New Delhi, Feb. 20: HCL Technologies has acquired US-based banking software company CapitalStream for Rs 160 crore in an all-cash deal.

The acquisition will enhance HCL’s ability to provide end-to-end solutions to commercial and retail financial institutions.

“This acquisition is part of a well-structured merger strategy to fulfil HCL’s aspiration to be a global leader in select industry verticals by using acquisition to either bridge gaps or enhance the capabilities in our service offerings,” said Ram Krishna, head of mergers and acquisitions (IT services), HCL Technologies.

According to Premkumar. S, HCL’s global head of financial services, “The deal will enhance our capability in the financial services sector to deliver large scale enterprise solutions. The modular architecture will also help HCL to localise the platforms across various global financial centres.”

CapitalStream’s flagship product, FinanceCenter, is a multi-tier, web-based application and can be used for the automation of business and commercial lending in banking institutions.

FinanceCenter can be customised and delivered to different segments of the financial industry, from large to mid-tier banks to credit unions.

“The product is used by over 20 per cent of the top banks in North America and has transformed several large and mid-tier banks,” said HCL in a statement.