Infosys, the second largest software service provider in India is looking for potential buyers for its subsidiaries. The subsidiaries for sale are Kallidus and Skava (together known as Skava) and Panaya, the company said in its filing today.
The sale transactions are expected to be completed by March 2019.
Panaya is an Israeli based software as a service (SaaS) company providing cloud-based application delivery along with cloud-based application delivery, test automation, and management solutions. Infosys acquired Panaya in February 2015 for a reported $200 million. Before its sale, Panaya was in heavy losses and on the verge of a shutdown.
Skava is a Silicon Valley-based startup into the business of e-commerce and digital experience solutions. Infosys acquired Kallidus Inc. (known as Skava) in 2015.
Infosys recognised a Rs 118 crore ($18 million) impairment loss from Panaya, writing down its investment value of the subsidiary in its standalone financial statements to Rs 589 crore ($90 million).