Infosys to acquire German firm in-tech in 450 mn euro all-cash deal

IT major Infosys announced its acquisition of in-tech, a prominent engineering R&D services provider specialising in the German automotive industry, on Thursday in an exchange filing. This 450 million euro acquisition will help the IT company expand its footprint in Europe.

The acquisition is expected to be wrapped up in the first half of financial year 2025, subject to customary closing conditions and regulatory approvals, the company said.

Infosys has already received approvals from regulatory authorities in Germany, Romania, Austria, India and “such other regulatory approvals as may be required”.

 

Headquartered in Germany, in-tech is one of the fastest-growing engineering R&D services providers, playing a pivotal role in driving digitisation across the automotive, rail transport, and smart industry sectors. The company focuses on areas such as e-mobility, connected and autonomous driving, electric vehicles (EVs), off-road vehicles, and railroad solutions. The German firm offers a comprehensive suite of services, including system design, methodical consulting, advanced electronics platform development, and validation of automotive-specific software and hardware systems.

“Together with in-tech, Infosys Topaz, an AI-first set of services, solutions and platforms, and recently acquired InSemi’ semiconductor’s expertise, we have successfully created deeper capabilities for the next phase of automotive innovation in the arena of software defined vehicles. We are excited to welcome in-tech and its leadership team into the Infosys family,” Dinesh Rao, executive vice president and co-delivery head at Infosys said.

Infosys also reported its results for financial year 2023-24 (FY24) on Thursday. Infosys reported a net profit increase of 8.9 per cent to Rs 26,233 crore from Rs 24,095 crore recorded at the end of FY23 and its annual income from operations went up by 4.7 per cent to Rs 1,53,670 crore in FY24 from Rs 1,46,767 crore in FY23.

 

The company expects revenue to grow by 1-3 per cent in constant currency for FY25.

Shares of Infosys were trading at Rs 1,402.05 on Friday at 11:03 am.

First Published: Apr 19 2024 | 11:31 AM IST