Infosys to acquire Germany-based digital marketing company oddity

IT services company Infosys said it has signed a definitive agreement to acquire Germany-based digital marketing, experience, and commerce agency oddity for up to 50 million euros.

Infosys said the acquisition will strengthen its creative, branding and experience design capabilities. It expects the acquisition to close during the first quarter of fiscal 2023, subject to customary closing conditions.

To consummate the transaction, Infosys will simultaneously acquire Kristall 247.. Founded in 2021, Kristall 247. GmbH, with a seat in Cologne, Germany, does not have any operations.

The cost of acquisition for oddity will be up to 50 million euros, including earn-out, management incentives and bonuses, while for Kristall 247. it will be 3,000 euros.

"With more than 300 digital experts located in Stuttgart, Berlin, Cologne, Belgrade, Shanghai and Taipei, oddity is one of the largest independent digital agencies from Germany," Infosys said in a release.

Enabling digital transformation for leading German omni-channel, e-commerce retailers, leading FMCG brands and global mobility providers, oddity has a comprehensive service portfolio comprising digital-first brand management and communication, in-house production, including virtual and augmented reality, experience design and e-commerce services across Europe and China, it added.

"As part of Infosys' digital experience and design offering, oddity will become part of WONGDOODY, an Infosys company, and join its network of studios across Seattle, Los Angeles, New York, Providence, Houston, and London, and design hubs in five cities in India," the company said.

"With oddity's digital commerce and marketing knowledge as well as its metaverse-ready set-up, it is the perfect complement to Infosys' prowess in technological transformation," Infosys President Ravi Kumar S said on the acquisition.

oddity founders Frank Boegner, Marc Bürkle, Simon Umbreit and Christian Gölz, in the statement, said, "The future of better human-centered marketing lies in the symbiosis of creativity and technology (data, automation, AI). This is where we see the opportunity for a unique differentiation together with Infosys and WONGDOODY. We are ambitious to further develop our services jointly and are proud to become part of one of the world's most respected digital tech companies."