Infosys acquires Australian face

Mumbai: In an all-cash US $ 29.9 million deal, Infosys Technologies Ltd has signed an agreement to acquire the Australian IT major, Expert Information Services Pty Limited. Subsequent to the acquisition coming into effect in January 2003, the company will be renamed Infosys Technologies (Australia) Pty Ltd.

The Australian IT company has a base of 400 IT professionals on its roster and is a leading IT solutions supplier to the government, finance, telecom and retail sectors. Expert Information Services specialises in designing, building and integration of IT solutions and products. Its revenues in the financial year ended June 30, 2003, was US $ 34.6 million with an after tax net profit of US $ 5.2 million.

According to an industry analyst, the deal is expected to enable the Indian company to wear a local face while bidding for Australian contracts and thus pre-empt any anti job loss backlash.