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By | Kelly Fiveash 26th August 2008 09:39

Infosys swoops on Axon

Snaps up SAP firm

Shares in computer software firm Axon Group jumped more than 20 per cent this morning after it agreed a £407.1m takeover from Infosys Technologies.

Infosys announced yesterday (pdf) that it planned to buy the UK-based SAP consultant for a recommended cash offer. Axon consults with multinationals that use SAP as their enterprise platform.

It employs over 1,650 people and has a client list that includes BP, Buckinghamshire County Council, Cable and Wireless, Kraft Foods, Transport for London and Xerox.

"We are excited about this acquisition. The strategic combination of our groups will accelerate the realisation of our common aspiration – that of becoming the most respected provider of business transformational services in the global marketplace," said Infosys chief executive Kris Gopalakrishnan.

The giant Indian outsourcing specialist expects the acquisition to be completed in November 2008.

Shares in Axon are currently trading at 602.00 pence, up 20 per cent, on the London Stock Exchange. ®

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