Infosys buys automation tech firm Panaya for $200 million to boost growth

Infosys said on Monday it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of US $200 million as the home-grown software services company bets on new technology to boost growth.

Chief Executive Officer Vishal Sikka said in a statement, "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," he said.

Under Sikka, Infosys has been making big bets on automation and other new technology like artificial intelligence and cloud-based services as the IT company tries to regain some lost ground from rivals like Tata Consultancy Services.

(Reuters)