Infosys to acquire Finland’s Fluido for $76 mn
Photo Credit: Reuters

Infosys Ltd, India’s second-largest software services exporter, said on Friday it has agreed to acquire Finnish company Fluido for €65 million (about $76 million) to strengthen its enterprise cloud capabilities and presence in Europe.

The deal value includes earn-out, management incentives and bonuses, Infosys said in a statement.

Fluido is majority-owned by its management team and CapMan private equity, with Salesforce Ventures having a minority stake.

Bengaluru-based Infosys said Fluido is an important Salesforce consulting partner in the Nordics and also a leader in cloud consulting, implementation and training services. The acquisition strengthens Infosys’ position as a leading Salesforce enterprise cloud services provider and enhances its ability to provide clients cloud-first transformation, the Indian company said.

Espoo, Finland-based Fluido was founded in 2010 and has offices in Denmark, Sweden, Norway and Slovakia. It has customers across industries such as manufacturing, energy, retail and telecommunications.

“This acquisition demonstrates Infosys’ commitment to the Salesforce ecosystem to address our client’s digital priorities,” said Ravi Kumar, president and deputy chief operating officer at Infosys.

Kumar said Fluido brings “a unique combination” of market presence, deep Salesforce expertise, agile delivery and training. “This acquisition also aligns to our efforts to invest in local capabilities in the regions in which we operate,” he said.

The acquisition is likely to close during the October-December quarter, subject to customary closing conditions.

This is the IT major’s second buyout this year. In April, the firm announced the acquisition of US-based consultancy company WongDoody for  $75 million to strengthen its creative, branding and customer experience capabilities.  

Infosys is currently in the process of seeking buyers for three of its subsidiaries.

The firm conducted a review of its portfolio this year and said that it would evaluate the sale of Panaya, Kallidus and Skaya.  

Infosys had acquired Israeli software firm Panaya for $200 million in 2015, but the deal sparked allegations of corporate governance failures. 

The allegations resulted in two internal investigations besides an international probe by law firms between October 2015 and August 2016. None of the investigations found any irregularities, Infosys had said. However, after months of squabbling between the management and promoters over this and other issues, Vishal Sikka decided to quit as chief executive in August last year.

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