New York: Indian software major Infosys Technologies Ltd expects to find acquisition opportunities in the US during the downturn, co-chairman Nandan Nilekani was quoted as saying.
“Acquisitions will definitely be very accessible in this market from a price point of view,” Nilekani told the Wall Street Journal in an interview. “If it makes sense, we’ll do it.”
Companies that operate in the healthcare and pharmaceuticals sectors might make particularly interesting targets, he said, adding that Infosys has $2 billion in cash and no debt.
In the interview, Nilekani reiterated Infosys’s earlier guidance of about 12% revenue growth for the fiscal year ending 31 March. That would be a sharp deceleration from growth of 35%, as measured by the US accounting rules, in the year ended 31 March 2008.
Nilekani told the Journal that potential customers are holding back both because of the economic crisis and a rise in protectionist sentiment.
On the economic crisis, Nilekani said “I’ve never seen this level of lack of clarity.” He said executives are “more focused on short-term tactical issues” than making bigger decisions about outsourcing.