This Article is From Mar 22, 2022

Infosys To Acquire Germany-Based Oddity For $50 Million In All Cash Deal

Infosys will acquire Oddity, Germany-based digital marketing agency, in an all-cash deal for $50 million (about Rs 380 crore), the company said.

Infosys To Acquire Germany-Based Oddity For $50 Million In All Cash Deal

Infosys to acquire digital marketing agency Oddity for $50 million

New Delhi:

Information Technology company Infosys will acquire Oddity, Germany-based digital marketing, experience, and commerce agency, in an all-cash deal for $50 million (about Rs 380 crore), the company said on Tuesday.

As part of Infosys' digital experience and design offering, 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, Infosys said in a statement.

The company had acquired US-based Wongdoody, which offers creative and marketing services, in a $75 million deal in 2018.

"To consummate the transaction, Infosys will also acquire Germany-based Kristall 247 for 3,000 euros (about Rs 2.5 lakh)," the Indian IT firm said.

Infosys said Oddity's acquisition cost is "up to 50 million euros, including earn-out, management incentives and bonuses." With more than 300 digital experts, Oddity is one of the largest independent digital agencies, the statement said.

"With oddity's digital commerce and marketing knowledge and its metaverse-ready set-up, it is the perfect complement to Infosys' prowess in technological transformation," Infosys President Ravi Kumar S said.

Oddity has a comprehensive service portfolio comprising digital-first brand management and communication, in-house production, including virtual and augmented reality, experience design and e-commerce services across Europe and China, the statement said.

Acquisition of Oddity is expected to close during the first quarter of FY23.

.