HCL Technologies, one of India’s largest technology outsourcing providers in 18 countries, has acquired Seattle-based Capital Stream to primarily enhance its end-to-end lending and straight-through processing acumen for the North American commercial and retail banking market. The all-cash deal was estimated at $40 million.
The deal’s centerpiece is Capital Stream’s FinanceCenter Web platform, used at 20 percent of the top banks in North America, as well as a good number of small to mid-tier firms. As the client range indicates, HCL will be able to satisfy large-scale enterprise demands, while maintaining a modular architecture that can localize platforms across the network of global financial centers.
Patricia Hines, senior analyst for wholesale banking at TowerGroup, says that among the business drivers in wholesale banking and lending are tools and platforms that address risk mitigation and regulatory pressures while also improving sagging efficiency and profitability metrics, which drive investments in data and relationship management, analytics and straight-through processing workflow.
