Infosys buys procurement specialist Portland Group

The investment arm of Indian IT services giant Infosys will complete a $37 million buy-out of Australian procurement firm Portland Group.

The deal, signed in late December 2011, will be finalised in early January, subject to certain undisclosed closing conditions being met.

Infosys has very rarely acquired other companies. The purchase of Portland Group marks only its fourth purchase in its 32 year history.

Founded in 1999, Sydney-based Portland Group was originally a procurement technology company. It has since expanded into cost-reduction consultancy.

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