Infosys Technologies (INFY) On Search For Acquisitions
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The Wall Street Journal reported that Infosys Technologies (Nasdaq: INFY) is on the search for acquisitions in the range of $100 million to $200 million, Chief Financial Officer V. Balakrishnan said Monday.
Infosys is seeking out acquisitions in order to lower its dependence on the U.S. and the banking and financial services industry, which have been hit hard by the economic crisis.
"Our acquisition strategy is to fill in gaps in our existing portfolio in terms of geographic presence, services and vertical portfolio. Healthcare is one area where our presence is small and an acquisition will help us scale up that practice," the CFO told Dow Jones Newswires.
Infosys receives nearly 35% of its revenue from banking, financial services and insurance; 20% from manufacturing and 17% from telecom.
Infosys has nearly $1.6 billion in cash and spending $200 million on acquisitions won't hurt its cash position.
The Journal said it is likely to buy a company in Germany or France to further reduce its reliance on the United States.
Infosys is currently trading up 19 cents to $25.51 today.
Infosys is seeking out acquisitions in order to lower its dependence on the U.S. and the banking and financial services industry, which have been hit hard by the economic crisis.
"Our acquisition strategy is to fill in gaps in our existing portfolio in terms of geographic presence, services and vertical portfolio. Healthcare is one area where our presence is small and an acquisition will help us scale up that practice," the CFO told Dow Jones Newswires.
Infosys receives nearly 35% of its revenue from banking, financial services and insurance; 20% from manufacturing and 17% from telecom.
Infosys has nearly $1.6 billion in cash and spending $200 million on acquisitions won't hurt its cash position.
The Journal said it is likely to buy a company in Germany or France to further reduce its reliance on the United States.
Infosys is currently trading up 19 cents to $25.51 today.
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