Infosys to acquire UK's Axon for $753 million
25 August 2008
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.