Infosys has announced that it is set to buy Panaya, a provider of automation technology for large scale enterprise software management, for an enterprise value of $200 million.
This acquisition is in line with Infosys’ strategy to enhance the competitiveness of current service lines by leveraging automation, innovation and artificial intelligence.
The acquisition will see the company use the automation of Panaya's CloudQuality software-as-a-service (SaaS) suite to enhance its current service lines. The transaction is expected to close before March 31, 2015, subject to customary closing conditions.
The acquisition reflects Sikka's commentary during the company's third-quarter earnings, where he said the company will focus efforts in key categories including cloud, big data, artificial intelligence, omni-channel retailing, and nex-gen payment systems.
Infosys reported solid third-quarter results, achieving earnings of $522 million on revenue of $2.22 billion for the three months ended December 31, 2014. Infosys' sales were also up 5.6 percent for the third quarter compared to a year ago.
