HCL Technologies and cooperative bank apoBank are acquiring IT consulting and managed services firm gbs from the Atruvia group.
The deal, for an undisclosed sum, is expected to close in January 2022, subject to regulatory approval.
Post-closing, HCL will own 51% in gbs, while apoBank will own 49%. apoBank is currently a 10% shareholder in gbs, which is a specialist in the financial services market.
“This strategic acquisition will add an edge to HCL’s existing capabilities to accelerate digital transformation and further enhance HCL’s scale in Germany,” said HCL.
HCL has eight offices in Germany, including its regional headquarters in Eschborn, which includes a banking innovation centre. It is also building a fintech lab in Berlin and employs 1,800 in the country.
“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,” said Johannes Kermer, divisional board member for IT and operations at apoBank. “HCL is already a trusted apoBank IT services partner and this strengthens our relationship further.”
“We are confident HCL and apoBank are the ideal owners of gbs,” added Martin Beyer, board spokesman and head of corporate development at Atruvia. “gbs will continue to be part of the IT ecosystem to service the cooperative banking sector and will support and collaborate with Atruvia to service our joint clients.”
Sudip Lahiri, senior vice president and head of financial services in Europe for HCL, said: “We look forward to playing a significant role in shaping the digital transformation journey and providing next-generation services to our German clients leveraging Fenix 2.0 [HCL’s digital transformation framework]. HCL will further augment expertise in the financial services portfolio which will expand our footprint in the region.”
