Country's fourth largest software services firm HCL Technologies today said it has agreed to buy UK-based ETL Factory Limited, doing business as Datawave, for 7 million pounds.
The UK-based company has a data automation platform that enables enterprise customers execute large scale, complex data migration and data integration projects in a leaner and faster manner.
The total cash consideration for this transaction is up to 7 million pounds, including contingent payments subject to certain financial milestones, HCL Technologies said in a regulatory filing.
"This acquisition would be a strategic play for the company's digital and analytics practice. It would enhance digital analytics capabilities in data management and bolster overall data analytics offering in the financial services vertical of the company," it added.
ETL is being acquired by a step-down wholly owned subsidiary of HCL Technologies by acquiring 100 per cent stake through cash, it said.
ETL's revenue has grown from 1.04 million pounds in March 2015 to 6.2 million pounds in March 2017.
"The acquisition of Datawave and its suite of products bolsters HCL's capabilities to collaborate with clients on their mission critical data transformation projects, incorporating a culture of DevOps and continuous integration," Rahul Singh, President and Head Financial Services, HCL Technologies said in a statement.
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