Mumbai: Infosys Technologies, India's second largest software company, has agreed to acquire UK-based consultancy services firm Axon Plc for 407 million euros ($753.1 million) in an all-cash deal.

''The board of directors of the company has approved the proposed scheme of arrangement to acquire Axon Global Plc,'' the company said in a filing with the Bombay Stock Exchange (BSE).

The deal is expected to be completed by November 2008. The acquisition would ''accelerate the achievement of some of Infosys' current strategic corporate objectives, including the continued expansion consulting capabilities," the company said in a press release.

''Infosys Technologies Limited 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, in a deal valued at £407.1 million ($753.1 million),'' the release said, adding, ''The transfer of ownership to Infosys is expected to be completed by November 2008, subject to the scheme of arrangement becoming effective.''

''We are excited about this acquisition. 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 marketplace. We hold the management and employees of Axon in high regard and look forward to welcoming them to the Infosys Group," said Kris Gopalakrishnan, CEO of Infosys.

Axon provides consultancy services to multinational organisations that have chosen SAP as their strategic enterprise platform and has about 2,000 employees.

With offices in the United Kingdom, North America, Malaysia and  Australia, Axion provides consultancy alongside best practice functional knowledge to address the challenges of strategic, operational, information management and organisation effectiveness faced by organisations.

For the year ended 31 December 2007, Axon reported profit after taxation of £20.2 million (Rs160 crore; $ 37.4 million) on revenue of £204.5 million (Rs1,660 crore billion; $378.3 million).

Infosys expects the acquisition to 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

Infosys has planned a conference call for equity analysts with a Q&A session at Bangalore, London and New York. The conference call will be hosted by Infosys's CEO, Kris Gopalakrishnan, and CFO, V Balakrishnan.

Infosys, last month, reported a 21 per cent rise in quarterly profit but warned of challenging times ahead as its major western clients battle weakening economies.