Infosys announces agreement to acquire Expert Information Services Pty Limited, Australia
Bangalore, India - December 18, 2003: Infosys Technologies Limited signed an agreement today to acquire 100% equity of Expert Information Services Pty Limited, Australia (Expert) subject to standard closing conditions. The transaction will be completed in January 2004. Consequent to this acquisition, the acquired company will be renamed 'Infosys Technologies (Australia) Pty Ltd'.
Expert is one of Australia's leading IT service providers specializing in the design, build and integration of business solutions and products to leading companies in Australia. Its clients include medium and large enterprises, which span across various industry verticals such as Telecom, Financial services, Retail, and Government sector.
Expert achieved total revenues of A$ 46.7 million (US$ 34.6 million*) for the fiscal year ended June 30, 2003 and a net profit after tax of A$ 7.0 million (US$ 5.2 million).
The transaction value would be approximately A$ 31.0 million (US$ 22.9 million) and would comprise payment in cash on completion of the transaction and earn-out on achieving targeted financial conditions over a three-year period ending March 31, 2007.
"We are excited about this transaction," said Mr. K. Dinesh, Member of the Board, Infosys Technologies Limited and Chairman-designate of the acquired company. "Australia is a very important market for us and this transaction reaffirms our commitment to this market by significantly enhancing our local presence. Our Global Delivery Model combined with the service capabilities of Expert will enable us to be a premier player in the growing Australian market".
"The merger with Infosys is a perfect fit with Expert's business strategy and we are very excited about it," said Mr. Gary Ebeyan, Chief Executive Officer, Expert. "The new entity will allow us to continue to deliver high-quality, leading edge solutions to our existing and new customers with an extraordinary value proposition based on the Global Delivery Model of Infosys."
*A$ has been converted at an exchange rate of 1 A$ = US$ 0.74