In keeping with its new chief executive officer, Vishal Sikka’s vision of being more digital and introducing more automation, India’s second-largest software services exporter Infosys Ltd said on Monday it will buy automation technology company Panaya Inc. for about $200 million in cash.
This is the first acquisition, and Infosys’s second-biggest till date, since Sikka took charge as the first non-founder of Infosys on 1 August. The transaction to buy Panaya, a California-based privately-held company, is expected to close before 31 March, 2015.
“This was expected given the recent announcements by Vishal on his intent to be focused on acquisitions to help the company make significant progress on non-linear (other than employee-based) growth. The mid-size acquisition allows Infosys to onboard the new IP (intellectual property) without facing any hassles and also prove easier and lighter for the teams to integrate,” said Sanchit Vir Gogia, chief analyst and CEO of Greyhound Research.
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