A global outsourcing powerhouse is snapping up a well-known Cincinnati research firm.
On Thursday, Bengaluru, India-based Infosys announced its acquisition of Blue Ash-based Kaleidoscope Innovation, which describes itself as an insights, design and innovation firm. The deal is valued at $42 million, according to Crunchbase.
In a news release, Infosys President Ravi Kumar said the deal will bolster the firm's "digital offerings at the intersection of new software technologies and medical devices — a sector that is expected to witness significant investments and consumerization in the post-Covid era."
"We are enthusiastic about our exciting new partnership with Infosys," Matt Kornau, Kaleidoscope Innovation's CEO and co-founder, said in a statement. "It allows us to scale quickly and bring expanded offerings in AI, analytics and digital infrastructure to our clients. Kaleidoscope has always valued the ability to enhance people's lives and their outcomes through innovation. We feel Infosys shares these same values and will open new avenues for our client partners, and our staff, to pursue larger opportunities together. We will remain dedicated to serving as good partners to other companies, large and small, as we continue to meet our mission."
The deal is expected to close in the second quarter of 2021.
Kaleidoscope works with companies such as Cincinnati-based Procter & Gamble Co. (NYSE: PG), whose consumer products include some classified as medical devices. Other large companies Kaleidoscope works with include Johnson & Johnson (NYSE: JNJ), a New Jersey-based firm that develops consumer packaged goods that compete with those of P&G as well as medical devices and pharmaceuticals.
In 2019, Kaleidoscope ranked as the 10th-largest market research firm in Greater Cincinnati, with 58 employees, according to Courier research.
Infosys has more than 239,000 employees in 46 countries, with nearly $13 billion in annual revenues, according to its website
