IT services major Infosys on Monday said it has completed the acquisition of US-based product design and development firm Kaleidoscope Innovation.
On September 3, Infosys had announced that it will acquire Kaleidoscope Innovation for up to USD 42 million (about Rs 308 crore).
Kaleidoscope Innovation is a full-spectrum product design, development and insights firm innovating across medical, consumer and industrial markets. It 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. Ohio-based Kaleidoscope had clocked revenue of USD 20.6 million in the fiscal year ending December 31, 2019.
“This acquisition demonstrates Infosys’ commitment to innovate for its clients, and make a meaningful impact on human lives through a combination of cutting-edge technologies. This collaboration further aims to revolutionise patient care, treatment, diagnostics and consumer health, across the world,” Infosys said in a statement on Monday.
With Kaleidoscope Innovation, Infosys will further strengthen its digital offerings and also its workforce with a diverse talent pool with extensive knowledge of design and engineering, it added.
“Infosys is excited to welcome Kaleidoscope Innovation and its leadership team,” it said.
Source: Business-Standard