Mumbai, Feb 11 (SocialNews.XYZ) Infosys on Monday said that it will acquire Simplus, an IT service management company in a $250 million deal, which is expected to close during the fourth quarter of the 2020 fiscal.
The IT major said that the Simplus will bring "globally recognized Salesforce expertise, industry knowledge, solution assets, deep ecosystem relationships and a broad clientele, across a variety of industries".
"$200 million including contingent consideration to be paid for the acquisition of shares subject to closing adjustments. In addition, there are employee incentives and retention payments amounting upto $50 million on meeting certain performance conditions over three years," Infosys said in a BSE filing.
Simplus is majority-owned by the institutional investors, founders and key employees, with Salesforce Ventures having a minority stake. Its revenue stood at $67.1 million for the fiscal year ending January 31, 2020.
"This acquisition, coupled with the acquisition of Fluido announced in September 2018, further elevates Infosys' position as an end-to-end Salesforce enterprise cloud solutions and services provider, offering clients unparalleled capabilities for cloud-first digital transformation," Infosys said in a statement.
Source: IANS
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