Noida-based HTC Technologies has announced the acquisition of PowerObject, a platform which provides customer relationship management service, for around $46 million in order to strengthen its application management business.
PowerObjects was founded in 1993, and provides service, support, education and add-ons for Microsoft Dynamics CRM. The company has employed more than 250 people, who will now join the Noida-based HCL Technologies.
The company’s twelve-month revenues stood at around $37 million as of September 30, 2015. HCL said that post the acquisition, the existing leadership team of PowerObjects will remain in place, and no workforce changes are planned.
Greg Palesano, executive vice president and global head of application services at HCL, said,
Together, HCL and PowerObjects will now offer one of the largest Microsoft Dynamics practices in North America. We look forward to combining our global scale with PowerObjects’ capability and expertise to build a world-class Microsoft Dynamics CRM business positioned to capture the growing opportunities in the CRM services market.
According to industry statistics, Microsoft Dynamics is one of the fastest growing CRM products in the market. Gartner Inc., a research firm, has also reported that CRM will be a $36 billion market by 2017 growing at a rate of 13.3% in 2014.
Also, within CRM market, Microsoft Dynamics CRM outpaced market growth at 21.7% growth in 2014. HCL Technologies will now take advantage of this rapidly growing Microsoft Dynamics.
Dean Jones, CEO of PowerObjects, said,
We are excited that HCL will carry on the PowerObjects heritage of innovation. 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.
Susan Hauser, corporate vice president, Enterprise and Partner Group, Microsoft, said,
As companies look for new and more effective ways to engage their customers, technology plays an important role in enabling them to gain greater insights, become more responsive and create business value. HCL and PowerObjects are well positioned to help drive business transformation by helping companies intelligently engage with their customers.