    


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