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Bangalore , July 13

Infosys on Wednesday said that it has bought out 23 per cent stake in Progeon Ltd, its BPO subsidiary for Rs 530 crore. The company bought 87.5 lakh equity shares (23 per cent on a fully diluted basis) of Progeon from Citicorp International Finance Corporation.

Infosys now holds 96.96 per cent of the outstanding equity shares of Progeon. The net consideration of Rs 309 crore, after withholding taxes of Rs 221 crore, has been remitted to Citicorp. For the quarter-ended June 30, 2006, Progeon reported a net profit of Rs 20 crore on revenue of Rs 127.8 crore. The company had a total employee headcount of over 8,000 by the end of first quarter. .

Finacle, the core banking solution of Infosys, has raked in revenues of $24 million as of June 30, 2006. It has a compound annual growth rate of 66 per cent, compared to i-flex's 24 per cent and Temenos's 7.4 per cent over last three years, according to the company.

More Stories on : Mergers & Acquisitions | Software | Outsourcing | Infosys Technologies Ltd

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