HCL Tech acquires Hungarian data engineering services company Starschema for $42.5 million
Noida-headquartered IT giant HCL Technologies (HCL) announced on Thursday that it has signed a definitive agreement to acquire Starschema, a data engineering services provider, based in Budapest, Hungary.
HCL will acquire a 100% stake in Starschema for $42.5 million. The acquisition is expected to close in March 2022. More than 200 engineers are part of the transaction. The transaction is subject to regulatory clearance from the Hungarian Ministry of Innovation and Technology.
HCL noted in an official statement that this strategic acquisition will strengthen HCL’s capability in digital engineering – driven by data engineering – and increase its presence in Central and Eastern Europe.
With this acquisition, HCL hopes to combine Starschema’s high-value capabilities and data-driven expertise with its existing presence in industry segments undergoing data-driven transformation.
Additionally, HCL will strengthen its position in data engineering, which is an integral part of the company’s digital engineering capabilities and next-generation offerings. HCl will also have access to Starschema customers that are of strategic interest to HCL’s engineering and R&D activities.
“Joining HCL will allow us to maintain our strategic focus and expand our data engineering capability to provide greater breadth and depth of services to customers,” said Tamas Foldi, Founder and CEO of Starschema.
“As part of HCL’s full suite of technology services, we will leverage our expertise in data engineering and emerging data technologies to solve enterprise data challenges, creating fast, scalable solutions that make people more efficient and more profitable businesses,” Mr. Foldi added.
“Starschema’s capabilities will further develop HCL’s data engineering skills in our integrated delivery centers around the world. Engineering talent will continue to be in high demand, and Starschema offers a pool of specialist talent in a strategic growth area for HCL,” said Vijay Guntur, President. , Engineering and R&D Services, HCL Technologies.
“After the acquisition, HCL will be able to offer data engineering consulting and local access to digital engineering services to a broad customer base,” he added.
Shares of HCL Tech closed at Rs 1,337.55 each on BSE on Friday.
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