Infosys invests $4 million in US data discovery software firm

New Delhi: India's second largest software services firm Infosys on Thursday said it has picked up a minority stake in data discovery software firm Waterline Data Science USD 4 million (about Rs 27.23 crore).

The all-cash transaction will be completed by February 4, 2016, Infosys said in a filling to the BSE.

"We see a need for automated data discovery solutions like Waterline Data Science in helping our clients achieve greater
business value from their Big Data assets," Infosys Senior Vice President Corporate Development Ritika Suri said.

With the investment, Infosys has picked up a minority stake, not exceeding 20 per cent of the outstanding share capital of the company, it said.

Set up in 2013, the privately-held Waterline Data Science has a presence in the US.

The Bangalore-based firm is actively scouting for companies working on innovative technologies. Earlier this year, Infosys had announced a USD 500-million Innovation Fund, earmarked for investments in the growth of disruptive new technologies.

The company has stated that it will invest in companies that develop innovative technologies on automation, Internet of Things (IoT), and artificial intelligence (AI).