Consulting and technology firm Infosys has signed agreement to acquire Switzerland-based management consultancy firm Lodestone for $350m in cash.
The acquisition of Lodestone will strengthen Infosys Consulting and Systems Integration (C&SI) capabilities, by adding more than 850 employees, including 750 experienced SAP consultants to the company.
In addition, the management consultancy will add more than 200 clients across industries including Manufacturing, Automotive and Life Sciences, to Infosys' existing 700 clients.
Following the acquisition, the combined consulting practice focusing on SAP programmes is expected to deliver revenues of more than $1bn, Infosys said.
The acquisition will enhance Infosys' global presence, particularly in continental Europe and emerging markets like Latin America and Asia Pacific, the company said.
Infosys CEO and managing director S. D. Shibulal said a key plank of Infosys 3.0 strategy is to expand company's Consulting & Systems Integration business.
"This acquisition fits perfectly into that strategy,"Shibulal said.
Infosys expects the transaction to close by the end of October 2012, subject to customary closing conditions.
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