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Infosys looks to outbid rivals for UBS unit buy
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Infosys looks to outbid rivals for UBS unit buy
BANGALORE: Infosys Technologies has intensified its efforts to outbid rivals Wipro and Genpact to acquire the back-office operations of the Swiss financial giant UBS.
At least two people familiar with this transaction said Infy has moved into a final due diligence phase in a deal that may involve upfront cash payment of over $50 million for the assets in India and Poland, as well as assured multi-year business contract from UBS.
Deloitte is running the sale process, which could be wrapped up in the next 45 days. The IT captive of UBS has over 1,500 people working at its centres in India and eastern Europe.
Infy, the largest Indian IT vendor to UBS, was actively working on the deal as the company seeks to grow its revenues from Europe by establishing a stronger foothold in the region.
In 2007, Infy took over the back-office operations of the consumer electronics giant Royal Philips with centres in Poland.
Tech giants Infosys and Wipro have been on the prowl to buyout the IT captives of MNC firms that are being put on the block. NYSE-listed BPO major Genpact too has been on the prowl for acquisitions.
“Infosys does not want to lose this one. It will not only bring more revenues from UBS, but also help Infosys establish a stronger foothold in Eastern Europe,” said a UK-based person.
Source:
http://economictimes.indiatimes.com/Infotech/ITeS/Infosys-looks-to-outbid-rivals
At least two people familiar with this transaction said Infy has moved into a final due diligence phase in a deal that may involve upfront cash payment of over $50 million for the assets in India and Poland, as well as assured multi-year business contract from UBS.
Deloitte is running the sale process, which could be wrapped up in the next 45 days. The IT captive of UBS has over 1,500 people working at its centres in India and eastern Europe.
Infy, the largest Indian IT vendor to UBS, was actively working on the deal as the company seeks to grow its revenues from Europe by establishing a stronger foothold in the region.
In 2007, Infy took over the back-office operations of the consumer electronics giant Royal Philips with centres in Poland.
Tech giants Infosys and Wipro have been on the prowl to buyout the IT captives of MNC firms that are being put on the block. NYSE-listed BPO major Genpact too has been on the prowl for acquisitions.
“Infosys does not want to lose this one. It will not only bring more revenues from UBS, but also help Infosys establish a stronger foothold in Eastern Europe,” said a UK-based person.
Source:
http://economictimes.indiatimes.com/Infotech/ITeS/Infosys-looks-to-outbid-rivals