INSUBCONTINENT EXCLUSIVE:
Infosys, in April, announced its decision to sell Panaya by March 2019.Bengaluru: Infosys initiated the process to sell its Panaya
in April," CEO Salil Parekh told shareholders at the company's 37th Annual General Meeting (AGM) here
Chief Financial Officer (CFO) M D Ranganath told the stakeholders that the company was following due diligence on acquisitions ahead."We are
monitoring the acquisitions we have done and are following due diligence on acquisitions ahead," he said.The acquisition of the US-based
Panaya for $200 million in February 2015 rocked the company in 2017 after its co-founder N.R
Narayana Murthy red-flagged lack of transparency in the deal and accused the previous board of compromising on governance issues during its
bought to offer large-scale enterprise software management as a service to the company's global clients.The controversial deal came to light
after an anonymous whistleblower alleged that the company's executives had personal interests in buying it, also resulted in the exit of its
first non-promoter Chief Executive Visha Sikka in August 2017.The company, in April, announced its decision to sell Panaya by March
2019.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
