Infosys Technologies on Wednesday said it has acquired Gen-i's software solutions practice, which is an arm of New Zealand-based Telecom Corp.
Infosys Technologies Chief Financial officer, Mr V. Balakrishnan, said in a press statement that under the terms of the partnership, Infosys Australia subsidiary will purchase assets of Gen-i's Software Solutions in New Zealand for NZD5 million and offer positions to 110 of its employees and contractors based there.
The partnership is expected to add revenue of NZD12 million for the current financial year. The deal is expected to close by July 1, 2011. The additional staff from Gen-I will expand the Infosys New Zealand team to over 150.
“This strategic partnership with Gen-i seeks to bring together the local expertise and commitment of one of New Zealand's largest ICT companies, as well as Infosys' global best practices and capabilities in IT services. This will create a new market proposition for our clients in Australia and New Zealand,” Mr Balakrishnan said. Infosys stock declined 0.71 per cent to close at Rs 2,872.20 on the BSE on Wednesday.