HCL Technologies [Get Quote], India's fifth largest IT services firm, on Monday signed an agreement to fully acquire US-based Control Point Solutions,  a provider of voice, data and wireless telecommunications expense management services (TEM) - for $20.8 million (about Rs 91 crore).

As part of the transaction, HCL will acquire four delivery centres in the US with over 200 professionals with domain knowledge and technical expertise.

"This acquisition enhances HCL's ability to become an end-to-end provider of business process outsourcing services in the attractive TEM space. HCL will leverage its existing experience in TEM to further diversify into other geographies and newer areas like utilities, freight, to name a few," said Ranjit Narasimhan, president and Chief Executive Officer (BPO services), HCL Technologies.

Anil Chanana, executive vice-president (finance), HCL Technologies, said, "The acquisition of Control Point is in continuation of HCL's strategy to seek a non-linear growth opportunity. We are confident of delivering incremental shareholder value through our acquisitions."

Control Point Solutions is a provider of voice, data and wireless telecom expense management services. Control Point recorded revenue of $37.4 million, with earnings before interest, tax, depreciation, and amortisation of $3.7 million in 2007.
 
The market size for telecom expense management services was around $600 million in 2007, and is likely to grow to $1.7 billion by 2011

Last month, HCL Tech acquired UK-based BPO firm Liberata Financial Services for $2 million (Rs 8.7 crore) long with four LFS delivery centres in the UK with 800 professionals and plans to invest $24 million (Rs 105 crore) in the business over the next three years.