HCL Technologies said that the European debt crisis will help it to buy and partner with local firms. The company is targeting deals in the Nordic countries, Germany and France because of current European debt crisis.

According to HCL's Chief Executive Officer Vineet Nayar, Europe is the growth area for the company and clients often want to work with a local vendor and HCL will pursue 'aggressive partnerships in the local markets and aggressive acquisitions.

He said, HCL's order pipeline is "bigger than ever before" and the company plans to expand offerings for data analysis and cloud computing, which let clients rent software delivered over the Web rather than install it on their own machines.

Indian IT and software companies are benefitting from rising corporate spending on computer services and from governments trying to improve efficiency with technology as budget cuts bite. In 2008, HCL bought UK software provider Axon Group for $658 million, its biggest ever deal.

Tata Consultancy Services also said in September that they were weighing acquisitions in France, Germany, Japan and the US.

HCL doesn't plan to expand its UK presence and would only be interested in British companies with a strong continental European footprint, Nayar said.

HCL is also benefitting from the current economic climate as more companies and governments are ditching their existing information technology service providers and searching for partners that offer better value, he pointed out.
(Source: The Economic Times)