Shares of HCL Technologies Ltd. rose by 2% to touch a day’s high of Rs 1,600.70 on 9th August, following the announcement that its division, HCLSoftware, will acquire Zeenea, a metadata management software provider, for a total enterprise valuation of €24 million.

HCLSoftware aims to strengthen its data and analytics business through the Zeenea acquisition, which is expected to close by September this year.

Under HCLSoftware, the Actian Data Platform has organically grown in hybrid data management and integration over the last couple of years. The addition of metadata management, a data catalogue, and other features for governance will enable customers to exploit such enhanced capabilities, the company’s regulatory filing said.

This acquisition aims to enable HCLSoftware to provide a unified data intelligence solution, helping enterprises better discover, govern, connect, manage, and leverage their data in data engineering and GenAI efforts.

HCLSoftware’s Chief Product Officer, Kalyan Kumar, emphasized that metadata management is increasingly vital for customers to speed up their GenAI initiatives across various business functions.

Zeenea SA was founded in 2017 and is based in Paris, France, with subsidiaries in Belgium and the USA. The company reported €2.6 million in revenue for the year ending 31st December 2023.

At 10:52 AM, the shares of HCL Tech were trading 2.43% higher at Rs 1,596 on BSE.

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