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Infosys to acquire 100% stake in German firm in-tech for €450 million
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The acquisition of in-tech is expected to close during the first half of fiscal year 2025, subject to customary closing conditions, Infosys said.
Infosys Ltd’s subsidiary will acquire 100% of the equity share capital in German company in-tech in an all-cash deal for €450 million. The acquisition of in-tech is expected to be wrapped up during the first half of fiscal year 2025, subject to customary closing conditions, the company said in a filing.
“Very excited about the in-tech acquisition. The in-tech acquisition is not included in our guidance of 1-3% for FY25,” said Infosys CEO Salil Parekh at a company presser.
For this acquisition, Infosys has received approvals from regulatory authorities in Germany, Romania, Austria, India and such other regulatory approvals as required.
in-tech brings to Infosys, marquee German OEMs deep client relationships, and extensive industry expertise, the company’s statement read.
Founded in 2002, in-tech is touted to be one of the fastest-growing engineering R&D services providers that shape digitisation in the automotive, rail transport and smart industry sectors. It develops solutions in e-mobility, connected and autonomous driving, electric vehicles (EVs), off-road vehicles and railroads.
Headquartered in Germany, in-tech has been consistently growing. The company currently employs around 2,200 people in Germany, Austria, China, the UK, the Czech Republic, Spain, Romania and India.
in-tech’s three years’ revenues (fiscal year ending December 31): FY23: €169.8 million (unaudited), FY22: €140.5 million, FY21: €115.2 million.
Shares of Infosys settled over 1% higher on Thursday at ₹1,429 ahead of the company’s fourth-quarter results. The stock has declined nearly 9% over the last month. US-listed shares of Infosys are down 7.5% in pre-open trading.
Track Infosys Q4 results live updates here
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