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HCL Technologies, Indias leading global IT services provider, has announced signing of an agreement to fully acquire Liberata Financial Services LFS, a leading UKbased BPO provider and wholly owned subsidiary of Liberata Ltd. LFS, regulated in the UK by Financial Services Authority FSA, and provides comprehensive endtoend administrative and customer services for the Life and Pensions industry. As part of this acquisition, HCL will also acquire four delivery centers in UK at Romford, Preston, Croydon, Welwyn Garden City with 800 professionals which come to HCL with strong domain knowledge and technical expertise.
Commenting on the acquisition, Ranjit Narasimhan, President and CEO of HCL BPO, said, This strategic acquisition of LFS enhances HCLs ability to become an endtoend provider of business process outsourcing services to the financial services industry. This acquisition will equip HCL with a ready capability across the value chain by providing access to an existing revenue base actuarial, analytics and policy management catapulting HCL to become a leading service provider in the UK market for the Life and Pensions industry. We will be delighted to welcome the high quality staff of LFS into the HCL family.
Robert Gogel, CEO of Liberata Ltd, said, We are pleased to have found an appropriate buyer for this business, thereby assuring its longterm future development. We have made significant investments in people, platform and service line development which has allowed our clients to benefit from high levels of service excellence. This sale will enable Liberata to focus on its core BPO business in the public sector.
HCLs financial services practice will be strengthened by its core capability to manage complex transactions utilizing competencies in case assessment and actuarial calculations. LFS is one of the few companies in UK which uses its market leading, internally developed ALPS platform LFSÂ’s technology has been a key differentiator that has demonstrated capability to support multiple books of business and multiple insurers on a common platform. LFS has multiyear contracts with its customers which include bluechip names.
Commenting on the acquisition, Anil Chanana, Executive Vice President, Finance of HCL Technologies mentioned that HCL, in the past few years, has focused on creating customer value in select industry verticals by combining domain depth with innovative service offerings and business models. This philosophy is also reflected in HCLÂ’s acquisition strategy, which is proactive, selective and is in continuation of HCLAs strategy to seek nonlinear growth opportunity.
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