HCL Technologies and Sumeru Equity Partners (SEP), a technology and growth-focused private equity firm, have signed a definitive agreement to acquire Palo Alto-based hybrid data management and integration company Actian. The all-cash deal is valued at $330 million.
After the acquisition, HCL will own 80 percent, while SEP will own approximately 20 percent stake of a JV entity; which in turn will own 100% shareholding of Actian. HCL as the majority stakeholder will also have majority representation on the Actian board of directors, said the companies in a statement. SEP managing directors George Kadifa and Sanjeet Mitra will also join the board at closing.
Actian will continue to operate as a separate entity within the HCL Technologies ecosystem, led by current CEO and president, Rohit De Souza.
[Image courtesy: Actian]