Infosys Ltd on Thursday said it has entered a definitive agreement to acquire US-based product design and development firm Kaleidoscope Innovation for up to $42 million. The acquisition is expected to close during the second quarter of fiscal 2021.
The acquisition is expected to strengthen Infosys’ presence in the medical devices, consumer and industrial markets across the US.
“This acquisition demonstrates Infosys’ commitment to innovate for its clients, and make a meaningful impact on human lives by combining cutting-edge technologies and experiences to revolutionize patient care, treatment, diagnostics and consumer health across the world,” the company said in a statement.
Through this acquisition, Kaleidoscope Innovation is expected to bring to Infosys a diverse talent pool with extensive knowledge of design and engineering.
“The company leverages a deep understanding of clinical environments, strong product development capabilities across domains, and a consultancy-style approach addressing human factors, product design, UI/UX design, research & insight, development and visualization,” Infosys said.
“This acquisition further strengthens our digital offerings at the intersection of new software technologies and medical devices, a sector that is expected to witness significant investments and consumerization in the post-covid era,” said Ravi Kumar, president, Infosys.
This article was first published on livemint.com.