We categorically state that no member of the Infosys management team
was involved in any prior investments in Panaya, and insinuations that anyone
from the management team at Infosys benefitted from this acquisition
are misleading and slanderous”, the statement read.
Regardless of the malicious intent of this
the company will pursue its normal course of action and investigate the charges made.
As stated before,
the company will respond to all queries received either
directly or from the regulatory authorities, as per its process.
Furthermore, in a detailed clarification,
Infosys raised certain pointers with regards
to the Panaya acquisition.Infosys has a strong, established internal process to evaluate
acquisition targets and make investments.
In the case of Panaya, all the requisite steps in this process were followed.
The valuation was done by Deutsche Bank, the financial and tax due
diligence was done by one of the Big four firms and legal diligence was done
by a leading law firm – Kirkland & Ellis.
The management presented the rationale behind the acquisition –
including synergies and business potential to the Board,
along with necessary reports and findings. The Board deliberated the acquisition,
and unanimously approved the investment which was well with in the valuation
range determined by the evaluator.