Bangalore based Infosys, today announced to acquire Panaya Inc in all cash transaction for an enterprise value of USD 200 million (around Rs 1244 crore). Panaya is a leading provider of automation technology for large scale enterprise software management.
Panaya CloudQuality Suite disrupts the risk, time and costs required to deliver all types of SAP, Oracle EBS, and Salesforce changes. As per Panaya Inc’s website, 1220 companies in 62 countries, including a third of the Fortune 500, use the Panaya CloudQuality Suite to enhance and maintain their enterprise apps without skipping a beat.
USA based Panaya is a privately held company backed by leading hi-tech venture capital firms like Benchmark capital, Hasso Plattner ventures and Battery Ventures. At present Panaya has customers like Coca-Cola, Bosch, GM, Eveready, Renault, Panasonic, SIEMENS, gsk, Novartis, Toyota, Sony, Mercedes-Benz, Unilever and LOREAL.
Acquisition is expected to close before 31st march 2015, Infosys said in a statement.
Mr. Doron Gerstel, CEO, Panaya, Inc 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.”
Dr. 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. At the same time, Panaya’s proven technology helps dramatically simplify the costs and complexities faced by businesses in managing their enterprise application landscapes.”
Infosys will hold an investor call to discuss about the Panaya acquisition today, Monday, February 16, 2015 at 8:00 p.m. Indian Standard Time (IST).