New Delhi, Dec. 18: Infosys Technologies Ltd signed an agreement today to acquire Expert Information Services Pty Ltd of Australia in an all-cash deal worth $22.9 million (Rs 1,040 crore). The deal, which is standard closing conditions, will be completed in January.

The newly-acquired company will be renamed Infosys Technologies (Australia) Pty Ltd.

Expert is one of Australia's leading IT service providers specialising in the design, build and integration of business solutions and products to leading companies in Australia. Its clients include medium and large enterprises, which span various industry verticals such as telecom, financial services, retail, and the government sector.

Expert achieved total revenues of A$ 46.7 million ($34.6 million) for the year ended June 30, 2003 and a net profit after tax of A$7.0 million ($5.28 million).

The transaction value of $22.9 million would comprise payment in cash on completion of the transaction and earn-out on achieving targeted financial conditions over a three-year period ending March 31, 2007. The term ‘earn-out’ refers to an additional payment based on the future earnings of the acquired company.

“We are excited about this transaction,” said K. Dinesh, member of the Infosys board and chairman-designate of the acquired company. “Australia is an important market for us and this transaction reaffirms our commitment by significantly enhancing our local presence. Our global delivery model combined with Expert’s service will enable us to be a premier player in the Australian market.”

“The merger with Infosys is a perfect fit with our business strategy and we are very excited about it,” Expert’s chief executive officer Gary Ebeyan said.