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Infosys, Wipro in race to buy US analytics firm

Infosys, Wipro in race to buy US analytics firm
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First Published: Fri, Aug 31 2007. 02 28 PM IST
Updated: Fri, Aug 31 2007. 02 28 PM IST
AFP
Bangalore:Infosys Technologies and Wipro, India’s second and third-biggest software firms, are competing to purchase a US analytics firm in a deal valued at up to $160 million (Rs640 crore) according to a report.
The Bangalore-based firms have shown early interest in buying New Jersey-headquartered MarketRX the first time they are both targeting the same acquisition.
About five suitors expressed interest in buying the company, which at $160 million would be worth about five times annual revenue.
The final purchaser would be able to tap MarketRX’s established and potentially lucrative practice in analytics, including people trained in diverse branches such as mathematics, statistics and accountancy.
Both Indian companies declined to comment on a possible transaction. Infosys and Wipro typically do not comment on reports about their takeover targets until a deal is sealed.
Earlier this month Wipro paid $600 million to buy US-based outsourcing firm Infocrossing, pursuing what it called a “string of pearls” strategy that calls for making acquisitions at a steady pace to build its global presence.
Meanwhile the software giant is also evaluating potential acquisitions in Germany and Canada, according to its chairman Azim Premji.
Infosys Technologies has also confirmed that it is exploring possible overseas acquisitions and may have some announcements to make in the coming months.
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First Published: Fri, Aug 31 2007. 02 28 PM IST
More Topics: India | Technology | US | Analytics | Wipro |