Infosys Technologies, on Wednesday, took another step in increasing its footprint in Europe by signing a $250-million outsourcing contract with Royal Philips Electronics of the Netherlands. As part of the agreement, Philips will enter into a seven-year contract with Infosys BPO which will provide finance and accounting (F&A) services and the processing of purchasing orders.
The deal, structured like an acquisition, also includes the taking over of Philips’ three shared service centres in Chennai, Thailand and Poland with 1,400 people by Infosys BPO. The latter will make an upfront cash payment of $28 million to Philips. Infosys BPO chairman TV Mohandas Pai told ET, “The cash payment is because Philips had invested in setting up the centres, IP and processes.”
(Source: Economic Times)
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