Infosys Limited (NSEI:INFY) entered into a definitive agreement to acquire Simplus from Salesforce Ventures, Inc., other institutional investors, founders and key employees for $200 million on February 10, 2020. The purchase price consists of $180 million paid in cash and $20 million contingent consideration to be paid for the acquisition of shares subject to closing adjustments. In addition, there are employee incentives and retention payments amounting to up to $50 million on meeting certain performance conditions over three years.

Simplus reported $67.1 million revenues for the year ending January 31, 2020. The acquisition is subject to customary closing conditions. As on February 28, 2020, Federal Trade Commission granted an early termination notice of antitrust approval waiting period.

The transaction is expected to close during the fourth quarter of fiscal 2020. Ken Lefkowitz, Andy Braiterman, Benjamin Britz, Rita Haeusler, Spencer Harrison, Vilia Hayes, Gary Simon, Matthew Syrkin, Michael Traube, Michael DeBernardis, Erin DeCecchis, James Delaney, Alan Kashdan, Carol Remy and Barbara Champoux of Hughes Hubbard & Reed LLP acted as legal advisor to Infosys Limited.