 "HCL Tech buys life sciences and consumer services provider for $60 mn")
Software services firm HCL Technologies has acquired C3i Solutions for $60 million, a move aimed at accelerating the Indian IT firm's growth in life sciences and consumer services.
C3i Solutions is a wholly owned, independently operated subsidiary of Merck & Co, (known as MSD outside the US and Canada).
It provides multi-channel customer engagement services for life sciences and consumer packaged goods (CPG) industries.
"With this acquisition, HCL will complement its broad-based IT and business services capability with the additional depth that C3i has in the life sciences and CPG verticals," the country's fourth largest software firm HCL Technologies said in a statement.
C3i's expertise in the clinical, pharmacovigilance, and pharma sales support domains and the strong partnership will enable HCL's life sciences customers to become more patient-centric and offer services to IT and business stakeholders, it added.
"C3i's capabilities provide HCL with an innovative and complementary services portfolio and a vast customer base to further strengthen HCL's position as a leading technology solutions provider to the life sciences and consumer industries," HCL Technologies President and CEO C Vijayakumar said.
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According to a regulatory filing, HCL Technologies, through its step down subsidiary - HCL America Inc - will acquire 100 per cent stock of Telerx Marketing that operates as C3i Solutions.
C3i's revenue for the financial year ended December 31, 2017 stood at USD 199 million. It has over 3,700 people located in the US, India, Bulgaria, China, UK, and Japan.