Infosys buys Israel-based automation tech company Panaya valued at $200 million

February 16, 2015

Bengaluru, Feb 16: Infosys, India's third largest IT firm, on Monday announced a definitive agreement to fully acquire Israel-based Panaya, Inc. for an enterprise value of $200 million.Infosys

Panaya, a leading provider of automation technology for large scale enterprise software management, helps Infosys to bring automation to several service lines through a software-as-a-service model, reducing risks and costs and the time taken to bring services to the market.

The transaction is expected to close before March 31, 2015, subject to customary closing conditions. According to IT analysts, this acquisition reflects Infosys’ execution of its Renew and New strategy to enhance the competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence.

Panaya’s CloudQuality suite uniquely positions Infosys to bring automation to several of its service lines via an agile SaaS model, and helps mitigate risk, reduce costs and shorten time to market for clients.

Commenting on the acquisition, Infosys CEO and Managing Director Vishal Sikka said, “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. At the same time, Panaya’s proven technology helps dramatically simplify the costs and complexities faced by businesses in managing their enterprise application landscapes.”

Panaya CEO Doron Gerstel said, 'we are excited about leveraging Infosys’ global reach, service footprint and broad customer base to deliver compelling, simplifying, value to clients. I am confident this integrated proposition will uniquely position Infosys as the services leader in the enterprise application services market.”

Interacting with Deccan Herald during the Q3 results, Sikka had said that the game plan of Infosys is to reach out to the startup ecosystem in the well-established regions of Silicon Valley, Tel Aviv, London, and Beijing.

“We have to emulate companies in other geographies which work on cutting-edge technologies in analytics, data mining, mobility, automation and artificial intelligence. Indian startups should be exposed to those opportunities and our client base will help us in this regard,” he had said to Deccan Herald during that meeting.

During that time INfosys CEO also announced the company’s plan to expand its Innovation Fund from the current $100 million to $500 million.

The Israel based ERP solutions provider is a privately held company and backed by Benchmark Capital, Hasso Plattner Ventures and Battery Ventures.

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Agencies
February 23,2020

Motera, Feb 23: A day before US President Donald Trump's visit to Ahmedabad, a makeshift VVIP entry gate erected outside the newly-built cricket stadium in Motera area here collapsed due to gusty winds on Sunday morning, an official said.

The entire incident was recorded by a bystander and aired on local television channels.

The makeshift entry gate was made of welded steel rods and covered in flex banners.

After some time, a portion of another makeshift gate structure at the stadium's main entrance also collapsed due to the windy weather, another official said.

No one was injured in both the incidents and work was underway to put the structures back in place, he said.

"The (VVIP) entry gate collapsed when fabrication work was going on. It was not a major incident. No one was injured in the incident," said Special Commissioner of Police, Crime Branch, Ajay Tomar said.

President Trump and Prime Minister Narendra Modi will participate in a roadshow here on Monday and later address the 'Namaste Trump' event at the Sardar Patel Stadium in Motera area where over one lakh people are expected to be present.

The stadium has already received 'Building Use' permission from the Ahmedabad Municipal Corporation, an official earlier said.

It is the world's largest stadium with a capacity to accommodate 1.10 lakh spectators.

The stadium has been rebuilt after demolishing the old one which had a seating capacity of 49,000 spectators.

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Agencies
May 17,2020

Mumbai, May 17: Much on expected lines, Maharashtra, on Sunday, extended the coronavirus lockdown till May 31, in order to control the spread of the virus, under the Epidemic Diseases Act, 1897, the state government said in a statement.

On Sunday afternoon, Chief Secretary Ajoy Mehta, in a notification said: "It is further directed that all earlier orders shall be aligned with this order and remain in force up to and inclusive of May 31, 2020. The calibrated phase-wise relaxation or lifting of lockdown orders will be notified in due course."

"Lockdown 3.0 ends today. Lockdown 4.0 will come into effect tomorrow and will be valid till May 31. There will be some relaxations in the fourth phase," he said.

"The green and orange zones will get more relaxations, in terms of starting more services. As of now only essential services are operational, he said.

Maharashtra has recorded 30,706 COVID-19 cases of which 22,479 are active. The death toll is 1135, while 7,088 patients have been discharged after recovery.

In exercise of the powers conferred under Section 2 of the Epidemic Diseases Act, 1898 and the powers, conferred under the Disaster Management Act, 2005, the Chairperson, State Executive Committee, issued direction to extend the lockdown till 31 May 2020 for containment of COVID-19 epidemic in the State and all Departments of Government of Maharashtra shall strictly implement the guidelines issued earlier form time to time, according to the statement.

Over the last two days,  Maharashtra Chief Minister Uddhav Thackeray held a series of meetings with his ministerial colleagues, senior leaders including NCP supremo Sharad Pawar and top officials. 

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Agencies
July 30,2020

New Delhi, Jul 30: India's gold demand in 2020 is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could curtail retail purchases, the World Gold Council (WGC) said on Thursday.

Lower demand by the world's second-biggest bullion consumer could limit a rally in global prices, which hit a record high earlier this month, although it could also reduce India's trade deficit and support the ailing rupee.

"Fast rising gold prices could act as headwinds," said Somasundaram PR, the managing director of WGC's Indian operations.

Local gold futures have jumped 35% so far this year after rising a quarter in 2019.

India's gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade, the WGC said in a report published on Thursday.

Millions of Indians have lost their jobs or taken a pay cut after the country imposed a lockdown on its 1.3 billion people to curb the spread of the virus that has infected more than 1.5 million Indians.

Consumption is generally high during the June quarter due to weddings and key festivals such as Akshaya Tritiya, but lockdown restrictions kept shoppers indoors this year.

The weak demand in the first half could drag down India's gold consumption in 2020 to the lowest since 1994, when demand stood at 415 tonnes, Somasundaram said, adding that it is still difficult to provide an estimate for full-year demand as the coronavirus crisis is still unfolding.

"Indian demand has previously jumped as much as 300 tonnes in a quarter. Latent demand could come out in the second half," Somasundaram said.

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