UK-based consultancy firm Axon Group Plc has signed a deal with Infosys according to which it will be bought by the Indian software giant for $753.1 million.

The deal which is slated to be completed by November this year, is expected to benefit both parties. According to its terms, Axon’s stockholders would get 600 pence a share which is 19 percent more than the August 22 closing price of 502.5 pence per share. The prospective owners have also indicated that after the acquisition, Axon’s current employees will be retained.

Axon Group is one of the leading consultancy services providers in the United Kingdoms. Last fiscal year ending December 2007, it reported an after-taxation profit of 20.2 million sterling pounds on revenues of 204.5 million sterling pounds. The company has an overall strength of 2000 employees.

Axon Group started out as an implementation consultancy but over time evolved into a full services provider catering to the business consulting, solutions implementation and applications management requirements of large organizations. Since its founding in 1994, Axon has been a pioneer in several areas of the SAP market space in the UK.

Infosys is the second largest software services exporter of India and its acquisition of Axon will pave the way for making inroads into the European market.