IT Firm Hexaware Technologies Acquires Softcrylic By CIOTechOutlook Team

IT Firm Hexaware Technologies Acquires Softcrylic

CIOTechOutlook Team | Tuesday, 07 May 2024, 06:07 IST

Hexaware Technologies, a software firm, has acquired Softcrylic, a Minneapolis-based information counseling firm. While Hexaware didn't uncover the financials of the arrangement, the securing would support the mid-level IT company's information and examination capacities, said the organization in a proclamation. Global speculation bank Canaccord Genuity exhorted Softcrylic on the exchange.

The improvement comes close behind Carlyle Group, purportedly making arrangements for a $1 billion initial public offer (Initial public offering) for Hexaware three years after the US-based PE firm purchased Baring Private Value Asia stake in the IT firm for nearly $3 billion of every 2021. Before Carlyle obtained it, the then-advertiser Baring de-recorded Hexaware from Indian stock trades in November 2020.

“The acquisition of Softcrylic aligns perfectly with our vision of becoming a dominant preferred partner for our clients’ needs around customer and marketing analytics," said Girish Pai, global head, data and AI at Hexaware. “Softcrylic’s deep data capability combined with their marketing analytics expertise will enable us to help our clients unlock the power of their data and drive tangible business outcomes.”

In the previous year, the mid-level IT organization delegated previous Infosys and Tredence chief Girish Pai as the global head of its data and AI service line to support its AI capabilities. Hexaware's FY23 income was at Rs 10,380 crore, up 12.8% on-year. Its net benefit for a similar period was Rs 997 crore, up 12.7% on-year. The IT firm has north of 30,000 representatives as of now.

John Flavin, CEO, Softcrylic. “We are confident that our combined expertise will create a powerhouse in the data consulting space.” Softcrylic specializes in tackling complex data challenges, from data capture and validation to data modeling and activation.