BANGALORE: The IT company Infosys, is set to purchase automation technology company, Panaya Inc on Monday, at an enterprise value of USD 200 million.
According to Infosys, Panaya’s technology would help bring automation to several service lines through a software-service model that reduces risks and costs, and the overall time taken to bring services to the market.
Speaking about the new development in the company, Dr Vishal Sikka, CEO and Managing Director of Infosys said in a press release, “The acquisition of Panaya is a key step to renew and differentiate our service lines. This will amplify the potential of the people and free us from the much drudgery of many repetitive tasks, so because of this we may focus more on important challenges faced by our clients.”
Talking about their corporation joining hands with the third-largest IT company in the country, Mr Doron Gerestel, CEO, Panaya Inc said in a released statement, “We are excited about leveraging Infosys’ global reach, service footprint and broad customer base to deliver simple, value to clients. I am confident this integrated proposition will uniquely position Infosys as the service leader in the market.”
The press release also said that this recent development reflects the execution of Infosys’ renewed and new strategy to enhance the competitiveness and productivity of current service lines by leveraging automation and artificial intelligence.
The transaction is supposed to close by the end of next month, subject to customary conditions.
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