Infosys announces its plans to acquire Axon Group plc; offer of 407.1 million pound

August 25th, 2008 - 11:15 pm ICT by ANI  

Bangalore, August 25 (ANI/Business Wire India): Infosys Technologies Limited (NASDAQ: INFY) is pleased to announce that it has agreed terms for a recommended cash offer for a leading UK-based SAP consulting company, Axon Group plc (LSE: AXO), in a deal valued at PS407.1 million (INR33.1 billion1; US$753.1 million2). The transfer of ownership to Infosys is expected to be completed by November 2008, subject to the Scheme of Arrangement becoming effective.
Commenting on the transaction, Kris Gopalakrishnan, CEO of Infosys said, “We are excited about this acquisition. The strategic combination of our groups will accelerate the realization of our common aspiration - that of becoming the most respected provider of business transformational services in the global marketplace. We hold the management and employees of Axon in high regard and look forward to welcoming them to the Infosys Group.”
Axon provides consultancy services to multinational organizations that have chosen SAP as their strategic enterprise platform and has about 2,000 employees. Specializing in the delivery of change through technology enabled transformation programs, Axon’’s consultants bring in-depth industry expertise alongside best practice functional knowledge to address the strategic, operational, information management and organisation effectiveness challenges faced by organisations today. Founded in 1994, today Axon has offices in the United Kingdom, North America, Malaysia and Australia.
For the year ended 31 December 2007, Axon reported profit after taxation of 20.2 million pound on revenue of 204.5 million pound; 378.3 million dollar.
1. uses closing rate at 22 August 2008 of rupees 81.34/pound
2. uses closing rate at 22 August 2008 of dollar 1.85/pound
Infosys believes that the acquisition will accelerate the achievement of some of Infosys” current strategic corporate objectives including the continued expansion of Infosys” consulting capabilities that are required to engage with the large business transformation programs of Infosys” marquee clients
There will be a conference call for equity analysts with a Q&Question and Answer session at 20:00 (Bangalore), 15:30 (London) and (10:30 New York). The conference call will be hosted by Infosys’’s CEO, Kris Gopalakrishnan, and CFO, V. Balakrishnan.
The call details are as follows:
India Access
Mumbai Main Access : +91-22-2781-3014
Standby Number : +91-22-6776-3714
Singtel Numbers (International Bridge)
Singapore Toll Number : +65-66687512
France Toll Free Number : 0800-90-8943
USA Toll Free Number : 1-888-297-5258
Hong Kong Toll Free Number : 800-933-188
Japan Toll Free Number : 00531-65-3841
Germany Toll Free Number : 0800-186-0398
U.K. Toll Free Number : 0800-89-8246
Conference Code: 558892#
This press release should be read in conjunction with the announcement issued by Infosys Technologies Limited under rule 2.5 of the City Code on Takeovers and Mergers in the UK. (ANI)

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