Indian IT services outfit HCL Technologies has acquired CapitalStream, a US provider of front office automation technology to North American banks, in an all cash deal worth around $40 million.

CapitalStream's product range includes software for prospecting and sales, credit analysis, due diligence, documentation and portfolio monitoring.

CapitalStream's flagship product, FinanceCenter, is a Web-based multi-tier application designed to automate front office operations. HCL says the product is used by over 20% of North America's top banks and customers include Bank of America, National Bank of Canada and Scotiabank.

Commenting on the acquisition, S Premkumar, corporate officer and global head, financial services, HCL Technologies, says: "This will enhance our capability in the Financial Services sector to deliver large scale enterprise solutions. The modular architecture would also help HCL to localise the platforms across various global financial centres."