HCL Technologies and Sumeru Equity Partners have acquired data management platform Actian Corporation, in a deal worth $330m.
Following the transaction, HCL will own an 80 per cent stake, while Sumeru will hold the remaining 20 per cent. Actian will continue to operate as a separate entity within HCL Technologies and will be led by its current CEO Rohit De Souza.
California-based Actian is a data management, cloud integration and analytics solutions provider for financial services, healthcare, SaaS software providers, oil and gas businesses. The platform operates across a variety of products including columnar database Actian Vector, hybrid cloud data integration platform Actian DataConnect, and a hybrid database for next generation operational analytics Actian X.
Banks, insurers and asset managers can implement Actian’s management technology to lower data and customer onboarding times, increase time to value and improve revenue recognition.
Garnett Helfrich Capital, the current majority owner of Actian Corporation, co-founder and Managing Director Terence Garnett said, “After working over the last decade to scale up Actian into one of the leading hybrid data management platforms, we’re pleased that the Company is being acquired by HCL and SEP to take it to the next level of growth and continue to service and expand our worldwide customer base.”
As part of the acquisition, HCL will have the majority representation on Actian’s board of directors, and SEP managing directors George Kadifa and Sanjeet Mitra will join the board.
HCL is a technology developer to help businesses with their digitalisation including infrastructure, applications and engineering. Its technology is used across a range of industries such as insurance, retail, life science, telecom, and manufacturing.
Copyright © 2018 FinTech Global