Infosys has announced an agreement to acquire oil and gas management consulting services provider Noah Consulting for US$70mn
According to Infosys, the acquisition was an all-cash deal with an aggregate purchase consideration of US$70mn.
Noah Consulting's expertise lies in the upstream oil and gas sector, driving strategic data management. With this acquisition, Noah Consulting's industry knowledge, information strategy planning, data governance and architecture will be coupled with Infosys' ability to provide technology and outsourcing services on a global scale to oil and gas clients, said Infosys in a statement.
Infosys executive vice-president and global head of energy, communications and services Rajesh Murthy said, “The upstream oil and gas industry is facing unprecedented challenges that demand faster and better ways of achieving return on investment. This requires a well-defined and executed information and data management strategy that will allow companies to increase efficiencies across the lifecycle – from exploration to production. With this acquisition, we are uniquely positioned to offer end-to-end data management services to oil and gas companies globally.”
Sanjay Purohit, executive vice-president and global head of Infosys Consulting, added, “Our oil and gas clients are adjusting to a new normal of lower oil prices. There is an urgency to improve the efficiency and effectiveness of their operations in a safe and reliable manner. This acquisition is part of Infosys’ strategy to bring next generation data analytics solutions to the oil and gas industry.”
John Ruddy, president of Noah Consulting, said, “We are excited about the new capabilities that the combination of Noah and Infosys will bring to our clients. Together, we can effect transformational change for our oil and gas clients by using information management to integrate supply chain, safety, environmental and financial data with geoscience, engineering and other operational and technical data – an industry challenge that has never been addressed effectively. We look forward to making a difference together.”
The transaction is expected to close before the end of Q3 2016, subject to customary closing conditions, said Infosys.