Tuesday 22 January 2019
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business-standard - 11 days ago

Infosys takes Panaya, Skava sale deal off the table

Infosys has dropped plans to sell Panaya and two other subsidiaries Skava and Kallidus after it failed to find any potential buyers. In April, Infosys had announced its plan to sell Panaya -- the Israeli firm whose acquisition became a contentious issue between the founders and the erstwhile management led by Vishal Sikka -- along with Kallidus and Skava. It expected the sale to be completed by March 2019. During the quarter ended December 31, 2018, based on evaluation of proposals received and progress of negotiations with potential buyers, the company concluded that it is no longer highly probable that sale would be consummated by March 31, 2019, Infosys said in a regulatory filing. Accordingly, Panaya and Skava have been de-classified from held for sale , it added. Infosys now plans to re-purpose Skava s micro services-based business and re-focus Panaya s suite of products. Infosys said upon de-classification, it has recognised additional depreciation and amortisation expenses .

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