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Infosys to Open an Innovative & Tech Hub in the US state of Texas

15Nov By Gauri SinghNo Comments

BUSINESS

Infosys to Open an Innovative & Tech Hub in the US state of Texas

Infosys has reportedly announced that it would open a technology and innovation hub in the US state of Texas and hire 500 workers by 2020, its latest expansion in its largest market. Also, in May 2017, Infosys had said it would hire 10,000 American workers by 2019. So far, the company has hired 6,200 American workers. The company also mentioned that the new office would be located in Richardson, Texas and would focus on the telecommunication, retail and banking sectors. “We are excited to announce the expansion of our presence in Texas, which is another important step in our continued investment in driving digital transformation for American businesses. Digital is rapidly changing every industry, and our Hubs will allow us to co-locate, co-innovate and co-create alongside our clients...

IT Firm Infosys Acquires Finland-based Fluido

15Oct By Gauri SinghNo Comments

ACQUISITION

IT Firm Infosys Acquires Finland-based Fluido

One of India’s largest IT company Infosys has announced the acquisition of Finland-based firm called Fluido. It was in September that the company stated that it would acquire Fluido in a deal worth up to 65 million euros (over Rs 545 crore), including earn-out, management incentives and bonuses. Following this acquisition, the IT firm is expecting to strengthen its position as a leading Salesforce enterprise cloud services provider. Also, Infosys is looking forward to enhance its ability to provide clients with 'cloud-first' transformation. "With offices in Finland, Denmark, Sweden, Norway and Slovakia, Fluido elevates Infosys' presence across the Nordics region with developed assets and deep client relationships, a great team and an effective local culture," Infosys stated. Fluido i...

Three of Top 10 Indian Firms lost Rs 1 trillion in m-cap

15Oct By Gauri SinghNo Comments

BUSINESS

Three of Top 10 Indian Firms lost Rs 1 trillion in m-cap

Three of the top 10 and India’s most valued companies together saw a dissolution of ₹1,07,026.12 crore in market capitalisation last week where IT major TCS took the biggest knock. The three companies that witnessed the same were Tata Consultancy Services (TCS), ITC and Infosys. The firms suffered a decline in their valuation for the week ended on Friday. On the other hand, RIL, HDFC Bank, Hindustan Unilever Ltd (HUL), HDFC, SBI, Kotak Mahindra Bank and Maruti Suzuki India ended with gains. Altogether, the erosion suffered by the three companies was higher than the combined gain of Rs 97,498.38 crore that was made by the rest of the seven firms. The valuation of TCS plunged by Rs 85,330.17 crore Rs 7,19,857.48 crore. On the other hand, the market cap of Infosys slumped ₹18,696.68 ...

Infosys Ties Up with Cornell University to Train Employees

3Oct By Gauri SinghNo Comments

BUSINESS

Infosys Ties Up with Cornell University to Train Employees

The IT giant Infosys has announced a three-year partnership with Cornell University for the purpose of training employees in emerging technologies such as blockchain, machine learning and human-computer interaction. Following the collaboration, at least 3000 Infosys employees globally are expected to participate in the joint certification programme. The other employees will participate course-by-course. “The Cornell University brand is synonymous with technology and talent, so we found a natural synergy between our organizations to improve workforce education,” said Tan Moorthy, executive vice president and Global Head of Education Training and Assessments. This particular programme which will jointly be operated by Infosys and Cornell University will also impart skills in data analytics...

Infosys Enters a Deal to Acquire Finland-based Fluido

15Sep By Gauri SinghNo Comments

ACQUISITION

Infosys Enters a Deal to Acquire Finland-based Fluido

One of India’s largest software services provider Infosys announced the deal for the acquisition of Finland-based salesforce advisor firm Fluido. The amount of the deal is expected to be around $76 million (euro 65 million). This acquisition will mark the second acquisition of the IT giant Infosys this year. In April, the firm announced the acquisition of US-based consultancy company WongDoody for $75 million. This particular deal will help boost the company's cloud capabilities, a key part of its digital strategy, and help it grow in Northern Europe. "This acquisition demonstrates Infosys' commitment to the Salesforce ecosystem to address our client's digital priorities...This acquisition also aligns to our efforts to invest in local capabilities in the regions in which we operate,...

Infosys Partners with Temasek, Acquires 60% Stake in Trusted Source

8Sep By Gauri SinghNo Comments

ACQUISITION

Infosys Partners with Temasek, Acquires 60% Stake in Trusted Source

Indian software service exporter Infosys Ltd has partnered with Singapore state investment firm Temasek Holdings for the purpose of accelerating up its Southeast Asia operations and strengthen its skills in the emerging technology space mainly in artificial intelligence. Both the companies will acquire a stake in Singapore-based Trusted Source Pte Ltd. Infosys will be acquiring a 60% stake in the company while Temasek Holdings will take over the remaining. Trusted Source is at present a wholly owned unit of Temasek. The company offers IT services to the investment firm and other clients. The amount of the deal is expected to be around 12 million Singapore dollars ($8.7 million). The amount will exclude adjustments for working capital, cash and net debt on closing. The deal is expecte...

Wipro Healthcare Head Heenan Jalil Steps Down After a Decade

1Sep By Gauri SinghNo Comments

News

Wipro Healthcare Head Heenan Jalil Steps Down After a Decade

The IT services corporation Wipro has announced that its senior vice-president and global head of the healthcare business Jeffrey Heenan-Jalil has stepped down after working for a decade with the company. This resignation marked the second top-level exit in the healthcare division in less than three years. When Jalil joined Wipro, he succeeded Sangita Singh who later moved to Infosys and then to IBM’s global business services (GBS) division. The customer list of Wipro counts Johnson& Johnson, Novartis and GE Healthcare. It has witnessed major challenges in its healthcare business following the acquisition of US company HealthPlan Services (HPS) for $460 million in 2016. The company further also stated that Mohd Ehteshamul Haque, SVP and vertical head for healthcare and service...

Shibulal’s Family Sells 1.6 Million Infosys Equity Shares

12Aug By NitishNo Comments

News

Shibulal’s Family Sells 1.6 Million Infosys Equity Shares

S D Shibulal, the former CEO and one of the co-founders of Infosys has announced that some of his family members have sold 1.6 million equity shares (representing 0.074% of the paid-up equity share capital) of Infosys on the stock exchanges. Earlier we published a report that some of the Infosys founders are planning to sell their equities worth Rs 13000. The shares were sold during the period August 8, 2018, to August 10, 2018, a release from Shibulal's office said. The sale was executed by Citigroup Global MarketsIndia Private Limited as the Sole Broker for the sale of shares. The release said the partial monetization was done to raise proceeds for personal reasons, including for the betterment of the society through various philanthropic activities. Even after this sale, the...

Ravi Venkatesan Resigns as Infosys Independent Director

12May By Lavina TolaniNo Comments

News

Ravi Venkatesan Resigns as Infosys Independent Director

IT Major Infosys has announced the resignation of its independent director, Ravi Venkatesan which would mark the first board-level departure since Nandan Nilekani took over the chairmanship of the company more than eight months back. Ravi who became Independent Director in 2011 has decided to leave the company to acquire "an exciting new role", said the Bengaluru headquartered company in a statement. Venkatesan in a statement said, I joined the Board at a time when Infosys was beginning the complex journey of transitioning from founder-led to professional management. This was also a time of tectonic industry shifts. I am pleased that this mission has been accomplished. Infosys is strong, in good hands, and is gaining momentum. Venkatesan has considered his Infosys tenure to be "e...

Infosys Will Open Another Educational Center in US, Create 1000 Jobs

27Apr By Sheldan RungasamyNo Comments

News

Infosys Will Open Another Educational Center in US, Create 1000 Jobs

Infosys, India’s leading IT company announced the opening of an Education Center in Indianapolis, US on Thursday in a bid to train American workers and create around 1,000 new jobs in the city. US Vice President Mike Pence was present for the announcement, which came one year after the company made public its intentions of setting up an innovation hub in Indianapolis. Infosys aims to create around 3,000 jobs with this initiative in Indianapolis, where Mike Pence previously occupied the position of Governor of the state of Indiana between 2013 to 2017 before being appointed Vice-President of the United States of America by Donald Trump. Commenting on the announcement, Pence said that Infosys “brings new chapter in the life of the growing Indiana economy.” He added that the initiati...

85% Infosys Employees Will Receive Increment

14Apr By Sheldan RungasamyNo Comments

News

85% Infosys Employees Will Receive Increment

Infosys, an Indian IT services, announced that it will increase the salary of a major portion of its 2 lakhs employees from “mid-single digit to high-single-digit”, starting April onward. Moreover, the firm set aside a special bonus pool worth $10 million that employees will receive as incentives on their variable salary that has been hiking since a year already. “We are also pleased to announce compensation revision for 85% of our employees starting April. For rest of the employees, primarily middle management and senior management, it will be effective July 1. This is for both onsite and offshore,” said Infosys Chief Operating Officer UB Pravin Rao. The COO also announced that most of the firm’s employees operating in India will receive raises from “mid-single digit to high-sing...

14Apr By Sheldan RungasamyNo Comments

ACQUISITION

Infosys Acquires US Firm WongDoody

Infosys Ltd, the IT services company announced on Friday that it reached an agreement to make the acquisition of WongDoody Holding Co., a digital creative and consumer insights agency based in America for $75 million. “On 13 April 2018, the company entered into a definitive agreement to acquire WongDoody… for a total consideration of up to $75 million including consideration and retention payouts, subject to regulatory approvals and fulfillment of closing conditions,” Infosys said in a regulatory filing. Infosys Ltd. bought out the firm in order to strengthen the firm’s creative, branding and customer experience abilities. The deal, which is subject to customary closing conditions, is expected to be complete at the start of FY19. “With Infosys Digital Studios spanning the globe—fr...