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Date: Tuesday 26 Aug 2008

LONDON (ShareCast) - Business services software specialist Axon has agreed a 600p, £407m, takeover from Indian outsource group Infosys.

The bid, a 19.4% premium to Friday's price, has been accepted by 18.1% of Axon's shareholders including founders Mark Hunter, Donald Kirkwood and Paul Manweiler.

"Against the background of the global economic environment and increasing consolidation in the IT services industry the combination with Infosys represents a compelling proposition," chairman Roy Merritt said.

Axon's interim results, published today, showed revenue up 28% to £123.9m (H1 2007: £96.7m)with pre-tax profits of £16.3m against £13.4m.

There is an interim dividend of 2.25p, which is in addition to the 600p offered by Infosys.


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