Dec 26 (Reuters) - Indian IT services provider Coforge said on Friday it would acquire U.S.-based AI firm Encora from private equity groups Advent International and Warburg Pincus at an enterprise value of $2.35 billion.
The acquisition will give Coforge a stronger foothold in the AI-led services segment, the company said, adding that the business is likely to deliver $2 billion in revenue for the fiscal year to March 2027
Coforge said it will fund the equity value of the deal, worth $1.89 billion, through the issue of preference shares, which will give Encora shareholders a 20% stake in the Indian firm.
Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema
Source: Reuters