Infosys on Friday said it has completed the acquisition of Simplus, one of the fastest-growing Salesforce Platinum Partners in the US and Australia. In February, Infosys had announced that it will acquire Simplus in an up to $250 million deal.
“Infosys has completed the acquisition of Simplus. Through this acquisition, coupled with the acquisition of Fluido announced in September 2018, Infosys further elevates its position as an end-to-end Salesforce enterprise cloud solutions and services provider, offering clients unparalleled capabilities for cloud-first digital transformation,” Infosys said in a regulatory filing on Friday.
Simplus has over 500 employees and offices in North America, Sydney, Melbourne, London and a delivery center in Manila. The company had about $67 million in revenue for the fiscal year ending January 31, 2020.
Infosys paid $200 million including contingent considerations for the acquisition of Simplus shares. In addition, there are employee incentives and retention bonuses amounting to $50 million on meeting certain performance conditions over three years.
It added that the acquisition brings globally recognized Salesforce expertise, industry knowledge, solution assets, deep ecosystem relationships and a broad clientele across a variety of industries including high-tech, financial services, retail, healthcare, life sciences, and manufacturing.
Simplus was majority-owned by institutional investors, founders and key employees, with Salesforce Ventures having a minority stake. Its revenue stood at $67.1 million for the fiscal year ending January 31, 2020. Simplus has offices across North America, Sydney, Melbourne, London, and a large delivery center in Manila.
Infosys Limited is an Indian multinational corporation that provides business consulting, information technology and outsourcing services. It has its headquarters in Bangalore, Karnataka, India. Infosys is the second-largest Indian IT company after Tata Consultancy Services by 2017 revenue and 596th largest public company in the world based on revenue.
On March 29, 2019, its market capitalization was $46.52 billion. The credit rating of the company is A− (rating by Standard & Poor’s). Infosys was established by seven engineers in Pune, Maharashtra, India with an initial capital of $250 in 1981. It was registered as Infosys Consultants Private Limited on 2 July 1981. In 1983, it relocated its office to Bangalore, Karnataka, India.