Indore based InfoBeans Technologies has announced the acquisition of New York based Philosophie Group Inc, a new age firm known for its rapid innovation and design, in an all-cash deal. It has worked with over 230 clients including Google, Amazon, American Express, UCLA, Royal Caribbean Cruises, Fight Club, Nintendo, etc.
The deal underscores many strategic advantages to InfoBeans Technologies including greater access to the US market and world known brands. Philosophie is expected to clock $10 million annual revenue this year. Post its integration, this will make InfoBeans Technologies a $28-30 million company with significantly higher revenue per team member.
This puts InfoBeans at par with medium and large tier IT companies on per person revenue.
Avinash Sethi, Co-founder, InfoBeans Technologies, said, “Philosphie’s design and prototyping abilities complements enterprise application development capabilities of InfoBeans. This union will enable the combined entity to provide a much wider spectrum of services to our clients. This acquisition will also help us in achieving our shared dream of making InfoBeans Technologies Limited a global entity besides adding specialised skills.”