Infosys acquired Czech-based GuideVision for 30 million euros. Congrats!
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IT services major Infosys on Monday said it will acquire Czech Republic-based GuideVision for up to 30 million euros (about Rs 260.4 crore). The acquisition is being carried out by Infy Consulting Company Ltd, a step-down subsidiary of Infosys Ltd, a regulatory filing said. "GuideVision's training academy and nearshore capabilities in Czech Republic, Hungary, Poland, and presence in Germany and Finland will strengthen Infosys' ServiceNow capabilities for its clients in Europe," Infosys said in a statement. GuideVision's end-to-end offerings, including SnowMirror - a proprietary smart data replication tool for ServiceNow instances - enables over 100 enterprise clients to simplify complex business and IT processes. ServiceNow is an enterprise software firm that develops cloud computing platforms to help companies manage digital workflows.
As per the regulatory filing, the cost of acquisition is "up to 30 million euros including earn-out and bonuses". The acquisition is expected to close during the third quarter of FY2021, subject to customary closing conditions, it added.
"This acquisition is an important milestone in our journey to build capabilities relevant to the digital priorities of Infosys clients. This move reaffirms our commitment to the growing ServiceNow ecosystem and augments Infosys' portfolio of cloud services," the filing said. Established in 2014, GuideVision is 100 per cent-owned by founders. The company is headquartered in Prague, Czech Republic and reported revenue of 12.9 million euros in 2019.
"The combination of scalable and agile nearshore capabilities of GuideVision in Europe, and their unmatched delivery excellence, complements our own effort to help global enterprises navigate their next. We are excited to welcome GuideVision and its leadership team into the Infosys family," Infosys President Ravi Kumar said. Narsimha Rao Mannepalli, EVP and Head - Cloud and Infrastructure at Infosys, said GuideVision's addition is another significant step towards strengthening Infosys Cobalt offerings portfolio, bringing the combination of services, solutions and platforms that acts as a force multiplier for cloud-powered enterprise transformation. "Our recently announced Infosys Cobalt portfolio has a large repository of ServiceNow Industry Cloud solutions like ESM Caf, and this will now be bolstered by GuideVision's SnowMirror suite of Industry templates," he added.
Norbert Nagy, co-founder of GuideVision, said joining Infosys brings an extended portfolio of services that the company can offer to its customers on their digital transformation journey. "The global Infosys footprint is an exciting opportunity for both GuideVision customers and employees," he added.
GuideVision & Infosys...Congrats!!!
Source: Business Standard