IT services major HCL Technologies (HCL), announced it will acquire Bengaluru-based Quest Informatics (Quest), an aftermarket, Industry 4.0 and IoT company, in an all-cash deal worth Rs 15 crore.
Quest currently serves more than 40 global leaders in the aftermarket space with its cloud-enabled aftermarket ERP, field services management, and digital parts catalog product suites. Aftermarket digital spending is one of the fast-growing segments in the transportation and manufacturing industries.
“Quest will help expand HCL Technologies’ Industry 4.0 offerings into the fast-growing aftermarket space. Quest’s suite of aftermarket solutions and products will be valuable to transportation and manufacturing clients globally in their digital transformation journey,” said Sukamal Banerjee, Corporate Vice President, Industry Software Division and IoT WoRK, HCL Technologies. “Additionally, Quest’s existing customers will benefit through HCL Technologies’ scale, reach and R&D prowess.”
The company founded in 2000, had revenue of Rs 13.6 crore for FY21. It has come down from Rs 18.6 crore reported in FY20.
“HCL Technologies ‘global reach and expertise combined with Quest Informatics’ deep domain knowledge will help accelerate product innovation and drive a global reach for continued growth. The acquisition will create synergies and enable meaningful engagements with customers in the end-to-end digital aftermarket space, ”said Rudresh Basavarajappa, CEO & Chairman, Quest Informatics.
The deal is expected to be complete before July 31, 2022.