Deutsche Bank software unit bought by Indian IT firm

HCL Technologies invests to boost its revenues from the financial sector.

HCL Technologies, one of India's largest IT services firms, has bought a 51% stake in the holding company of Deutsche Software, in order to boost its revenue from the financial services industry.

HCL didn't disclose how much it paid for the stake in the company, which is Deutsche BankÆs IT services subsidiary in India, but said it plans to buy the 49% balance in the next three years using its own stock.

Operating out of Bangalore since 1992, Deutsche Software, has over 450 employees who work in a range of areas from consulting to application development and maintenance. Under the terms of the agreement, Deutsche Software will have a right of first refusal for seven...

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