1 October 2015 - 18 Tishri 5776 - י"ח תשרי ה' אלפים תשע"ו
Infosys purchases start-up company Panaya E-mail

Infosys has completed the acquisition of Panaya Inc., a leading provider of automation technology for large-scale enterprise software management.

Infosys, India’s second-largest information technology outsourcing company, announced that it would buy Israeli automation-technology start-up Panaya in a US$200 million deal, creating the first major presence in Israel by an Indian tech company. According to Reuters, Infosys will pay US$200 million in cash for the company and get another US$30 million in cash that Panaya is holding. Infosys will retain most of Panaya’s approximately 160 employees. Most of them work at Panaya’s R&D centre in the Tel Aviv suburb of Ra’anana, which will become Infosys Israel.

The sale is an expression of the growing business ties between Israel and India, which have often been overshadowed by Israel’s budding relationship with China.

India has been buying Israeli agriculture, water and recycling technology and has become the single biggest customer for Israeli military equipment.

Panaya Inc was founded in 2006. Its backers include the US venture capital funds Benchmark Capital and Battery Ventures, Germany’s Hasso Plattner Venture, Lichtenstein based Tamares and the Israeli funds Gemini and IGP.

Infosys will add Panaya to the portfolio of new technologies it has been acquiring with an estimated US$5 billion budget. Under CEO Vishal Sikka, the Indian company has been betting on automation and artificial-intelligence technologies as well as cloud-based services to regain ground it has lost to rivals such as Tata Consultancy Services.

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