BANGALORE, India, December 20, 2011 /PRNewswire/ --
Infosys BPO Limited, the business process outsourcing subsidiary of Infosys Limited, today announced the signing of a definitive agreement to acquire all of the outstanding share capital in Australia-based Portland Group Pty Ltd, a leading provider of strategic sourcing and category management services.
The acquisition is expected to be completed by early January 2012, subject to certain closing conditions being met.
Portland Group was founded in 1999 and today counts several large ASX 200 organizations within the Australia region as clients. It is headquartered in Sydney and has offices in Melbourne, Brisbane, and Perth. The company reported revenue of approximately AUD 31.3 million for the fiscal year ending 30 June 2011. The company employs 113 professionals.
Swaminathan D, CEO and MD, Infosys BPO said, "We are delighted to have an outstanding team of domain specialists in Portland Group join us. This acquisition would significantly deepen our capabilities and domain expertise in our Sourcing and Procurement practice. Further in a dynamic marketplace such as Australasia this will strengthen the top-end of our service offering in the strategic sourcing and category management functions. This will also enhance the competitiveness, spread of offerings and global reach for our clients."
Gavin Solsky, CEO of Portland Group Pty Ltd said, "We believe the combination of Portland Group and Infosys will provide our clients with a highly compelling proposition that does not currently exist in the sourcing and procurement services market in Australia. It will allow us to offer our clients a truly integrated and globally competitive solution to deliver procurement benefits in the most effective and efficient way possible."
Portland Group's expertise in strategic sourcing and category management services is expected to complement Infosys BPO's global Sourcing & Procurement capabilities to create a market offering that will positively impact client's business efficiency and effectiveness.
The purchase consideration for the deal is AUD 37 million, subject to customary post-completion adjustments.
About Infosys BPO
Infosys BPO Ltd. (http://www.infosysbpo.com), the Business Process Outsourcing subsidiary of Infosys Limited, was set up in April 2002. Infosys BPO focuses on integrated end-to-end outsourcing and delivers transformational benefits to its clients through reduced costs, ongoing productivity improvements, and process reengineering. Infosys BPO operates in India, the Czech Republic, China, the Philippines, Poland, Mexico, USA and Brazil and as on September 30, 2011 employed approximately 20,620 people. It closed FY 2010-11 with revenues of $426.8 million.
About Infosys Limited
Many of the world's most successful organizations rely on the 142,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow's enterprise.
For more information about Infosys (NASDAQ: INFY), visit http://www.infosys.com.
Infosys Safe Harbor
Some of the statements contained in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve risks, uncertainties and assumptions, including, but not limited to, those regarding Infosys BPO's future plans for the Portland Group's business, the expected closing date of the acquisition, the expected benefits of the acquisition, management plans relating to the acquisition, the ability to complete the acquisition considering the various closing conditions, the expectations as to the growth opportunities from the acquisition of the Portland Group's business, and the expectations regarding the integration of Portland Group into Infosys BPO. The statements contained in this release that are not purely historical are forward-looking statements including, without limitation, statements regarding our expectations, beliefs, intentions or strategies regarding the future. These statements, and any other forward-looking statements contained in this release, are based on the current expectations or beliefs of management of Infosys and Infosys BPO, and are subject to uncertainty and changes in circumstances that, if they were to never materialize or prove incorrect, could cause actual results to differ materially from those projected, expressed or implied in the forward-looking statements. Factors that could cause actual outcomes, levels of activity, performance or achievements, including the realization of the expected benefits effects of the acquisition, to be materially different from those anticipated in this release include among others, the inability to integrate successfully Portland Group within Infosys BPO or to realize synergies from such integration; failure to retain key employees; the economic environment of the industries in which Infosys BPO and Portland Group operate, as well as facts relating to Portland Group that may impact the benefits of the acquisition to Infosys BPO; and other factors affecting the operation of the respective businesses of Infosys BPO and Portland Group. These forward-looking statements are also subject to other risks and uncertainties, including those described in Infosys' SEC filings available at http://www.sec.gov, including our Annual Report on Form 20-F for the year ended March 31, 2011, and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.
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