News Hour- Global technology giant NEC Corporation in talks to acquire Hexaware Technologies

Nataraj N , Chief Information Officer
Hexaware Technologies

Tokyo-headquartered global technology giant NEC Corporation is in talks to acquire a controlling stake in mid-tier IT services firm Hexaware Technologies, two people briefed on the matter said on condition of anonymity. NEC Corporation is in talks to acquire stake from the founders of the company led by Atul Nishar and his family and private equity investors General Atlantic and ChrysCapital.

NEC Corporation may seek to enter into exclusive negotiations with Hexware's founders and PE investors if the two sides mutually agree on the broad contours of a deal.

Hexaware may have received atleast one other offer from a global strategic investor and an offer from a private equity fund as well for a controlling stake in the company, one of the two people quoted above said.

Morgan Stanley and Credit Suisse are advising Hexaware's majority shareholders on the stake sale process.

A spokesperson for NEC Corporation said in response to queries from ET NOW that they do not comment on market speculation. An external spokesperson for Hexware responded on behalf of Mr. Atul Nishar to say that he would not like to comment on the story. A spokesperson for General Atlantic said she would be unable to comment on rumours or conjecture with respect to the stake sale.

NEC Corporation is a large global technology company which provides IT Solutions, Network Solutions as well as sells electronic devices such as mobile phones and personal computers to its customers. The company has a presence in every continent and has repeatedly reiterated that strengthening its global presence is its key area of focus.

Hexaware has annual revenues in excess of $250 million and the company is seen as an attractive target by global strategic investors who want to create offshoring capabilities for their services in India which has fast developed as a low-cost destination with the ability to provide high value IT services to a global clientele.
(Source- http://economictimes.indiatimes.com)