Technology firm Current Affairs - 2019
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India’s software services giant Infosys has announced to acquire to acquire US-based automation technology firm Panaya.
In this regard, Infosys has signed a definitive agreement to fully acquire Panaya for an enterprise value of $200 million (1200 crore rupees) in cash.
Acquisition of Panaya is part of Infosys new strategy to enhance its competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence.
It also the first major acquisition since Vishal Sikka took over as the CEO and MD of the company.
Panaya was founded in 2005 in Israel by its current CEO Doron Gerstel. It has around 50 employees and its clients include Coca-Cola, Mercedes-Benz, Bosch, Whirlpool, GSK and Siemen .
Panaya is the Infosy’s second largest acquisition after it had acquired Zurich-based consulting company in 2012 for around $350 million.