HCLSoftware, the software arm of IT services behemoth HCLTech, has declared that it intends to acquire the business intelligence platform, Jaspersoft, from Cloud Software Group. This acquisition will be an asset-carve out deal with a price tag of $240 million. The entire staff of Jaspersoft, consisting of 115 people, will also move to HCLSoftware as a part of this acquisition. This acquisition is expected to be completed within six months.
Based on demand to access data and AI-based solutions
The reason for this acquisition is attributed to the escalating demands from HCLSoftware’s Data & AI division (Actian), metadata management tools, data catalog, and finally, data governance. Worth noting is that HCLSoftware has acquired another company in this rising demand in February 2023 when it acquired Wobby, which is founded in Belgium and is a start-up company. This makes the fourth acquisition in 2023.
Jaspersoft’s strength to strengthen the offerings by HCLSoftware
Jaspersoft is an industry leader in the business intelligence space and offers solutions that allow companies to produce reports and also create business intelligence dashboards and even business visualizations. The acquisition is expected to enhance the product portfolio of Actian with an end-to-end immersive experience in data management. It also allows them to reach out to the community of data engineers and architects.
Pending regulatory approvals (approval process)
The Committee on Foreign Investment in the United States (CFIUS) and other regulatory bodies must approve the acquisition. Because of its embedded analytics capabilities, Jaspersoft has gained the trust of organisations all over the world. Steven Schneider, General Manager of Cloud Software Group’s Analytics Business Unit, stated, “We think HCLSoftware is a strong strategic owner for the company.”
