HCL Technologies Ltd. (HCLTECH:NSI), a global IT services firm based in Noida, India, joined with Germany-based apoBank to acquire Germany-based IT consulting firm Gesellschaft für Banksysteme GmbH, also referred to as gbs.

The deal is expected to close in January, subject to closing conditions and regulatory approvals. HCL Technologies will own a 51% stake in gbs while apoBank will own a 49% stake. Prior to the deal, apoBank owned a 10% share.

“Germany is one of the largest economies in Europe and is, therefore, a strategic region for HCL,” said Sudip Lahiri, senior VP and head of financial services, Europe, HCL Technologies.

HCL Technologies has eight offices in Germany, including its regional headquarters in Eschborn.