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HCL buys IBM Software Products for $1.8 bn

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New Delhi, 07 December : Indian software major HCL Technologies on Friday said it was acquiring IBM Software Products for $1.8 billion (Rs 12,700 crore) in an all-cash deal.

“The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews,” said the Noida-based IT firm in a mandatory filing on the BSE.

The software products represent an addressable market of over $50 billion and include Appscan for secure application development, BigFix for secure device management, Unica for marketing automation, Commerce for omni-channel eCommerce, Portal for digital experience, Notes and Domino for e-mail and low-code rapid application development and Connections for workstream collaboration.

Both the firms have an ongoing IP (Intellectual Property) partnership for five of these products.

“We see a huge opportunity to enhance our products and platforms’ offerings. The products being acquired are in large growing market areas like security, marketing and commerce, which are strategic segments for us,” added the filing.

HCL Chief Executive C. Vijayakumar said in a statement later that deployment of the IBM software products would provide the company an opportunity to serve thousands of global enterprises across industry verticals.

“As many of these products are well regarded by clients and industry analysts, we see a good growth trajectory for them, as we are committed to invest in their innovation and further development,” said Vijayakumar.

HCL also sees huge potential for creating compelling ‘as-a-service’ offerings by combining these products with its traditional services.

“Over the last four years, we have been prioritising our investments to develop integrated capabilities in Artificial Intelligence (AI) for business, hybrid cloud, cyber-security, analytics, supply chain and blockchain, besides industry-specific platforms and solutions, including healthcare, industrial IoT and financial services,” said the statement.

Noting that the suite of products being acquired were among the high-value segments, IBM Vice-President for Cognitive Solutions and Research John Kelly said the US-based IT behemoth believed the time was right to divest its software assets, as they were being delivered as stand-alone products.

“We, however, believe these products are a strategic fit for HCL, which is well positioned to drive innovation and growth for their customers,” added Kelly.

The company’s blue chip scrip with Rs 2 face value, however, lost Rs 57.04 per share till the afternoon session on the BSE to trade at Rs 954.90 from Thursday’s closing price of Rs 1,011.95 and opening rate of Rs 1,001.

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Clean chit to Fadnavis overturned, SC orders probe

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New Delhi, 1 Oct : In a major setback to Maharashtra Chief Minister Devendra Fadnavis, the Supreme Court on Tuesday set aside a Bombay High Court order that prevented the trial court from examining a poll-related complaint against him.

The apex court has set aside concurrent clean chit by trial court and Bombay High Court to Fadnavis on filing false election affidavit allegedly not disclosing two criminal cases pending against him. The apex court has allowed the trial court to examine if he concealed criminal cases in the nomination papers filed.

A complaint was filed by Satish Ukey against Fadanvis in the magistrate’s court seeking his prosecution for not disclosing all the details of pending criminal cases. The case was quashed by the High Court. Then, the petitioner filed the appeal in the apex court. With the top court allowing the appeal, the complaint will be revived before the magistrate’s court as per procedure. Although, this direction will have no bearing upon the forthcoming Assembly elections in the state.

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23 Taliban terrorists killed in airstrikes by afghan security forces

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23 Taliban terrorists killed in airstrikes by afghan security forces

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Maharashtra, Haryana to go to polls on Oct 21, counting on Oct 24

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