Infosys to buy 75% stake in Telstra's Versent for $153 million for AI-led JV
Infosys
would acquire a 75% stake in
Versent Group
, a wholly-owned unit of Australian telecom group
Telstra
, for A$233.3 million (~$153 million), to establish an artificial intelligence (AI)-driven cloud joint venture (JV).
"Infosys will acquire 75% of the shareholding in Versent Group...while Telstra will continue to retain a 25% minority stake in Versent Group, reflecting its confidence in the shared potential for growth and customer value, combining Telstra's connectivity, Versent's local digital engineering expertise, and Infosys' global scale," Infosys said in a regulatory filing Wednesday.
"Accelerating Infosys' strategy to help clients navigate their AI journey, this collaboration will propel AI-enabled cloud and digital solutions for Australian businesses," it added.
Versent, with over 650 engineers, provides
cloud services
to Australian organisations in sectors such as finance, energy, utilities, government and education, Infosys said.
The IT company said the deal is expected to boost its local presence, and is expected to close by the second half of fiscal 2026, subject to approvals from the Foreign Investment Review Board of Australia and the Australian Competition and Consumer Commission.
In 2024, Infosys entered into a strategic multi-year collaboration with Telstra to accelerate its software engineering and IT transformation journey and enhance customer experience. This year, the IT company collaborated with Telstra International, to advance technology leadership, drive innovation and support Telstra's new Connected Future 30 strategy.
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