In a stock exchange filing late on Thursday, Infosys said that it has entered into a definitive agreement to acquire 100 percent equity share for $42 million in Kaleidoscope Innovation, a full-spectrum product design, development and insights firm innovating across medical, consumer and industrial markets, bolstering capabilities in the design of smart products.
"This acquisition demonstrates Infosys' commitment to innovate for its clients, and make a meaningful impact on human lives by combining cutting-edge technologies and experiences to revolutionize patient care, treatment, diagnostics and consumer health across the world," it said.
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, including the delivery mechanism for aortic stents.
"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 consumerization in the post-COVID era. Our clients will benefit from the combination of Kaleidoscope's strong upstream offerings of product innovation and design, and Infosys' stack of product engineering, validation and commercialisation services at a global scale. We are excited to welcome Kaleidoscope Innovation and its leadership team into the Infosys family, as part of Infosys Engineering Services portfolio," said Ravi Kumar, President, Infosys.
Shares of Infosys Ltd opened lower on Friday at Rs 915 on BSE.