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Tech

InfoBeans Technologies acquires Philosophie Group Inc of USA in a cash out deal

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CIOL Bureau
25 Sep 2019 09:24 IST

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Indore based InfoBeans Technologies Limited announced the acquisition of New York based Philosophie Group Inc, a new age firm known for its very rapid innovation and design, in an all-cash deal. It has worked with over 230 clients including Google, Amazon, American Express, UCLA, Royal Caribbean Cruises, Fight Club, Nintendo, etc.

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The deal underscores many strategic advantages to InfoBeans Technologies Limited including greater access to the US market and world-known brands. Philosophie is expected to clock $10 million annual revenue this year. Post its integration, this will make InfoBeans Technologies a $28-30 million company with significantly higher revenue per team member.

This puts InfoBeans at par with medium and large tier IT companies on per person revenue. Said Avinash Sethi, Co-founder, InfoBeans Technologies Limited, “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. This acquisition will also help us in achieving our shared dream of making InfoBeans Technologies Limited a global entity besides adding specialised skills.”

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