Infosys Ltd announced on Tuesday that it has signed a formal deal to acquire Oddity, a digital marketing, experience, and commerce firm based in Germany, for €50 million (about Rs 419 crores).
The strategic purchase is intended to boost Infosys’ digital experience capabilities in Germany, Europe, and Northeast Asia. The deal is scheduled to finalize in the first quarter of fiscal 2023.
Oddity is one of Germany’s largest independent digital companies, with over 300 digital specialists spread throughout Stuttgart, Berlin, Cologne, Belgrade, Shanghai, and Taipei.
“Together with Infosys’ earlier acquisition of WONGDOODY, which offers creative and marketing services, oddity will help global chief marketing officers (CMOs), and businesses thrive in a digital commerce world with complementary skills and expertise,” Infosys said in a statement.
Oddity will join WONGDOODY, an Infosys subsidiary, and its network of studios in Seattle, Los Angeles, New York, Providence, Houston, and London, as well as design centres in five Indian cities, as part of Infosys’ digital experience and design offering.
“We find ourselves at the cusp of the next generation of the internet, the merging of the physical and virtual worlds. With this vision, we are excited to strengthen our experience and marketing skills with oddity, to deliver forward-thinking, holistic solutions at a global scale. With oddity’s digital commerce and marketing knowledge as well as its metaverse-ready set-up, it is the perfect complement to Infosys’ prowess in technological transformation,” said Ravi Kumar S, president, Infosys.