HCL Tech to take over Swedish auto-maker

HCL Tech to take over Swedish auto-maker
HCL Tech to take over Swedish auto-maker

HCL Tech to take over Swedish auto-makerIndia′s fourth-largest software services firm, HCL Technologies, has inked a deal to take over Swedish automobiles maker Volvo's external IT business for $138 million in an all-cash deal.HCL Technologies will take over about 2,600 employees from Volvo Group. Volvo Group will also outsource its IT infrastructure operations to HCL Technologies for an undisclosed contract value for five years.“This has been a thorough process and I am pleased with the outcome. Not only will our cooperation with HCL Technologies provide significant cost-savings. We will also make a capital gain when the contract is signed,” said Jan Gurander, Volvo's CFO and acting president and CEO.The Volvo Group and HCL have signed a Letter of Intent, awaiting the signing of the final contract, the Swedish firm′s statement said. The transaction is expected to close by mid next year.HCL itself has done some such deals in the past including one involving a unit of Citigroup. However, this is its biggest acquisition move in seven years.UK-based startup secures Indian fundsIndian Angel Network (IAN) has invested an undisclosed amount in Aznog, a UK-based Voice-over Internet Protocol (VoIP) services provider.The funding round was led by Alok Agarwal, Harsh Hada and Vishal Khare of the IAN network, IAN said in a statement. As per the investment deal, Alok Agarwal and Harsh Hada are also joining the board of Aznog.“Aznog is a globally scalable product and it's changing the way people make calls. The offline model is what will give it an edge over other companies,” Hada said. The Indian Angel Network (IAN) is one of the country's largest network of angel investors.Founded in 2005, IAN incubates about 20 start-ups every year. IAN last put money in Bangalore-based health food start-up Jiyo Natural Pvt Ltd.

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