Today, Indian IT pioneer Infosys announced its acquisition of Noah Consulting, a US-based oil and gas consulting firm for a all-cash deal worth to be $70 million.
Headquartered in Houston, Texas, Noah Consulting is a leading provider of advanced information management consulting services for oil and gas industry. Infosys has been considered and approved to acquire 100% stake in the company. The company further informed that none of the promoter or promoter group or group companies have any interest in Noah Consulting LLC and this acquisition does not come under the related party transaction. This transaction is expected to be closed before the end of third quarter of 2015-16 fiscal year.
Infosys stated in the BSE filing, ” It has entered into a definitive agreement to acquire Noah Consulting LLC, a provider of advanced information management consulting service for the oil and gas industry. The acquisition was an all cash deal, with an aggregate purchase consideration of USD 70 million”.
Infosys EVP and Global Head of Energy, Communications and Services Rajesh Murthy said, ” With this acquisition, we are uniquely positioned to offer end-to-end data management services to oil and gas companies globally.”
The acquisition seems to be a strategic move of the company. The company said, “its strategy to bring next generation data analytics solutions to the oil and gas industry.” Following the acquisition, shares of Infosys jumped nearly 2%.