HCL Technologies has concluded its 2018 acquisition of select IBM products.
It also started a new division HCL Software to operate this enterprise software product business.
India’s third largest IT major HCL Tech acquired seven IBM products for $1.8 billion last year. The total addressable market for the seven products was $50 billion. With the closure of the deal, HCL has full ownership of research and development, sales, marketing, delivery and support for the seven products, the company said in a statement.
The products are AppScan, BigFix, Commerce, Connections, Digital Experience (Portal and Content Manager), Notes Domino, and Unica. These products are part of Mode 3 strategy that focuses on IP business.
Mode 3 is one of the fastest growing segments for the company with a 44 percent year-on-year growth. Mode 3 accounts for about 11.4 percent of the company’s total revenue of $8.63 billion.
C Vijayakumar, President & CEO, HCL Technologies, said in a statement, “We are excited for the next phase of the HCL Software Business Unit and are confident that these products will see good growth trajectory backed by our commitment to invest in product innovation coupled with our strong client focus and agile product development.”
“It has tremendous potential for creating compelling ‘as-a-service’ offerings by combining these products with traditional IT and next-generation services,” he added.