IT services major Infosys on Monday said it will acquire Czech Republic-based GuideVision for up to 30 million euros (about Rs 260.4 crore).
The acquisition is being carried out by Infy Consulting Company Ltd, a step-down subsidiary of Infosys Ltd.
The cost of acquisition is up to 30 million euros including earn out and bonuses.
Infosys is a global leader in next-generation digital services and consulting.
It enable clients in 46 countries to navigate their digital transformation and having nearly four decades of experience in managing the systems and workings of global enterprises.
GuideVision is an enterprise service management consultancy established in 2014.
It is specialised in offering strategic advisory, consulting, implementations, training and support on the ServiceNow platform.
The company is headquartered in Prague, Czech Republic.
GuideVision’s training academy and nearshore capabilities in Czech Republic, Hungary, Poland, and presence in Germany and Finland will strengthen Infosys’ ServiceNow capabilities for its clients in Europe.
GuideVisions end-to-end offerings, including SnowMirror – a proprietary smart data replication tool for ServiceNow instances.
Financial Performance of GuideVision
The company reported revenue of 12.9 million euros in 2019.
ServiceNow is one of the fastest growing enterprise software companies, and is becoming an ‘essential service’ and workflow standard for organisations.
The Company develops cloud computing platforms to help companies manage digital workflows.
Completion of Acquisitions
The acquisition is expected to close during the third quarter of FY2021, subject to customary closing conditions.
Stock Market Impact
Shares of Infosys jumped about 4 percent in morning trade on September 14 after the company announced a definitive agreement to acquire GuideVision.
Comment from Infosys President
“The acquisition is an important milestone in the company’s journey to build capabilities relevant to the digital priorities of its clients.
This move reaffirms our commitment to the growing ServiceNow ecosystem.”
Comment from Co-Founder, GuideVision
“GuideVision’s exceptionally high customer ratings are the result of our continuous effort to deliver superior consulting and implementation services.
Joining Infosys brings an extended portfolio of services we can offer to our customers on their digital transformation journey.
The global Infosys footprint is an exciting opportunity for both GuideVision customers and employees”, Norbert Nagy.