HCL Technologies acquires Sankalp Semiconductor for ₹180 crore

HCL Technologies announced the acquisition of advanced technology design services firm, Sankalp Semiconductor in all-cash deal worth around INR 180 crore.

Founded in 2005, Sankalp has its operations in Canada, the US, India, and Germany. It provides with a wide range of services which includes the consumer, IoT, end to end solution for the automotive, networking, medical electronics, and wireless segments.

The deal is set to close by the first week of October 2019 this a year. According to the announcement, Sankalp will operate as a 100% subsidiary of HCL.

President – Engineering and R&D Services, HCL Technologies, GH Rao,  said, "Sankalp will complement our strong semiconductor offerings and help offer a wider range of services to our customers in the Analog & Mixed signal space"

Chief Executive Officer, Sankalp Semiconductor, Samir Patel, said, "Sankalp will operate as a 100% subsidiary of HCL. The strategic acquisition will enable synergies between engineering teams allowing us to offer broader semiconductor know-how, to a wider variety of customers. The joined forces will enable deeper engagements with customers in the end-to-end digital and mixed-signal design space."

In August last year, HCL set up two IoT labs in the Noida and Seattle, which is aimed at helping the companies to collaborate over the IoT solutions. The company even expects the IoT market opportunity to touch around $1 trillion by the end of 2021.

In terms of the acquisition deal, the company has also recently acquired the 6.64% stake in the London based AI solution company Om Mobile Ventures (operating as Kalido) for the $2 million.

PC: Pablo, Unsplash