Infy loses Axon - Biggest Tech News Of 2008

[VelMurugan]

Infy loses Axon

Infosys-Axon deal was hailed as the largest outbound acquisition by an Indian IT company. The analysts termed Axon as strategic fit for Infosys.

Then came the rumours that there was competition: a rival UK security firm has quoting a price higher by 7 pence per share to counter Infosys' offer.

But the software giant was confident. MD and CEO, S Gopalakrishnan said that the company can sail through the deal with its transaction advantage of a full cash deal offer.

However, it seems the Indian IT giant underestimated its rivals, tough competition was there, and closer home. In October, HCL Technologies makes a counter offer to Infosys' Axon bid by raising the value by 8.3 per cent to seal the biggest overseas deal by an Indian firm in this space. The deal got shareholder's nod in November.

Source : IndiaTimes