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Bengaluru: Infosys NSE 0.92 % said it would acquire product design and development firm, Kaleidoscope Innovation for up to $42 million.

With this acquisition, the company aims to expand its engineering services portfolio and strengthen presence in medical devices, consumer and industrial markets across the US.

Kaleidoscope brings to Infosys a diverse talent pool with extensive knowledge of design and engineering, said the Indian IT services major in a press release.

Kaleidoscope designs microsurgical instruments, devices used in minimally invasive surgery, drug delivery devices for ophthalmic therapies and user-centric wearables. It also offers usability testing in support of regulatory submissions, including the delivery mechanism for aortic stents.

The firm's last three years' revenues stood at 9: $20.6 million, $15.5 million and $13.2 million, respectively in CY19, CY18 and CY17.

“This acquisition further strengthens our digital offerings at the intersection of new software technologies and medical devices - a sector that is expected to witness significant investments and consumerization in the post-COVID era. Our clients will benefit from the combination of Kaleidoscope’s strong upstream offerings of product innovation and design, and Infosys’ stack of product engineering, validation and commercialisation services at a global scale," said Ravi Kumar, President, Infosys.