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Infosys secure $1.5 billion deal with Vanguard, Biggest in its History

20Jul By AdityaNo Comments

BUSINESS

Infosys secure $1.5 billion deal with Vanguard, Biggest in its History

Indian IT company Infosys secures a 10 year IT deal with Vanguard for $1.5 billion, which is Infosys' biggest deal in its working history. As part of the deal, Infosys will provide design, development, deployment, and support to Vanguard's full-service defined contribution (DC) business. This strategic partnership will deliver a technology-driven approach to plan administration and fundamentally reshape the corporate retirement plan experience for Vanguard sponsors and participants. Vanguard is the largest DC asset manager in the U.S. with $1.3 trillion+ in assets. It is the 2nd largest provider of mutual funds and ETF in the world. Infosys is a global leader in next-generation digital services and consulting, with deep expertise in helping companies deploy transformative technol...

Online classes short term answer, need to make schools resilient: Nandan Nilekani

15Jun By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Online classes short term answer, need to make schools resilient: Nandan Nilekani

The rapid shift to teaching and learning activities online prompted by the closure of schools due to the Covid-19 pandemic is only a "short-term response" and we need to fundamentally reimagine schools as a resilient system which can function under continuous turbulence, according to Infosys Chairman Nandan Nilekani. Classroom should not be the only location, teacher the only facilitator and textbook not the only medium, is the roadmap laid by Nilekani for a "resilient" school system while delivering the keynote address at a virtual conference on 'Future of Schools: Overcoming Covid-19 challenge and beyond' organsied by Ashoka University. "The rapid shift to move everything online, zoom classes, teaching through smart phones, all of this is part of a short-term response which was nec...

13Feb By AnkitaNo Comments

News

Infosys Founder Son-in-Law Named New British Finance Minister

Indian-origin politician Rishi Sunak was appointed as the UK's new finance minister on Thursday by Prime Minister Boris Johnson in a Cabinet reshuffle. Sunak, the son-in-law of Infosys Co-founder Narayana Murthy, will join Home secretary Priti Patel on the top government bench as the Chancellor of the Exchequer. Earlier, Pakistani-origin Sajid Javid resigned as Chancellor in a shock move in one of the biggest shakeups since Johnson won a thumping majority in the December 2019 general election. He is replaced by Sunak, who was until now Javid's junior as the Chief Secretary to the Treasury and seen as a rising star within the Cabinet. The 39-year-old is set to move into No. 11 Downing Street, next door to the Prime Minister's Office as he takes charge of the second most importan...

How 1974 Incident Turn Narayan Murthy into Compassionate Capitalist

6Jan By AnkitaNo Comments

Entrepreneurs Talk

How 1974 Incident Turn Narayan Murthy into Compassionate Capitalist

A bitter experience on a train in 1974 in Nis, a border town between what is now Serbia and Bulgaria, turned N R Narayana Murthy into a "compassionate capitalist", leading him to create Infosys, the country's IT bellwether. Recalling the incident, Murthy said he was engaged in a conversation with a girl, who could only understand French, but it landed him in trouble. "We were talking about life in Bulgaria. I think the boy, who was accompanying the girl, got upset with us for some reason. So, he went and brought the police," Murthy said on Sunday while addressing the audience at a tech fest organized by IIT, Bombay, through a video link. The Bulgarian guards took Murthy's passport, luggage and dragged him on the platform. He was kept in an 8X8 room, with primitive toilet facilitie...

Infosys conduct independent investigation on whistleblower allegations: Nandan Nilekani

22Oct By AdityaNo Comments

BUSINESS

Infosys conduct independent investigation on whistleblower allegations: Nandan Nilekani

Infosys Chairman Nandan Nilekani on Tuesday said the company's audit committee will conduct an independent investigation on whistleblower allegations of CEO Salil Parekh and CFO Nilanjan Roy indulging in "unethical practices" to boost short-term revenue and profits. The committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas & Co. to conduct an independent investigation, Nilekani noted in his statement to the stock exchanges. Nilekani said one board member had received two anonymous complaints on September 30, 2019 and one dated September 20, 2019, titled Disturbing unethical practices and an undated note with the title, Whistleblower Complaint. He said both had been placed before the audit committee on October...

10Oct By NitishNo Comments

ACQUISITION

Infosys Acquihire Irish Firm Eishtec

Indian IT firm Infosys has entered into a strategic partnership with Eishtec under which 1,400 employees of the Irish firm will be transferred to Infosys BPM. "Infosys has entered into a strategic partnership with Eishtec, which includes the transfer of Eishtec's business to Infosys BPM, an Infosys company. This partnership does not entail the purchase of any equity," Infosys said in a regulatory filing. The partnership will enable Infosys to better serve its clients in the region, leveraging its deep expertise in technology, analytics, and digital, the statement added. Eishtec was established in 2011 and is one of Ireland's leading customer service providers and employs 1,400 people across Ireland. "The current management team of Eishtec will continue with the leadership of th...

Al Ahli Bank of Kuwait Partners With EdgeVerve for robotic automation

29Jul By AnkitaNo Comments

MIDDLE EAST

Al Ahli Bank of Kuwait Partners With EdgeVerve for robotic automation

Al Ahli Bank of Kuwait has partnered with EdgeVerve Systems, a subsidiary of Infosys to steer its automation journey using AssistEdge Robotic Process Automation (RPA). The award-winning scalable automation platform, AssistEdge is an end-to-end service for building and implementing RPA. It provides integrated software robots to automate any high-touch, repetitive process. Used to modernize customer service, improve business processes and enhance operational productivity, it spans the entire gamut of automation. Somnath Menon, Group Chief Operating Officer Al Ahli Bank of Kuwait, said, "Robotic Process Automation is part of ABK's digitization strategy to transition to the next level of innovation and technology in banking. ABK has collaborated with EdgeVerve and successfully implement...

Infosys completes Acquisition of ABN AMRO Bank Subsidiary

26May By AdityaNo Comments

BUSINESS

Infosys completes Acquisition of ABN AMRO Bank Subsidiary

IT services major Infosys said it has completed the acquisition of 75% shareholding in ABN AMRO Bank's wholly-owned cNV. In March, the country's second largest IT services firm had said it will acquire 75 per cent stake in Stater for 127.5 million euros (about ₹989 crore). ABN AMRO continues to hold the remaining 25 per cent. "This partnership strengthens Infosys' position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies..." Infosys said in a statement. It added that the deal further enhances its strategy to help clients navigate their next digital transformation journeys. "The specialised knowledge and experience of Stater in the mortgage services market, combined with t...

Infosys to roll out incentive scheme for staff with digital skills

16Apr By Press Trust of IndiaNo Comments

News

Infosys to roll out incentive scheme for staff with digital skills

NEW DELHI: Infosys will roll out an incentive scheme this year for employees equipped with digital skills and will aggressively re-deploy staff on projects offering opportunities to work on new technologies as it looks to stem rising attrition in the face of stricter visa rules, a top executive has said. Infosys COO Pravin Rao, during a recent investor call, said Infosys' localization efforts have helped its business become "much more resilient and less susceptible to the visa regime than in the past". "This is an effort we need to continue till we get to the 50 per cent mark," he added. In January, Infosys had said it has already hired over 7,600 staff in the US - more than three-fourths of its target of recruiting 10,000 American workers. It had also spoken about making rec...

9Jan By reutersNo Comments

INDIA

India Forms Panel for Digital Payments, led by Infosys’ Chairman Nandan Nilekani

India’s central bank has constituted a panel with Infosys chairman Nandan Nilekani as its head in a bid to deepen digital payments in Asia’s third-biggest economy. The five-member panel, which includes a former deputy governor of the Reserve Bank of India (RBI), will identify ways to widen financial inclusion via the use of digital payments and suggest measures to “strengthen the safety and security of digital payments”, the central bank said in a statement. In 2017-18, card payments in India rose 43 percent from the previous year to 10.61 trillion rupees ($151.21 billion), while payments through state-backed unified payments interface rose 16 times year-on-year to 1.01 trillion rupees, according to RBI data released in August. India’s digital payments are expected to grow five-fo...

Infosys US Retail Sales Executive Naresh Ramamurti Steps Down

13Dec By Gauri SinghNo Comments

News

Infosys US Retail Sales Executive Naresh Ramamurti Steps Down

Naresh Ramamurti, one of the three sales leads for retail in the US at Infosys has stepped down from his position. Ramamurti, vice president and Regional Head - Americas - Consumer, Retail and Logistics, has been reporting to Karmesh Vaswani, who heads the retail business segment globally. Between 2011 and mid-2017, he was reporting to Sandeep Dadlani, who quit last year. Ramamurti, an Infosys veteran of nearly 15 years in two stints. In a LinkedIn post confirming his decision, Ramamurti said he was looking to solving problems for himself. Ramamurti’s exit comes at a time when Parekh has been working on stabilising the company and strengthening its sales teams to compete for large deals. On this development, Infosys said it "does not comment on executive appointments or exits o...

Infosys Doubles Salary of Employees, Helps them Upskill

27Nov By Gauri SinghNo Comments

BUSINESS

Infosys Doubles Salary of Employees, Helps them Upskill

Infosys is doubling pay packages for employees who successfully complete its new bridge programmes. These are programmes that help staff to shift from their existing job to one that demands higher skills. The company expects this initiative will also reduce attrition at junior levels — the rate has been high in recent times at over 20% — and give young employees more growth options. Indian IT firms, including TCS and Wipro, are coming up with novel methods to skill employees in fields like consulting, automation, artificial intelligence, and machine learning, and to make them stay for longer durations. The programme, aimed to move employees to the consulting side of the business, includes a test and a three-month curriculum. Post that, the employee has to spend six months internin...