Infosys to acquire digital experience and marketing agency Oddity

23 Mar 2022 , 09:59 AM

Infosys said the acquisition strengthens its creative and branding design capabilities and demonstrates its continued commitment to co-create with clients and help them navigate their digital transformation journey.

Infosys said that Oddity will become part of Wongdoody and join its network of studios across Seattle, Los Angeles, New York, Providence, Houston, London, and design hubs in five cities in India.

To consummate the transaction, Infosys will also acquire Germany-based Kristall 247 for 3,000 euros?, the Indian IT firm said.

The acquisition of oddity is expected to close during the first quarter of fiscal 2023 (April 2022), subject to customary closing conditions. Meanwhile, the acquisition of Kristall 247. GmbH is expected to close in March 2022, subject to customary closing conditions.

Cost of acquisition for oddity up to EUR 50 million, including earn-out, management incentives and bonuses. Also, for Kristall 247. GmbH is EUR 3,000

Ravi Kumar S, President, Infosys, said, ?We find ourselves at the cusp of the next generation of the internet, the merging of the physical and virtual worlds. With this vision, we are excited to strengthen our experience and marketing skills with oddity, to deliver forward-thinking, holistic solutions at a global scale. With odditys digital commerce and marketing knowledge as well as its metaverse-ready set-up, it is the perfect complement to Infosys prowess in technological transformation.?

Post acquisition, Infosys will hold 100% of the equity share holding in both oddity and Kristall 247. GmbH

Oddity, founded in 2000, is one of the largest independent digital agency groups from Germany, focusing on digital omni-channel experiences, marketing and commerce, and serving marquee global brands.

Infosys is a global leader in next-generation digital services and consulting. The IT firms consolidated net profit rose 7.1% to Rs 5,809 crore on a 7.7% increase in revenues to Rs 31,867 crore in Q3 FY22 over Q2 FY22.

Shares of Infosys were trading 0.24% lower at Rs 1,882.70 on BSE.

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