Infosys now plans to re-purpose Skava's micro services-based business and re-focus Panaya's suite of products.
In 2015, Infosys, under the leadership of then CEO Vishal Sikka, had bought Israeli automation technology firm Panaya for around $ 200 million and e-commerce service provider Skava for $1 20 million. The buyouts were mired in controversy owing to allegation of over-payment apart from not being an ideal fit.
'Where is the board's accountability in this whole transaction? The members of the earlier board who participated in approving and defending these acquisition are still in the current board,' the whistleblower said in a mail sent to US SEC and Sebi.
Over the last years, taking the helm at Infosys has always had a strong resemblance with taking a roller-coaster ride
This time an anonymous whistleblower made an appeal to market regulator Sebi to probe an agreement made by the tech giant with some of its ex-directors.
In our case, the reason for this downward revision of guidance is because there are clients where we have had one time hits because of ramp-downs and things like this, says the Infosys CEO.
Infosys is looking for acquisitions but for innovative reasons instead of revenue priorities.
The new CEO's next challenge is to grow margins.
Also looks at setting up development and training centres in the US to tide over visa-related issues
March was the first full quarter for Infosys under its new CEO Salil Parekh.
Infy board gets law firm to probe 'lapses', appoints Cyril Amarchand Mangaldas to engage with founders.
"There was not a single decision that I took during my second tenure without discussing it with Ranga and getting valuable input from him," says Narayana Murthy.
While recruitment is falling, the capabilities needed to land an IT job are stiffening.
The route to that target is clear in Sikka's mind.
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