New Delhi: Infosys Technologies is set to acquire Philips global finance and accounts’ business process outsourcing unit for an assured revenue of USD 200 million over five-years.
India's second-biggest software-maker will be taking over all the costs of this acquisition, similar to the manner in which rival Tata Consultancy Services bought the operations of UK's Pearl Group insurers.
The acquisition will add to Infosys current BPO unit, which has a headcount close to 11,000 employees. Philips has its finance and captive operations in Chennai, Warsaw and Bangkok with a total headcount of 1,500.
Philips said it could neither confirm nor deny the news regarding the possible takeover of its finance and accounts BPO.
It is too 'premature' for us to get into any specifics, Philips Electronics India's corporate communications director Moushumi Dutt was quoted by Forbes.com.
Infosys chief executive S Gopalakrishnan had recently said that on the BPO side, if the Indian rupee continued to appreciate the company would have to look at new markets.
He had also said: “Any target company has to 'meet our criteria' and should want to be acquired.”
The company has a current cash reserve of USD 1.5 billion. Infosys BPO, formerly called Progeon, contributed to 36.7 pct of Infosys' quarterly revenues as on June 30.
With inputs from agencies
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