HCL Technologies (HCL), a leading offshore IT & software development company, has made a cash offer to acquire UK-based IT firm, Axon Group Plc (Axon).

Under the condition of the offer, Axon shareowners would obtain 650 pence in cash for each Axon share, inclusive of the Interim Dividend. The offer price values the entire issued and to be issued share capital of Axon at approximately £441.1 million.

HCL Technologies' indirect wholly-owned unit, HCL EAS Limited has made the recent offer. HCL EAS is a private limited company incorporated in England & Wales for the Axon acquisition.

Founded in 1994, Axon provides consultancy services to multinational corporations that have selected SAP as their strategic enterprise platform. The company has about
2000 employees in the offices located in UK, North America, Malaysia and Australia.

Axon registered net profit of Rs 160 crore ($37.4 million) on a total income of Rs 1660 crore ($378.3 million).

Last month, a world leader in consulting and information technology services, Infosys had offered to acquire Axon Group, for £407.1 million. The HCL offer is at 8.3% premium to Infosys' offer of 600 pence per Axon share including interest dividend.