HCL Tech and apoBank to acquire German IT Consulting firm
- ByStartupStory | December 9, 2021
Deutsche Apotheker- und Ärztebank eG, apoBank(cooperative bank in Germany) and Indian multinational IT firm, HCL have come together to sign an agreement to acquire German IT consulting Company, Gesellschaft für Banksysteme GmbH (gbs) for an all-cash transaction worth, 99,000 euros. Post-closing, HCL will own 51 percent, while apoBank will own 49 per cent stake of gbs. apoBank is currently a 10 percent shareholder in gbs.
The IT firm in its regulatory filing in BSE said that the acquisition will provide HCL access to the German co-operative banking sector which has nearly 30 per cent retail funds under management in Germany, helping it augment local financial services IT expertise. Sudip Lahiri, Senior Vice President and Head of Financial Services, Europe, HCL Technologies said in a statement, “Germany is one of the largest economies in Europe and is, therefore, a strategic region for HCL”
Johannes Kermer, Divisional Board Member for IT and Operations at apoBank added, “HCL’s innovative delivery models and financial services expertise, along with gbs’ knowledge of the cooperative banking sector, local IT and regulatory requirements is a winning combination. HCL is already a trusted apoBank IT services partner and this strengthens our relationship further.”
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