Infosys, one of India’s biggest software exporters, has announced its first Israeli acquisition — Panaya, an enterprise resource planning (ERP) software company. The deal is reportedly worth $230 million.
The Indian giant is reportedly planning to turn Panaya’s offices in Ra’anana into its first Israeli development center.
“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,” Infosys CEo and managing director Dr. Vishal Sikka said in a statement.
Panaya was founded in 2006 and has 160 employees.
“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,” said Panaya CEO Doron Gerstel.
In 2010, Panaya won one of the Red Herring Global 100 Awards.