Mumbai: IT bellwether Infosys Technologies
on Thursday said its subsidiary Infosys BPO will acquire US-based
McCamish Systems for an initial payment of USD 38 million
(about Rs 176.6 crore).
Infosys BPO has signed a definitive agreement to acquire
all the outstanding interests of McCamish Systems LLC, Infosys
Tech said in a filing to the Bombay Stock Exchange.
"The upfront consideration for the deal is USD 38 million,
with up to an additional USD 20 million payable to the sellers
if McCamish Systems achieves certain financial targets in the
future," the company added.
The acquisition is expected to be completed later this
"We look forward to this combination with McCamish, and
welcome an exceptional group of professionals with strong
skill sets to the Infosys family who will enrich our service
capabilities in the USA," Infosys BPO CEO & MD Amitabh
The acquisitions is expected to enhance Infosys`
capability to provide complete business solutions for
insurance and financial industries.
"Infosys BPO has in-depth knowledge of the insurance and
financial services sector, and this deal reinforces our
relationship position in providing business platform
services," Chaudhry said.
The combination is likely to enable McCamish to serve
larger portfolio of transactions for clients and expand into
Shares of Infosys Technologies were trading at Rs 2,336
on the BSE, up 1.18 percent from its previous close.