IT major Infosys acquires US-based product design and development firm, Kaleidoscope Innovation, for $42 million. The company will be able to expand its engineering services portfolio, especially in medical devices, consumer and industrial markets across the US with this acquisition.
This is the company’s second acquisition in the year and the amount includes earn-out payments, management incentives and bonuses. The company acquired Simplus, a Salesforce partner, in February for $250 million.
Ravi Kumar, President, Infosys, said, “This acquisition further strengthens our digital offerings at the intersection of new software technologies and medical devices — a sector that is expected to witness significant investments and consumerisation in the post-COVID era.”
Also Read: Infosys, Genesys ink 5-year deal
For Kaleidoscope, it allows us to scale quickly and bring expanded offerings in AI, analytics, and digital infrastructure to its clients, said Matt Kornau, CEO and Co-Founder, Kaleidoscope Innovation.
During Infosys‘ annual general meeting and recent press interaction, CEO Salil Parekh said the company is actively looking out for acquisitions in the area of data, analytics and cloud that would complement its offerings.