Bangalore, Karnataka, India, Monday, August 25, 2008 - Infosys Technologies Limited (NASDAQ: INFY) has announced that it has agreed terms for a recommended cash offer for a leading UK-based SAP consulting company, Axon Group plc (LSE: AXO), in a deal valued at £407.1 million (INR33.1 billion1; US$753.1 million2). The transfer of ownership to Infosys is expected to be completed by November 2008, subject to the Scheme of Arrangement becoming effective.
Commenting on the transaction, Kris Gopalakrishnan, CEO of Infosys said, "We are excited about this acquisition. The strategic combination of our groups will accelerate the realization of our common aspiration - that of becoming the most respected provider of business transformational services in the global marketplace. We hold the management and employees of Axon in high regard and look forward to welcoming them to the Infosys Group."
Axon provides consultancy services to multinational organizations that have chosen SAP as their strategic enterprise platform and has about 2,000 employees. Specializing in the delivery of change through technology enabled transformation programs, Axon's consultants bring in-depth industry expertise alongside best practice functional knowledge to address the strategic, operational, information management and organisation effectiveness challenges faced by organisations today. Founded in 1994, today Axon has offices in the United Kingdom, North America, Malaysia and Australia.
For the year ended 31 December 2007, Axon reported profit after taxation of £20.2 million (INR1.6 billion1; US$ 37.4 million2) on revenue of £204.5 million (INR16.6 billion1); US$378.3 million2).
1. uses closing rate at 22 August 2008 of INR 81.34/£
2. uses closing rate at 22 August 2008 of US$ 1.85/£
Infosys believes that the Acquisition will 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
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