HCL Technologies (HCL) and Sumeru Equity Partners (SEP), a technology and growth-focused private equity firm, have signed a definitive agreement to acquire Actian Corporation for $330 million in an all-cash deal.
HCL will own 80%, while SEP will own approximately 20% stake of the JV entity, which inturn will own 100% shareholding of Actian Corporation, according to a statement.
“Actian will play a critical role in enhancing HCL’s Mode 3 offerings in data management products and platforms. Actian’s products when combined with HCL’s Mode 2 solution offerings – Cloud Native, Digital and Analytics, and IoTWorks, will be a powerful proposition to harness the power of hybrid data,” C. Vijayakumar, President and CEO, HCL Technologies, said.
Actian will continue to operate as a separate entity within the HCL Technologies ecosystem, led by current CEO and president, Rohit De Souza, the statement 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,” said Terence J. Garnett, co-founder and managing director, Garnett Helfrich Capital, which is currently the majority owner of Actian Corporation.
HCL Technologies as the majority stakeholder of this strategic acquisition will have majority representation on the Actian board of directors, and SEP managing directors George Kadifa and Sanjeet Mitra will also join the board at closing.
