Infosys acquires UK SAP consulting firm for $753 million (Lead)August 25th, 2008 - 8:48 pm ICT by IANS
Bangalore, Aug 25 (IANS) IT bellwether Infosys Technologies Ltd Monday announced the acquisition of United Kingdom-based SAP consulting firm Axon Group plc for $753.1 million (Rs.33 billion) in an all cash deal.The acquisition process will be completed by November.
“The strategic combination of our groups will accelerate the realisation of our common aspiration — that of becoming the most respected provider of business transformational services in the global market place,” Infosys CEO Kris Gopalakrishnan told reporters at a press conference.
Axon, a leading SAP consulting firm founded in 1994, has global presence servicing clients in 30 countries. The London stock exchange-listed company has about 2,000 employees.
In 2007, it reported net profit of $37.4 million (Rs. 1.6 billion).
“We believe that the acquisition will accelerate the achievement of some of our current strategic corporate objectives, including the expansion of our consulting capabilities that are required to engage with large business transformation programmes of our marquee clients,” Gopalakrishnan said.