Infosys makes first overseas buy

India's leading software firm, Infosys, has snapped up Australian software firm Expert Information Services (EIS) - its first overseas acquisition.

The all-cash deal is valued at $22.9m (£13.5m), and is expected to be completed by the first week of January.

Infosys chairman NR Narayana Murthy said EIS would be renamed Infosys Technologies (Australia) after the deal goes through.

The company has been hunting for a buy since 1999, when it floated in the US.

Hunt for buys

Mr Murthy added the Bangalore-based firm had looked at 135 companies since it listed on New York's technology-heavy Nasdaq stock exchange.

Infosys said EIS is one of Australia's leading IT service providers, specialising in designing, building and integrating business solutions and products.

The firm employs 330 staff and has around 40 clients - mostly in the telecoms sector.

Infosys has more than 19,000 employees in more than 30 offices worldwide and achieved a turnover of $764 million for the financial 2002-2003 financial year.