29 September 2008 Company Announcements

 

HCL Technologies announces cash offer for Axon Group

HCL Technologies has made a cash offer for UK-based SAP consulting company, Axon Group. Under the terms of the Offer, Axon shareholders will receive 650 pence in cash for each Axon share valuing the entire issued and to be issued share capital of Axon at approximately £441.1 million.

Axon provides process consultancy services to large organisations that have chosen SAP as their strategic enterprise platform. It has a customer base across the United Kingdom, North America, and Asia that HCL says is complementary to its own customer base.  It has approximately 2,000 employees.

For the year ended 31 December 2007, Axon reported profit before taxation of £29.5 million on revenues of £204.5 million.