Infosys to buy Finland’s firm Fluido for $76 Million
India’s second largest software services exporter Infosys Ltd. has agreed to acquire Finland’s company Fluido for $76 million to strengthen its enterprise cloud capabilities and presence in Europe. Infosys officials confirmed the deal on Friday and in a statement said the deal value includes earn-out, management incentives, and bonuses. “The acquisition is expected to close during the third quarter of the 2019 financial year, subject to customary closing conditions,” said the company in an exchange filing.
The deal is the second acquisition under the leadership of Chief Executive Officer (CEO) Salil Parekh, who took over the company nine months back. Earlier in April, Infosys had acquired WongDoody Holding Company, a US-based digital creative and consumer insights agency, for around $75 million.Ravi Kumar, president and deputy COO, Infosys, said, “This acquisition demonstrates Infosys’ commitment towards the salesforce ecosystem to address client’s digital priorities. It is also aligned to our efforts to invest in local capabilities in the regions in which we operate.” Infosys-Fluido deal will help the company to boost digital capabilities both through organic and inorganic routes as IT giant earlier has experience a decline in revenue from legacy businesses. For instance, it had lost 44% of its investment in Panaya by the end of March 2018, leading to a decision of putting both Panaya and Skava on the block. Infosys had a cash reserve of around Rs.200 billion by the end of the last financial year.