IT major Infosys Technologies is set to acquire Philips Global’s finance and accounts BPO for an assured revenue of $200 million spread over five years.Infosys will be taking over the subsidiary along with all the costs in the similar manner that TCS had acquired the operations of the Pearl Group in the UK.
According to informed sources, once the takeover is completed, Infosys will bring down costs and restructure operations to make it a paying proposition.This will be Infosys’ second acquisition in its 25-year history, after it had acquired Expert Information Services in Australia for around Rs 104 crore ($22.9 million) in 2003.
The acquisition of Philips will bolster the capabilities and reach of Infosys’ BPO, enabling it to deliver round-the-clock. Philips’ F&A captive has operations in Chennai, Warsaw (Poland) and Bangkok. The global staff strength of the captive is around 1,500 with 500 employees working out of the Chennai centre, which was set up in 2004.
Read more in The Business Standard article.
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