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News Breaks
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November 25, 2009
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| 08:15 EDT |  | INFY |
| theflyonthewall.com: | Infy to acquire European companies for $400M-$500M, Business Standard says | | Infosys Technologies (INFY) CFO V Balakrishnan told Business Standard “We are looking at spending up to 10% of our revenues, which could be in the range of $400M-$500M, to acquire companies in nicheareas like consulting and healthcare.” He said the company was primarily looking at companies with a strong presence in Europe. “We are also open to the U.S. if we get the right candidates,” he added. Infosys has been trying to strengthen its consulting practice, which is 25% of the business, as clients are now asking for more advisory-related work. Balakrishnan simultaneously denied reports that Infosys is planningto buy European consulting firm Ciber Novasoft. Infosys, which had a cash reserve of $2.8Bat the end of September 30, 2009, has been traditionally conservative in its inorganic pursuit of acquisitions,as compared to its industry peers. Reference Link :theflyonthewall.com |
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