Infosys Ltd, India's second-largest software services provider, will acquire Noah Consulting LLC, a Texas-based oil and gas consultancy, in an all-cash deal worth $70 million, the Indian company said in a press release Monday.

This is the third acquisition in a little over a year at Infosys, where CEO Vishal Sikka is trying to refashion the Bangalore company into a provider of high-end business consulting and artificial intelligence-based automation to some of the world's biggest corporations. Sikka's drive is an attempt to move away from the conventional Indian outsourcing model based on supplying cheap English-speaking skilled labor that replaced information technology positions in the U.S.

The transaction is expected to close before the end of the current quarter subject to customary closing conditions.

With its proprietary data crunching software, Noah Consulting helps upstream oil and gas companies squeeze more out of their fields, Infosys said in the release. Noah also helps oil exploration and drilling companies better manage data compliance.

Oil exploration companies and those that provide related services account for a relatively small proportion of revenues at Infosys, which, however provides IT services to very large clients including BP PLC. The acquisition could help Infosys mine such customers for larger contracts and add new customers in the sector at a time when depressed oil prices make cutting costs a priority. 

“Our oil and gas clients are adjusting to a new normal of lower oil prices. There is an urgency to improve the efficiency and effectiveness of their operations in a safe and reliable manner," Sanjay Purohit, head of Infosys' consulting unit, said in the press release. "This acquisition is part of Infosys’ strategy to bring next generation data analytics solutions to the oil and gas industry."