Indian offshore outsourcing giant
Infosys is set to gain a firm toe-hold in
the UK after agreeing to buy London-listed consultancy
Axon Group for
£407.1m.
The deal - one of the biggest overseas acquisitions yet by an Indian IT
services outfit - comes as an increasing number of UK firms look to Indian firms
to fulfil their outsourcing needs.
SAP consultancy Axon banked a net profit of £20.2m on sales of £204.5m last
year and will hand Infosys access to a string of new European clients.
Analysts say the deal - which is expected to close in November - will help
reduce Infosys’ reliance on the US market, where the slowdown is jeopardising
outsourcing growth.
Commenting on the transaction, Kris Gopalakrishnan, chief executive 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.”
According to
a
recent report by independent sourcing advisory firm EquaTerra, every single
one of the UK’s top IT spending organisations that offshore IT now use India as
one of their destinations.
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As M&A activity continues in the UK and firms examine their IT supplier contracts, the customer is firmly in the driving seat according to analyst firm PAC 15 Aug 2008
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