Infosys has said it is scouting for companies in the software-as-a-service (SaaS) and cloud-based companies. The IT services major has been on an acquisition spree to expand offerings in some of the nascent high-growth niche areas.
“We're looking at some SaaS areas, we're looking at more enterprise and cloud areas and we're looking at some geographies,” Chief Executive Officer Salil Parekh said addressing shareholders at the company’s 43rd Annual General Meeting (AGM) on June 26.
The Bengaluru-based firm recently acquired an engineering services company in the automotive sector and one in the semiconductor space, Parekh said.
In January, Infosys said it would acquire InSemi, a leading semiconductor design and embedded services provider, for Rs 280 crore. Three months later, India’s second-largest IT services company announced the acquisition of in-tech, an engineering R&D services provider with a focus on the German automotive industry in April.
The financial details of the deal were not disclosed by the company.
“We look at strategic fit, financial reasonableness, and then cultural fit on how we can integrate. And based on that, we will proceed on the acquisition as and when those come about,” Parekh said in response to a shareholder query on the company's acquisition strategy.
Infosys is working on 225 Generative Artificial Intelligence (Gen AI) programmes for clients, chairman Nandan Nilekani said at the AGM.
The company has also created 23 AI industry blueprints to solve specific challenges, he said. Gen AI components have been integrated into its entire service lines and 25 playbooks developed to create impact for clients.
Infosys has also filed 46 AI patents till the financial year 2023-24, the company said in a presentation.
“Our clients are combining it with cloud capabilities in Infosys Cobalt to help them scale AI,” Nilekani said at the AGM. Infosys Cobalt is the company's cloud services, solutions, and platforms offering.
Also read: Mixed bag for Indian IT: What Accenture's earnings imply for TCS, Infosys, others
The Infosys stock ended June 26 at Rs 1,540.15 on the National Stock Exchange, down 0.12 percent from the previous close.
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