Bengaluru: Software major Infosys said it is actively looking at acquisitions outside at its annual general meeting of shareholders on Saturday, the AGM, held virtually for the first time due to the COVID-19 pandemic, saw 1771 shareholders log in from various parts of the country. It lasted for nearly three hours, with multiple questions on the impact of the pandemic and the recent visa ban by President Trump.
In response to questions on whether the company will look at acquisitions, Infosys CEO Salil Parekh said, “We are actively looking at acquisitions outside India. We have an active program of looking at acquisitions. We are seriously looking at acquisitions with a digital focus be it in the cloud or data. We are looking at acquisitions outside India in multiple geographies. There is a good pipeline of acquisitions that the company is looking at.”
At the same time, Infosys chairman Nandan Nilekani said the company would look at tuck-in acquisitions and also look at captives.
Talking about the impact of COVID-19 on business, Parekh said the company saw no cancellations. “Travel and hospitality are relatively small, so we don’t expect a material impact on this sector. Retail and manufacturing were the most impacted while financial services were least impacted.”
While there would be some negative impact due to COVID-19 in the near term, the company said it sees an accelerated shift to digital and also opportunities in vendor consolidation.
