Infosys Technologies said it had agreed to buy British consultancy Axon Group for £407 million ($753 million) as India's second-biggest software services exporter looks for growth beyond an uncertain US market.

The cash deal values Axon at £6 per share, a 19.4 per cent premium over Friday's close of £5.025 and 33pc over the average price of the last six months, Infosys chief executive officer Kris Gopalakrishnan said.

The offer price included any interim dividend that Axon, which has a market value of almost $600 million, may announce when it releases results on today, Infosys said.

The Axon board has already "unanimously recommended" the offer, with its large shareholders and some key employees also supporting the deal, Infosys chief financial officer V Balakrishnan said.

Subject to approvals, Infosys expects to complete the deal in November.