News: Press Releases
Newbury, Piret & Co. Arranges Strategic Sale of Gulf Computers to HCL Technologies Ltd.
Boston Investment Banking Firm Orchestrates Growth Financing and Strategic Sale of Massachusetts Based Company to Indian Global IT Engineering Company
BOSTON, MA October 1, 2002. Newbury, Piret & Co. a leading Boston investment banking firm announced today that it has provided strategic investment services culminating in the sale of Quincy based Gulf Computers, to HCL Technologies Ltd. (HCL T). HCL T is one of India's leading global IT services and product engineering companies.
Gulf Computers provides full life cycle support for customized application development in the area of business process automation and development management for diverse clients, including state and local government, using FileNet, Oracle, Sun and Microsoft Technologies. HCL T plans to combine Gulf Computers'client relationships and established process advantages with its offshore delivery capabilities to address large-scale government projects. Newbury, Piret & Co., a leading Boston investment-banking firm, was the exclusive financial advisor in arranging growth financing and the subsequent sale of Gulf Computers to HCL T.
"Newbury Piret was instrumental in bringing this deal together," said Suresh Mani, President and CEO of Gulf Computers. "They demonstrated a clear understanding of our business and were able to identify a synergistic fit with HCL T. Newbury Piret's understanding of the outsourcing market and their strategic counsel was a key factor in our success." Hugh Taylor, Managing Director of Newbury, Piret & Co., praised the acquisition. "Gulf Computers'strong client relationships and established process advantages combined with HCL T's proven and scalable offshore delivery capabilities, will enable the new combined company to deliver enhanced value to existing customers and explore new areas of growth."
HCL T is a 6,000 people IT services organization with a market capitalization of over $1B and a presence across 14 countries. HCL T operates dedicated Offshore Development Centers for some of the world's leading organizations and is a preferred partner to over 262 prestigious organizations in the world, including 37 Global 500 companies.
About Newbury, Piret & Co. Inc.
Newbury, Piret & Co. Inc., is a leading Boston based investment banking firm
- and emerging venture capital partnership - serving public and private growth
companies in the technology and business services markets. Founded in 1981, Newbury,
Piret provides Corporate Finance, M&A, Strategic Advisory and Valuation services
focusing on expanding middle market companies in the life sciences, communications
and information technology, business services and defense industry sectors. For
more information, visit the company's Website at http://www.newburypiret.com.
About Gulf Computers
Gulf Computers Inc., is a profitable IT services company with headquarters in
Quincy, Massachusetts. It provides cost-effective software application design,
development, deployment, Internet application integration, systems integration,
software maintenance and mission critical support services to U.S. clients, including
state and local governments. The company's Indian operations have been in existence
since 1985 while US operations commenced in 1992. Currently, the company has
266 employees most of whom operate from an offshore development center located
in Mumbai, India. Gulf Computers has recently opened a second facility in Bangalore.
The company's sales offices are located across the US in Hartford, Baltimore,
Nashville, Atlanta, Jefferson City and Tallahassee. Gulf Computers'key business
partners include FileNet, Oracle, Sun Microsystems, Microsoft, HP, IBM, etc.
For further information please visit http://www.gulfusa.com.
About HCL Technologies
HCL Technologies is one of India's leading global IT services and product engineering
companies, providing value-added, software-led IT solutions and services to large
and medium-scale organizations. Founded in 1991, HCL Technologies focuses on
technology as well as R&D
outsourcing, with the objective of working with clients in areas at the core
of their business. HCL Technologies delivers these services through an extensive
offshore software development infrastructure and a vast global marketing network
that enables scaleable, flexible and cost-effective delivery. As of March 31,
2002, HCL Technologies Limited along with its subsidiaries had 5,945 employees.
The HCL Technologies team today has operations spanning 25 locations in 14 countries
- covering over 80% of the world's IT market. Together with its knowledge of
embedded systems, core technologies and applications development expertise, HCL
Technologies is positioned, as a composite solutions provider equipped to cater
to the entire gamut of IT needs. For more information, visit HCL Technologies
at www.hcltech.com.