Infy to buy Noah for $70 million

BENGALURU: India’s second largest IT services provider Infosys on Monday announced plans to buy US-based Noah Consulting, an advanced information management consulting services provider for the oil and gas industry, for $70 million (`455 crore).

The deal that is expected to be completed by December 2015 will be Infosys’ third acquisition in the past nine months.

This acquisition will be an allcash deal, the company said in a statement to the media. Noah helps upstream oil and gas companies, including super majors, plan and deploy information solutions to unlock the value of their oil and gas assets.

Sanjay Purohit, executive Oct 2015 Apr 2015 Feb 2015 Acquired Noah Consulting Skava Panaya Amount $70mn (`455 cr) $120mn (`780 cr) $200mn (`1,300 cr) vice-president and global head of Infosys Consulting said, “Our oil and gas clients are adjusting to a new normal of lower oil prices. There is an urgency to improve the efficiency and effectiveness of their operations. This acquisition is part of Infosys’ strategy to bring next generation data analytics solutions to the oil and gas industry.” Sector Energy Digital Manufacturing

Commenting on the spurt in acquisitions — three in the past nine months — by Infosys, Sandeep Muthangi, vice-president, research, IIFL Institutional Equities said, “Infosys is addressing the need of the hour, which is acquiring very specific skill in quick time. This (trend) is positive as long as they don’t overpay (for the acquisitions).”