IT services and consulting major Infosys on Thursday announced that it has signed an agreement to acquire Blue Acorn iCi for up to USD 125 million (about Rs 915 crore).
Blue Acorn iCi is a digital customer experience, commerce and analytics services provider.
“The move further strengthens Infosys’ end-to-end customer experience offerings and demonstrates its continued commitment to help clients navigate their digital transformation journey,” the company said in a release.
“Together with Infosys’ earlier acquisition of WONGDOODY that offers creative and marketing services, BlueAcorn iCi brings complimentary capabilities to help global CMOs and businesses thrive in a digital commerce world. This acquisition further deepens Infosys’ capabilities in the Adobe, Magento, Salesforce Commerce and Shopify ecosystems,” said the release.
The cost of the acquisition – which is expected to close during the third quarter of FY 2021, subject to customary closing conditions – is “up to USD 125 million including management incentives and bonuses”, Infosys said in a regulatory filing. The acquisition is being undertaken by Infosys Nova Holdings, LLC, a wholly-owned subsidiary of Infosys Ltd.
Blue Acorn iCi group is owned by Beringer Capital, company management and previous owners. The company is headquartered in Charleston, USA, and has presence across the US. Its revenue in 2019 was at USD 43.6 million.
Speaking about the deal, Infosys President Ravi Kumar S said, “We are focused on partnering with global brands and CMOs to help them navigate their digital experience and commerce challenges. The Blue Acorn iCi acquisition is another important milestone in Infosys’ journey to build capabilities relevant to the digital priorities of our clients and reaffirms our commitment to the Adobe ecosystem.”
Chris Guerra, Co-CEO of Blue Acorn iCi, said, “by becoming a part of the Infosys family, Blue Acorn iCi will be able to better serve our clients and their customers as we elevate our scale, technical acumen, global reach, creative capabilities & consumer insight expertise.”
“Together, we will be able to offer unrivaled services and insights to help companies become the new leaders of digital experience & commerce,” he added.
Investment Bank CG Petsky Prunier, part of Canaccord Genuity, advised Blue Acorn ICI on the transaction.
The acquisition is expected to close during the third quarter of fiscal 2021, subject to customary closing conditions.
Adobe and the Adobe logo are registered trademarks or trademarks of Adobe in the United States and or other countries.