Panaya Infosys: Vishal Sikka writes to Employees, refutes charges

Feb 22 2017 11:39 AM
Panaya Infosys: Vishal Sikka writes to Employees, refutes charges

Infosys Ltd's Managing Director and Chief Executive Officer Vishal Sikka writes in a letter to the employee on Monday against "libelous" allegations, refuted fresh allegations that the company had overpaid for an Israeli software firm Panaya Ltd in 2015 - its second largest acquisition. 

Sikka said in an emailed note to his employees that "These speculations and fabrications are clearly designed to tarnish our reputation and they specifically target our employees, including myself, to the point of harassment."

In the latest email, the whistleblower has alleged that the $200 million that Infosys paid for Panaya was 25 percent more than what the firm was valued at a month before the acquisition in a Series E funding round. 

Sikka, in his letter, urged employees to rise above these distractions, which are "expensive, draining and time-consuming" burden on the company, "Change is never easy, and change at the scale that we are undertaking may be unprecedented, and perhaps it is this change that has so inflamed some into trying to drag us all into the mud. And yet, change we must. There is no other way."

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