Indian IT major, Infosys today said it was buying, Panaya, a leading provider of automation technology for large scale enterprise software management, in cash, for an enterprise value of $200 million.
Markets were not too enthused with the buyout and the stock was down marginally in trade at Rs 2287, down 0.37 per cent.
Panaya's CloudQuality suite uniquely positions Infosys to bring automation to several of its service lines via an agile SaaS model, and helps mitigate risk, reduce costs and shorten time to market for clients.
Commenting on the acquisition, 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."