Indian IT systems house HCL Technologies is to acquire the fixed assets of UK life and pensions outsourcer Liberata Financial Services for US $2 million.

LFS manages over three million policies on behalf of clients including AXA, Barclays, Resolution, Chesnara and Save and Prosper. The company will earn revenues of about $60 million this year and has an order book of $540 million to be executed over the next few years.

As part of this transaction, HCL will acquire four delivery centres in the UK and 800 staff. The Indian company says it will invest $24 million in the business over the next three years.

Ranjit Narasimhan, President and CEO of HCL BPO, said: "This strategic acquisition of LFS enhances HCL's ability to become an end-to-end provider of business process outsourcing services in the financial services space."