Infosys to acquire Blue Acorn iCi for Rs 915 crore
PTI October 9, 2020
IT services major Infosys on Thursday said it has inked a pact to acquire Blue Acorn iCi, a digital customer experience, commerce and analytics services provider, for up to $125 million (about Rs 915 crore). The move further strengthens Infosys' end-to-end customer experience offerings and demonstrates its continued commitment to help clients navigate their digital transformation journey, Infosys said.
Together with Infosys' earlier acquisition of WONGDOODY that offers creative and marketing services, BlueAcorn iCi brings complementary capabilities to help global CMOs and businesses thrive in a digital commerce world, it added. This acquisition further deepens Infosys' capabilities in the Adobe, Magento, Salesforce Commerce and Shopify ecosystems, it said.
The cost of the acquisition - which is expected to close during the third quarter of FY 2021, subject to customary closing conditions - is "up to $125 million including management incentives and bonuses", Infosys said in a regulatory filing. The acquisition is being undertaken by Infosys Nova Holdings, LLC, a wholly-owned subsidiary of Infosys.
Blue Acorn iCi group is owned by Beringer Capital, company management and previous owners. The company is headquartered in Charleston, USA, and has presence across the US. Its revenue in 2019 was at $43.6 million. With services that include strategy, analytics, design, and engineering, Blue Acorn iCi works with brands across industries from media, consumer goods and retail, financial Services, manufacturing and technology.
"We are focused on partnering with global brands and CMOs to help them navigate their digital experience and commerce challenges. The Blue Acorn iCi acquisition is another important milestone in Infosys' journey to build capabilities relevant to the digital priorities of our clients and reaffirms our commitment to the Adobe ecosystem," Infosys President Ravi Kumar S said.
Chris Guerra, Co-CEO of Blue Acorn iCi, said by becoming a part of the Infosys family, Blue Acorn iCi will be able to better serve clients and their customers as it elevates its scale, technical acumen, global reach, creative capabilities and consumer insight expertise. Together, we will be able to offer unrivaled services and insights to help companies become the new leaders of digital experience & commerce," he added.
Investment Bank CG Petsky Prunier, part of Canaccord Genuity, advised Blue Acorn ICI on the transaction.