India's Infosys buyout to limit impact of US slowdown

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BANGALORE, India, Aug 28 (AFP): Indian software giant Infosys Technologies said yesterday its acquisition of British consultancy Axon group for 753 million dollars would limit its risk from the US slowdown.

Nasdaq-listed Infosys, India's second-largest software services exporter, announced Monday it would buy Axon in an all-cash takeover deal expected to be completed by November 2008.

"The buyout in the short term will de-risk us from the impact of a slowdown in the US market," Infosys chief executive Kris Gopalakrishnan said in India's software hub Bangalore.

The North American region accounts for over 62 per cent of Infosys's revenues.

The planned 753-million-dollar purchase deal, the biggest acquisition ever by an Indian IT company, has been accepted by Axon's management.

Infosys has promised it will retain Axon's 2,000 employees.