InfoBeans Technologies buys US-based Philosophie Group in all-cash deal

Our Bureau Mumbai | Updated on September 25, 2019

InfoBeans Technologies has acquired New York-based Philosophie Group in an all-cash deal. The financial terms of the deal were not immediately disclosed.

The deal provides InfoBeans Technologies greater access to the US market and world-known brands. Philosophie, which is expected to clock $10 million revenue this year, hopes the deal to help it emerge as a $28-30 million company, it said in a statement.

This puts InfoBeans at par with medium- and large-tier IT companies on per person revenue, it added.

“Philosphie’s design and prototyping abilities complements enterprise application development capabilities of InfoBeans. This union will enable the combined entity to provide a much wider spectrum of services to our clients,” Avinash Sethi, Co-founder, InfoBeans Technologies said.

Published on September 25, 2019

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