By Malvika Gurung
Investing.com -- The country’s fourth IT company in terms of market capitalization, HCL Technologies (NS: HCLT ) has announced on Friday that it has signed a definitive agreement to acquire the Hungary-based data engineering services provider Starschema.
The Noida-based IT major will fully acquire the Hungarian data engineering company for $42.5 million by March 2022.
Currently, the agreement is yet to get the Hungarian Ministry of Innovation and Technology department’s regulatory clearance.
The acquisition of Starschema will strengthen HCL’s capabilities in the data-engineering led digital engineering segment, along with expanding the Indian tech major’s presence in Eastern and Central Europe.
HCL Tech noted in a statement that it looks forward to combining Starschema's high-value capabilities and data-focused expertise with its existing presence in industry segments undergoing data-driven transformation.
At the same time, HCL Tech can get a wider customer base, with the acquisition bringing in Starschema customers. Additionally, HCL will also be able to cater its data engineering consulting services to a wide base of clients, while gaining near-shore access.
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