Software firm agrees £407m takeover
Updated on 25 August 2008
A major business software consultant has agreed to be bought in a takeover deal worth £407.1 million.
Axon, based in Egham, Surrey, boasts clients including including oil giant BP, Transport for London and city councils in Wolverhampton and Birmingham.
The company, which has around 2,000 staff is being bought by global technology group Infosys, based in Bangalore, India.
Non-executive chairman Roy Merritt said: "Against the background of the global economic environment and increasing consolidation in the IT services industry, the combination with Infosys represents a compelling proposition."
Three of the key founders of Axon, Mark Hunter, Donald Kirkwood and Paul Manweiler, own a 17.9% stake in the business between them which is valued at nearly £73 million by the 600p a share offer.
Infosys has more than 90,000 staff worldwide and around 3,200 in the UK, although a spokesman said no job cuts are planned as a result.
Last year Axon, which also has a presence in the US and Malaysia, made pre-tax profits of £29.5 million on revenues of £204.5 million.
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