Information technology (IT) services provider HCL Technologies is in talks to acquire Australia-based retail software solutions firm OLR for an undisclosed sum. While the company did not disclose the deal size, analysts peg the deal to be around $30-35 million (Rs 140-160 crore).
The two, according to a statement issued by HCL to the Bombay Stock Exchange (BSE), have been working together for more than one year and have jointly delivered significant benefits to retail organisations in the areas of merchandising, supply chain and replenishment. The new HCL-OLR combined business unit will be dedicated exclusively to the Oracle retail market. “The proposed acquisition is expected to be finalised once all due diligence and negotiations conclude. The parties are working to complete this process during the current quarter after receiving the necessary board and statutory approvals,” said a statement from HCL Technologies. HCL Technologies’ stock closed at Rs 368.15, up 3.6 per cent on the Bombay Stock Exchange’s Sensex.
