Attempting to boost new technology initiatives, IT major Infosys on Monday announced a major acquisition deal worth USD 200 million with Israeli automation technology provider.
Vishal Sikka, Infosys Chief Executive and Managing Director, said, “The acquisition of Panaya is a key step in renewing and differentiating our service lines. This will contribute in amplifying our people’s potential as it would free us from the drudgery of many repetitive tasks. This will allow us to focus more on the crucial strategic challenges faced by our clients.”
This marks the first major acquisition deal under new Infosys CEO Vishal Sikka. Infosys has remained very conservative in its acquisition strategies over the previous years and the new Panaya deal reflects “execution of its Renew and New strategy to enhance the competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence’’.
“Simultaneously, the proven technology of Panaya would assist dramatically in simplifying the costs and complexities faced by businesses in managing their enterprise application landscapes,” Sikka added.
Under the supervision of Infosys Sikka, the company has been trying new avenues by making big bets on automation and other latest technologies, such as cloud-based services and artificial intelligence.
Expressing happiness over their association with Infosys, Panaya Inc. CEO Doron Gerstel, 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.”
According to the reports, the complete transaction is likely to close before March 31 depending upon the customary closing conditions.