Infosys is set to acquire SaaS and automation technology firm Panaya for £130 million ($200m).
The cash deal, announced this morning by Infosys, will help the Indian IT outsourcing company boost revenue and growth as it falls behind competitors such as Tata Consultancy Services in artificial intelligence and cloud divisions.
Panaya has recently focused on automation technology for enterprise software, helping businesses work with services from software providers such as SAP and Oracle.
Vishal Sikka, Infosys CEO, said: “The acquisition of Panaya is a key step in renewing and differentiating our service lines.” Sikka was previously the chief technology officer at SAP.
He continued: “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.”
The transaction is expected to close before 31 March this year, subject to customary closing
CEO of New Jersey-based Panaya, Doron Gerstel, said in a statement: “I am confident this integrated proposition will uniquely position Infosys as the services leader in the enterprise application services market.”
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