Software services exporter Infosys Limited on 16 February 2015 announced to acquire US-based automation technology firm Panaya Inc. for 1200 crore rupees in cash. Panaya was originally founded in 2005 in Israel.
The deal is a part of Infosys Renew and New strategy to enhance the competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence.
The acquisition of Panaya is a key step in renewing and differentiating Infosys' service lines. Panaya's CloudQuality suite will allow Infosys to bring automation to its service lines through software as a service (SaaS) model, help mitigate risk, reduce costs and shorten time to market for clients.
This is the first major acquisition since Vishal Sikka took over as the Chief Executive Officer (CEO) and Managing Director (MD) of the company on 12 June 2014 and also the first acquisition since 2012.
In January 2012, Infosys BPO acquired Portland Group, a strategic sourcing and category management services provider based in Australia for 41 million US dollar.
In October2012, Infosys acquired Zurich-headquartered Lodestone Holding for a cash consideration of 219 million US dollar and an additional consideration of up to 112 million US dollar.
Panaya with an employee base of around 50 people has clients like Mercedes Benz, Sony, Unilever in its ranks. It was among the top 100 global tech start-ups in 2009 and the top 10 in Israel. The CEO of Panaya, Inc. is Doron Gerstel.
When: 16 February 2015