The transaction is expected to close before the end of the third quarter of FY16
Infosys on Monday announced the acquisition of US-based Noah Consulting, a Houston headquartered IT company providing information management consulting services for the oil and gas industry, in an all cash deal valued at $70 million (Rs 448 crore approximately).
This is the third acquisition done by Infosys during the course of this year as the IT major looks to acquire niche capabilities in various segments. Noah Consulting, founded in 2008 with 122 employees provides IT consulting and solution capability primarily to the oil & gas industry and also the power utility companies. The company’s primary markets are US and Canada.
The transaction is expected to close before the end of the third quarter of FY 2016, subject to customary closing conditions.
Commenting on the acquisition, Rajesh Murthy, EVP and global head of energy, communications and services, Infosys said, “The upstream oil and gas industry is facing unprecedented challenges that demand faster and better ways of achieving return on investment. This requires a well-defined and executed information and data management strategy that will allow companies to increase efficiencies across the lifecycle – from exploration to production. With this acquisition, we are uniquely positioned to offer end-to-end data management services to oil and gas companies globally.”
According to Infosys, this acquisition combines Noah’s deep industry knowledge, information strategy planning, data governance and architecture capabilities with its ability to provide technology and outsourcing services on a global scale to oil and gas clients.
Sanjay Purohit, EVP & 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 in a safe and reliable manner.”