IT major development, HCL Technologies said it will acquire Australian IT solutions firm DWS Ltd. The move will help the Indian company strengthen its position in the Australia and New Zealand market.
The shareholders of DWS will also get a dividend of 0.03 Australian dollars per share which was declared by the company in its recent announcement of Annual Corporate Earnings for FY20. The acquisition is expected to close in December 2020 after regulatory approvals.
The acquisition will be done by a process of Scheme of Arrangement to be approved by the court in Australia. The deal will also be subject to the approvals of Australia’s Foreign Investment Review Board, Australian Competition Commission and New Zealand’s Overseas Investment Office.
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DWS has over 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane, and Canberra. With FY20 revenue at Aus $167.9 million, the company provides a wide range of IT services including digital transformation, application development and support, program and project management and consulting.
HCL Technologies currently employs 1,600 people in major cities, including Canberra, Sydney, Melbourne, Brisbane, and Perth.
HCL has invested in the region for over 20 years and is committed to enabling digitalisation and growing the local ecosystem.