Indian IT services provider Coforge has announced the acquisition of US-based artificial intelligence developer Encora in investment firms Advent International and Warburg Pincus for $2.35bn.
According to a Coforge press release, the deal is expected to generate approximately $2bn in revenue for the company for the fiscal year ending March 2027.
Coforge will issue preferred stock to partially pay for the purchase. As a result, Encora shareholders will receive a 20 per cent stake in the Indian company.
Coforge share prices fell by 3.7% at the end of trading on Friday.