One of the largest IT companies in India, Infosys INFY (NSE), has acquired US-based firm Panaya for nearly $200 million. The acquisition is apparently the second largest purchase made by the corporation since 2012. A few years ago, company also acquired Zurich-based Lodestone Holding.
US-based Panaya, is a cloud-based company and deals in the management services for other enterprises. Company’s proud customers includes Mercedes-Benz, Coca-Cola, Unilever and more. Reports suggest that the Infosys made this deal in all-cash, and will settle down by the end of March 2015.
“Panaya’s acquisition reflects Infosys’ execution of its Renew and New strategy to enhance the competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence,” the company said in a statement.
Reports suggest that under the supervision of the Vishal Sikka, CEO Infosys, the company is making a way for the newer technologies to join the ecosystem. The acquisition clearly reflects the company’s inclination towards the artificial intelligence and cloud infrastructure.
Vishal Sikka 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,” he said.
Infosys is one of the largest outsourcing companies in the South Asia, and with the adoption of newer technologies, the company might see more growth in the near future.