Bengaluru: Infosys Ltd. said on Thursday that it signed a definitive agreement to acquire US-based product design and development firm Kaleidoscope Innovation for $ 42 million. The acquisition is expected to close during the second quarter of fiscal 2021.

The acquisition is expected to further strengthen Infosys' presence in the medical device, consumer, and industrial markets in the United States.

"This acquisition demonstrates Infosys commitment to innovation for its customers and to making a meaningful impact on human lives by combining the cutting-edge technologies and experiences to revolutionize the care, treatment, diagnosis, and health of consumers' health across the world," the company said in a statement.

Through this acquisition, Kaleidoscope Innovation is expected to bring to Infosys a diverse talent pool with extensive knowledge of design and engineering.

“The company benefits from a deep understanding of clinical environments, strong product development capabilities across industries, and a consultancy-style approach that addresses human factors, product design, UI / UX design, research and understanding, development and visualization, ”said Infosys.

"This acquisition strengthens our digital offerings at the intersection of new medical device and software technologies, an industry that is expected to witness significant investment and consumption in the post-COVID era," said Ravi Kumar, president, Infosys.

Source: Yahoo.com

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