Infosys looking for acquisitions upto $700 million
27 Oct 2011
Infosys, India's No 2 software services exporter is looking for acquisitions up to $700 million.
According to Infosys' executive co-chairman Kris Gopalakrishnan, Infosys has been scouting for acquisitions in the healthcare and life sciences sectors and was considering firms that had platforms or niches in geographies that it lacked.
''Typically, the size we are looking for is up to 10 per cent of our revenues so today our revenues are projected to be about $7 billion... so up to $700 million,'' Gopalakrishnan told reporters in Shanghai.
Gopalakrishnan was speaking at an event hosted by the American Chamber of Commerce in Shanghai.
''We want to grow our pharma practice, our healthcare practice faster so it's really to stimulate growth, but strategically. It's filling in gaps that we have,'' he said.
India's IT sector, which is centred around outsourcing by companies looking to cut costs, is expected come under increased pressure on the pricing front as also a decline in new orders with Europe struggling a debt crisis and the US battling an economic slowdown.
According to Gopalakrishnan, the European financial crisis had hit growth in the region and was one of the reasons for the slight downgrade in revenue growth this year to 17-19 per cent from 18-20 per cent.
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