New Delhi, Jan 23: Hinduja Global Services (HGS) on Saturday said its UK unit has acquired 8.23 per cent stake in HGS Digital LLC.
Hinduja Global Solutions UK , a HGS subsidiary, already held 91.77 per cent equity interest in HGS Digital LLC (formerly known as Element Solutions LLC, USA).
Hinduja Global Solutions UK Ltd, has on January 22, 2021, acquired the balance 8.23 per cent equity interest in HGS Digital LLC, USA in accordance with the purchase agreement entered on March 29, 2018 and as amended from time to time, a regulatory filing said.
HGS Digital LLC offers digital strategy and digital enabling services combining its expertise across webcentre technologies, marketing technology, digital analytics and advanced technologies like cloud, intelligent automation and artificial intelligence. Its revenue for the financial year (FY) 2020 was $18.4 million. It is based out of Chicago and has an office in Austin.
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The filing said the objective of the transaction is to grow the digital marketing and digital experience service business of the company.
"After this acquisition, Hinduja Global Solutions UK Limited's equity interest in HGS Digital LLC, USA has increased to 100 per cent," it added.
The filing said the cost of acquisition is "$ 1,827,026 - On or before June 30, 2021 and an additional amount, based on performance of agreed business and financial performance of FY21, no later than October 31, 2021".
