Infosys, an Indian multinational corporation, announced a definitive agreement to fully acquire Panaya, Inc., a US-based automation technology startup for large scale enterprise software management, in cash, for an enterprise value of $200 million. The transaction is expected to close before March 31, 2015.
Panaya’s technology would help Infosys to bring automation to several service lines through cloud computing, reducing risks, costs and time.
Founded in 2008, Panaya helps companies to improve and find smarter ways to perform day-to-day maintenance and major projects. More than 1,220 companies in 62 countries use the Panaya Cloud Quality Suite.
Commenting on the acquisition, 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.”
In January this year, Infosys had announced that plans to invest $250 million (Rs 1,554 crore) in “Innovate In India Fund”, aimed at supporting startups and new ideas. Infosys’ Innovate in India Fund will fund startups in India, and will help them scale up their technology and operations.