Perot buys HCL stake in HCL Perot Systems

By siliconindia staff writer   |   Monday, 22 December 2003, 08:00 Hrs
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NEW YORK: Computer services company Perot Systems Corp said it has purchased HCL Technologies' stake in HCL Perot Systems, a joint venture between the two companies, for roughly $105 million in cash.

Perot said the joint venture was formed by two companies in 1996, and HPS' assets included roughly $45 million of cash and short-term investments as of November 30, in a news release on Saturday.

"Acquiring HPS was the next logical step in the development of our onshore/offshore application outsourcing model. Not only does this expand our global software team, but it also provides us with new clients to serve, and expands our geographic footprint," said Perot Systems president and CEO Ross Perot, Jr in a statement.

Perot Systems said it will now consolidate the results of HPS in its earnings.

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