BENGALURU: Infosys has acquired Kaleidoscope Innovation, a product design, development and insights firm focused on the medical device market, for $42 million.
Kaleidoscope designs microsurgical instruments, devices used in minimally invasive surgery, drug delivery devices for ophthalmic therapies and user-centric wearables. It also offers usability testing in support of regulatory submissions. “This acquisition further strengthens our digital offerings at the intersection of new software technologies and medical devices - a sector that is expected to witness significant investments and consumerisation in the post-Covid era," said Infosys president Ravi Kumar.
Infosys, under its CEO Salil Parekh, has been beefing up its capabilities in new age technology areas. This is the sixth acquisition under Parekh and include Simplus and Fluido, both of which are Salesforce partners, ad tech company WongDoody, and Stater, a subsidiary of ABN Amro Bank and Hitachi Procurement Service. “We have an active programme of looking at acquisitions. We are seriously looking at acquisitions with a digital focus, be it in cloud or data," Parekh said at the annual general meeting in June. In the last three years, these acquisitions have cost more than $600 million.
The focus has helped increase the company’s digital revenue, which represented 45% of the company’s topline and grew at 24% in the first quarter ended June 30.
Ohio-based Kaleidoscope reported revenue of $21 million last year and has about 66 employees. Matt Kornau, CEO & co-founder of Kaleidoscope Innovation, said the acquisition allows the company "to scale quickly and bring expanded offerings in AI, analytics, and digital infrastructure to our clients." Chennai-based Spark Capital acted as the exclusive financial advisors to Kaleidoscope Innovation.
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September 04, 2020 at 07:32AM
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Infosys buys medical device company for $42 million - Times of India
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