HCL Tech Acquires CRM Firm PowerObjects
HCL Technologies, a leading global IT services provider, announced today that it has acquired Minneapolis-based PowerObjects, a leading North American provider of Microsoft Dynamics CRM. This will bolster HCL’s global applications business, which offers transformational programs and complex application management for a myriad of clients’ technology landscapes.
PowerObjects is a professional services firm completely focused on providing service, support, education and add-ons for Microsoft Dynamics CRM. The company has won Microsoft’s prestigious ‘Partner of the Year’ award three of the last four years, and is one of Microsoft’s leading partners for Dynamics CRM.
This acquisition enables HCL to take advantage of the rapidly-growing global CRM industry, as Microsoft Dynamics is one of the fastest growing CRM products in the market. At a growth rate of 13.3% in 2014, Gartner Inc. has projected that CRM will be a $36 billion worldwide market by 2017, and will grow faster than any other enterprise software category, as businesses look to build upon long-term customer relationships. Within the CRM market, Microsoft Dynamics CRM outpaced market growth at 21.7% growth in 2014. Adding PowerObjects to HCL’s portfolio further aligns HCL’s growth strategy with Microsoft’s ambition to reinvent productivity and business processes, deepening the relationship between HCL and Microsoft.
“Together, HCL and PowerObjects will now offer one of the largest Microsoft Dynamics practices in North America,” said Greg Palesano, executive vice president and global head of application services. “The acquisition reinforces our commitment to helping clients who rely on Microsoft as a strategic platform. We look forward to combining our global scale with PowerObjects’ capability and expertise to build a world-class Microsoft Dynamics CRM business positioned to capture the growing opportunities in the CRM services market.”
“We are excited that HCL will carry on the PowerObjects heritage of innovation,” said Dean Jones, CEO of PowerObjects. “As clients attempt to grow their revenues by improving their CRM processes and technologies, we believe that blending our teams and areas of expertise will result in increasingly transformational products and services.”
“As companies look for new and more effective ways to engage their customers, technology plays an important role in enabling them to gain greater insights, become more responsive and create business value,” said Susan Hauser, corporate vice president, Enterprise and Partner Group, Microsoft. “HCL and PowerObjects are well positioned to help drive business transformation by helping companies intelligently engage with their customers.”
As part of the acquisition, the existing leadership team of PowerObjects will remain in place, and no workforce changes are planned. The total cash consideration for this transaction is approximately $46 million, including contingent payments subject to certain financial milestones. PowerObjects had trailing twelve-month revenues of approximately $37 million as of September 30, 2015. Over 250 PowerObjects employees will be welcomed into the HCL family. said the release.
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