Infosys buys UK's Axon in cash deal

Infosys Technologies launched the biggest overseas acquisition by an Indian IT outsourcing company with a £407.1m ($755.5m) cash deal for UK-based consultancy Axon Group, according to the Financial Times.

Indian outsourcing companies are moving up the value chain from their origins as providers of low-cost services based on cheap, highly skilled, English-speaking labour.

Last year, Wipro, the number three outsourcing company, bought US firm Infocrossing, which specialises in data and IT infrastructure, for US$600 million (€408.5 million).