Infosys on Monday said it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of USD 200 million.
Panaya's acquisition aligns with renew and new strategy and will help us expand in automation, AI and innovation, said Infosys MD & CEO Vishal Sikka.
Betting on new technology to boost growth, India's second-biggest IT outsourcing company Infosys on Monday said it would buy Panaya Inc, a New Jersey-based provider of automation technology, for an enterprise value of USD 200 million.
Addressing a conference call, Vishal Sikka said Panaya's cloud computing will help Infosys expand in digital. The company has over 400 active clients and Infosys expects the deal to close by March 31.
"We are looking at acquisitions in the software development and product engineering, which could help improve productivity," Sikka said. According to him, Panaya acquisition will bring additional service lines and presence in Israel. The deal is about strategic dimension, not margin benefits, he added.
Panaya operations will be headed by Abdul Razack. The company recently restructured its operations & management. The companies share common clients like GE & J&J.
Rubbishing the layoff rumors, Sikka said that Infosys will take on board the entire Panaya headcount and will hire more than 30,000 employees this year.
Sikka said the fundamental focus is on organic growth.
According to CFO Rajiv Bansal, the impact of the revenue will come in by the fiscal end.
"The deal will be EPS-accretive in 12-18 months and on the margin front it is about capability building," he said, adding that the ability to automatically manage software changes is the key.
Infosys stock price
On February 16, 2015, Infosys closed at Rs 2278.50, down Rs 17.9, or 0.78 percent. The 52-week high of the share was Rs 4401.00 and the 52-week low was Rs 1447.00.
The company's trailing 12-month (TTM) EPS was at Rs 104.69 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.76. The latest book value of the company is Rs 366.51 per share. At current value, the price-to-book value of the company is 6.22.
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