Infosys set to acquire Philips BPO

BIG ACQUISITION: Infosys is set to acquire Philips global finance and accounts’ BPO unit.

ibnlive.com is on mobile now. Read news, watch videos
be a Citizen Journalist. Log on to m.ibnlive.com NOW!

Related Stories

Top Headlines

Top Videos

Most Popular

• HC bars security forces from leaving Shopian 

• Dehradun cops accused of killing man to win medals 

• CPI-M may decide feuding Kerala leaders' fate 

• CM helpless, admits Maoists extort Rs 300 cr annually 

• Bandh call by Hindu outfit gets mixed response in Mysore 

• Time for Mamata to walk the Budget talk 

• Mamata's Budget Express | Mamata Exclusive | Rail Budget  

• Top bosses fly high as AI struggles to survive 

• 10 years of Kargil, heroes recall the war | Pay Tribute 

• Cabinet split over order legalising homosexuality  

• Time for Mamata to walk the Budget talk 

• Watch: Lalu determined to derail Mamata express 

• Praful Patel rules out lay-offs in Air India 

• Top bosses fly high as AI struggles to survive 

• Air India top brass warns employees against strike 

• Watch: Lalu determined to derail Mamata express 

• I have done everything for all the states: Mamata 

• Watch: Aam aadmi rates Rail Budget 2009 

• Cabinet split over order legalising homosexuality  

• For Delhi Daredevils fans it's football in off season 

• Time for Mamata to walk the Budget talk 

• CM helpless, admits Maoists extort Rs 300 cr annually 

• Sarah Palin to step down as Alaska governor: Report  

• Los Angeles officials brace for Jackson memorial 

• HC bars security forces from leaving Shopian 

• North Korea fires two more missiles again 

• 10 years of Kargil, heroes recall the war 

• Fans overlook Michael Jackson's dark side 

• CPI-M may decide feuding Kerala leaders' fate 

• Vikram Seth on A Suitable Girl, homosexuality 

Photogallery

Find us on Facebook | Join IBNLive community

Stay ahead with G-Talk Buddy | Click now!

New Delhi: Infosys Technologies is set to acquire Philips global finance and accounts’ business process outsourcing unit for an assured revenue of USD 200 million over five-years.

India's second-biggest software-maker will be taking over all the costs of this acquisition, similar to the manner in which rival Tata Consultancy Services bought the operations of UK's Pearl Group insurers.

The acquisition will add to Infosys current BPO unit, which has a headcount close to 11,000 employees. Philips has its finance and captive operations in Chennai, Warsaw and Bangkok with a total headcount of 1,500.

Philips said it could neither confirm nor deny the news regarding the possible takeover of its finance and accounts BPO.

It is too 'premature' for us to get into any specifics, Philips Electronics India's corporate communications director Moushumi Dutt was quoted by Forbes.com.

Infosys chief executive S Gopalakrishnan had recently said that on the BPO side, if the Indian rupee continued to appreciate the company would have to look at new markets.

He had also said: “Any target company has to 'meet our criteria' and should want to be acquired.”

The company has a current cash reserve of USD 1.5 billion. Infosys BPO, formerly called Progeon, contributed to 36.7 pct of Infosys' quarterly revenues as on June 30.

With inputs from agencies