HCL Technologies has acquired Minneapolis-based PowerObjects – a North American provider of Microsoft Dynamics CRM. The company press release said this will bolster HCL’s global applications business, which offers transformational programs and complex application management for a myriad of clients’ technology landscapes.
PowerObjects is a professional services firm completely focused on providing service, support, education and add-ons for Microsoft Dynamics CRM. The company has won Microsoft’s prestigious ‘Partner of the Year’ award three of the last four years, and is one of Microsoft’s leading partners for Dynamics CRM.
This acquisition enables HCL to take advantage of the rapidly-growing global CRM industry, as Microsoft Dynamics is one of the fastest growing CRM products in the market. Within the CRM market, Microsoft Dynamics CRM outpaced market growth at 21.7% growth in 2014. Adding PowerObjects to HCL’s portfolio further aligns HCL’s growth strategy with Microsoft’s ambition to reinvent productivity and business processes, deepening the relationship between HCL and Microsoft.
“Together, HCL and PowerObjects will now offer one of the largest Microsoft Dynamics practices in North America,” said Greg Palesano, executive vice president and global head of application services.
“We are excited that HCL will carry on the PowerObjects heritage of innovation,” said Dean Jones, CEO of PowerObjects. “As clients attempt to grow their revenues by improving their CRM processes and technologies, we believe that blending our teams and areas of expertise will result in increasingly transformational products and services.”
As part of the acquisition, the existing leadership team of PowerObjects will remain in place, and no workforce changes are planned. The total cash consideration for this transaction is approximately $46 million, including contingent payments subject to certain financial milestones. PowerObjects had trailing twelve-month revenues of approximately $37 million as of September 30, 2015. Over 250 PowerObjects employees will be welcomed into the HCL family.