Infosys stated that it would acquire Noah Consulting that offers information management consulting services in the sector of oil and gas. The deal is likely to be finalized for $70 million by means of cash and mark the third acquisition of the IT company this year.
Noah Consulting aids the oil and gas companies in creating and deploying information solutions in order to generate value from the oil and gas assets. It was founded in the year 2008 and it has 122 employees. The offices of Noah Consulting are located in Texas and Houston in the United States and Calgary in Canada as per its website.
The founder of Noah Consulting, John Ruddy in the year 2012 stated that the firm expects to reach revenues of $12.5 million that year. He stated that the goal of the company is to progress to $50 million by 2015. However, the revenue of Noah Consulting is not revealed by Infosys.
Rajesh Murthy, the Executive VP and Global Head of energy, services and communications at Infosys stated as follows. He claimed that the upstream oil and gas industry is witnessing unprecedented challenges that need faster and improved ways to achieve return on investment. The same needs a well defined as well as executed information and strategy for data management to let the companies increase their efficiency from exploration to production. With the acquisition of Noah Consulting, Infosys is likely to be positioned uniquely to provide end-to-end data management services to the companies operating globally in the oil and gas sector.
Sarabjit Kour Nangra, the Vice President of Research IT, Angel Broking stated that the company notified that no promoter or group has interest in Noah Consulting LLC. The acquisition does not belong to the related party transaction as well. It is small and it would not have an impact on the financials in a great way.
The acquisition is expected to be finalized before the end of Q3 of the fiscal year 2016. Earlier this year, Infosys said it will buy Panaya, the automation startup and Kallidus Inc, a provider of digital and m-commerce solutions for $200 million and $120 million respectively.
