Infosys set to acquire SaaS provider Panaya in 200 mln dollar deal

Infosys has reportedly gone on record to say that a deal to acquire Panaya, an enterprise resource planning (ERP) software company, is expected to be closed by the end of March.

Bengaluru-based Infosys said that the deal, worth an enterprise value of about 200 million dollars, will allow the IT services provider to integrate technology from Panaya's CloudQuality suite to bring automation to some of its software, reported Tech Crunch.

Vishal Sikka, who was named CEO and managing director of Infosys last summer after resigning from SAP, said in a statement that the acquisition was a "key step in renewing and differentiating" the company's 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," it added.

Sikka said that Panaya's proven technology will also simplify the costs and the complexities faced by businesses in managing their enterprise application landscapes dramatically.

Infosys is currently in the midst of a major overhaul as it faces challenges such as, slower revenue growth than competitors like HCL Tech and TCS, and the departure of several key executives.