Bengaluru/Cincinnati, Global software major Infosys on Thursday announced it has acquired US-based product design firm Kaleidoscope Innovation for $42 million (Rs 309 crore) to expand its engineering service offerings in medical devices, consumer and industrial markets across America.

"Our subsidiary Infosys Nova Holdings has signed an agreement to acquire 100 per cent equity capital of Kaleidoscope for $42 million," said the city-based $13-billion IT major in a statement from Ohio's Cincinnati in the US midwest.

The deal is expected to be completed by the month-end after regulatory approvals.

The Ohio-based firm provides design and development across medical, consumer and industrial markets for making smart products.

"The acquisition demonstrates our commitment to innovate for Kaleidoscope clients and make an impact on human lives by combining smart technologies and experiences to revolutionise patient care, treatment, diagnostics and consumer health the world over," the company said in the statement.

Kaleidoscope designs microsurgical instruments, used in invasive surgery, drug delivery devices for ophthalmic therapies and user-centric wearables.

"The acquisition strengthens our digital offerings at the intersection of new software technologies and medical devices, a sector that is expected to witness investments and consumerisation in the post-Covid-19 era," said Infosys President Ravi Kumar.

Global clients of the outsourcing firm will also benefit from the combination of Kaleidoscope's offerings of product innovation and design and its stack of product engineering, validation and commercialisation services at a global scale.

"Device engineering for consumer and medical industries has been a key parameter for our clients. The addition of concept design and human factors engineering, through the acquisition provides us capability and creates an engagement engine," said Infosys' global head of engineering Nitesh Bansal.

Kaleidoscope co-founder and Chief Executive Matt Kornau said becoming a part of Infosys allows it to scale up fast and bring expanded offerings in AI (artificial intelligence), analytics and digital infrastructure to its clients.

"Infosys provides a platform for us to extend our relationship with our business partners to address the productisation of solutions they have been asking us to deliver. We can offer them the scale needed for front-end innovation and back- end implementation and sustainability," Kaleidoscope's other co-founder Bill Taylor said in the statement.