Indian information technology giant Infosys (NSE: INFY) is expanding its operations in Israel, "The Times of India" reports. Infosys bought Israeli enterprise software management start-up Panaya in February for about $200 million, and converted the Ra'anana company into its Israel development center. It seems that Infosys's first acquisition in Israel has whetted its appetite for more.
"The Times of India" has reported that Infosys CEO Vishal Sikka has personally headhunted Jake Klein from SAP, one of his former executives, and appointed him VP corporate development in Israel. "The Times of India" adds, "tasking him with overseeing start-up investments and acquisitions in Israel." Klein has been doing a similar job for SAP where he was Senior VP overseeing start-up investments and helping SAP Ventures expand in Israel.
Infosys, India's second-largest software exporter, has set aside at least a quarter of its $500-million Innovation Fund for investments in countries like India and Israel, "The Times of India" reports. Infosys is traded on the National Stock Exchange of India with a market cap of $35 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2015
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