New Delhi: Country's second largest software services firm Infosys today said it has picked up minority
stake in CloudEndure, an Israeli startup that provides cloud migration and cloud-based disaster recovery software, for $4 million (about Rs 26.7 crore).
The all-cash transaction will be completed by 11 December 2015, Infosys said in a filling to the BSE.
"The company (CloudEndure) offers a highly differentiated solution addressing a USD 15 billion software and services market that is of significant strategic importance to Infosys," it added.
With the investment, Infosys has picked up a minority, not exceeding 20 percent of the outstanding share capital of the company, it said.
Set up in 2013, the privately-held CloudEndure has a presence in Israel and the US.
The Bangalore-based firm is actively scouting for companies working on innovative technologies. Earlier this year, Infosys had announced a $500 million Innovation Fund, earmarked for investments in the growth of disruptive new technologies.
The company has stated that it will invest in companies that develop innovative technologies on automation, Internet
of Things (IoT), and artificial intelligence (AI).
Updated Date: Dec 09, 2015 21:20:04 IST