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Infosys Announces $200 Million Acquisition of US Automation Tech Firm Panaya

Infosys Announces $200 Million Acquisition of US Automation Tech Firm Panaya

By NDTV Correspondent | Updated: 16 February 2015 12:23 IST

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Infosys said on Monday it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of $200 million (roughly Rs. 1,243 crores) as India's second-biggest IT outsourcing company bets on new technology to boost growth.

Under Chief Executive Vishal Sikka, Infosys has been making big bets on automation and other new technology like artificial intelligence and cloud-based services as the company tries to regain some lost ground from rivals like Tata Consultancy Services.

Commenting on the acquisition, Dr. Vishal Sikka, CEO and Managing Director of Infosys said, "The acquisition of Panaya is a key step in renewing and differentiating our service lines. This will help amplify the potential of our people, freeing us from the drudgery of many repetitive tasks, so we may focus more on the important, strategic challenges faced by our clients. At the same time, Panaya's proven technology helps dramatically simplify the costs and complexities faced by businesses in managing their enterprise application landscapes."

Mr. Doron Gerstel, CEO, Panaya, Inc. said, "We are excited about leveraging Infosys' global reach, service footprint and broad customer base to deliver compelling, simplifying, value to clients. I am confident this integrated proposition will uniquely position Infosys as the services leader in the enterprise application services market."

The transaction is expected to close before March 31, 2015, subject to customary closing conditions.

Written with inputs from Reuters

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Further reading: Infosys, Panaya