HCL Tech buys assets from Alpha Insight for up to GBP 3.25 mn

India's fourth-largest software services firm HCL Technologies today said it has inked a pact with Alpha Insight for acquiring select assets of the UK-based firm for up to GBP 3.25 million (Rs 27.17 crore).

"The proposed asset purchase consideration shall be up to GBP 3.25 million, including contingent payments subject to certain financial milestones," HCL Technologies said in a BSE filing.

The cash transaction has already been completed, it added.

"The transaction, which includes purchase of select assets, bolsters HCL's DRYiCE Platform and its positioning as an enterprise AI Foundation," the filing said.

Alpha Insight focuses on delivery of business flow monitoring (BFM) and operational intelligence (OI) across the banking sector. It offers a combined solution comprising IP/product, services, sector knowledge and technical monitoring skills.

The announcement comes a day after HCL Technologies announced the acquisition of UK-based ETL Factory Ltd, which does business as Datawave, for GBP 7 million.

HCL Technologies said Alpha Insight's existing industry expertise in financial services processes will now be expanded to other major industries such as retail, manufacturing, utilities and life sciences, among others.

"HCL's vision is to provide best-in-class artificial intelligence (AI) solutions for enterprises looking to re- imagine themselves on the foundation of AI technology," HCL Technologies Chief Technology Officer (IT Services) Kalyan Kumar said.

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