Infosys | Pixr8 News

24Mar By Sheldan RungasamyNo Comments

FUNDING

Infosys Invested $1.5M in a Data Discovery Firm

Infosys, an IT services major, said it made a second investment of $1.5 million in Waterline Data Science, which is a data discovery and data governance software provider company. The Bengaluru-based company first poured $4 million in the US-based firm to obtain stakes in return back in January 2016. After the recent investment, Infosys now holds a minority stake not exceeding 20% of the incredible share capital of the company, according to the company filing to the stock exchange. The investment will be fully completed by April 6, 2018. Waterline is a firm that provides data scientists and business analysts with a self-service data catalogue to help discover, understand and provision data. Founded in December 2013, the company also gives an automated data inventory that allows ea...

Salil Parekh as CEO is a Huge Positive for Infosys: T V Mohandas Pai

3Jan By PriyankaNo Comments

Entrepreneurs Talk

Salil Parekh as CEO is a Huge Positive for Infosys: T V Mohandas Pai

Salil Parekh taking over as CEO is hugely positive for Infosys as he is a team builder who understands the business and changing market environment, says the company's former chief financial officer T V Mohandas Pai. Parekh being based in Bengaluru, the NASDAQ-listed companys headquarters, would also make a huge difference as most clients visit the campuses before they sign the deals and the teams working on their projects there, Pai told PTI. "It (Parekh as CEO) is hugely positive for Infy. They will have a CEO who understands the services business, who understands the changes that are happening and what needs to be done," he said. "He is a customer-facing person and thats exactly the kind of talent thats required. Working in a services company (in Capgemini where he worked earli...

Narayana Murthy Dismissed Threats From Artificial Intelligence, Call it “More Hype than Reality”

24Dec By PriyankaNo Comments

News

Narayana Murthy Dismissed Threats From Artificial Intelligence, Call it “More Hype than Reality”

Infosys co-founder NR Narayana Murthy has flayed the high wage hikes that senior managements have been apportioning to themselves when the software industry is in trying times and has advised them to make "sacrifices" to maintain common mans faith in capitalism. Conceding that times are difficult for the IT services sector, Murthy dismissed the commonly attributed threats of artificial intelligence and automation as "more hype than reality". Terming the trend of no hikes for juniors and freshers as "worrisome," Murthy rued that the senior level people have been taking handsome hikes. "I think that is not the way to make capitalism acceptable to the larger masses in a country that has huge poverty," he said, speaking at the IIT-Bombay over the weekend. "If we believe in capitalism, ...

Infosys Appoints Outsider Salil S Parekh As CEO

2Dec By reutersNo Comments

News

Infosys Appoints Outsider Salil S Parekh As CEO

Infosys, India’s No.2 IT services company, named Salil S Parekh as chief executive on Saturday, picking an outsider for the job a second time and handing him the twin challenges of reviving growth and making peace between its founders and board. Parekh, who will join from consultancy firm Capgemini where he is currently an executive, has been given a 5-year term effective Jan.2, an Infosys filing to exchanges showed. U.B. Pravin Rao who was serving as the interim CEO has been re-designated as chief operating officer from Jan. 2, Infosys said. “After a comprehensive global search effort, we are pleased to appoint Salil as the CEO & MD,” said Kiran Mazumdar-Shaw, chairperson of the nomination & remuneration committee at Infosys. “He was the top choice from a pool of highly...

9Oct By PriyankaNo Comments

FUNDING

Home Decor Startup MyGubbi Raises $2.7 Mn Pre-Series A Funding

Customized home interiors decor startup MyGubbi has raised $2.7 million pre-series A funding led by the family office of Firoze Irani; Vipul Parekh(co-founder BigBasket), Ananda Kallugadde(co-founder of NeoBytes) and Rajesh K Murthy(President Infosys), among others. Founded by Umesh Sangurmath and Ravi Rao in 2015, MyGubbi (Kannad for 'My Sparrow'), the startup aims on the interior design and furnishing solutions; allowing its customers to design their dream homes. The company earlier raised a funding of around $2.5 million by Vipul Parekh and others. ALSO READ 20 Years Old AOL Instant Messenger To Sign Off The funds raised will be utilized to grow the business. "We would look at going deeper into existing markets, as well as strengthen our backend. We are a...

Feedback From Clients Positive, Reassuring: Infosys

8Sep By Press Trust of IndiaNo Comments

News

Feedback From Clients Positive, Reassuring: Infosys

IT major Infosys today said the feedback from its clients and stakeholders, despite weeks of acrimony between the founders and former board members, has been "positive and reassuring" and it is now focusing on executing its strategy. The Bengaluru-based firm has been in the eye of a storm over the past few months, with the two sides clashing over allegations such as corporate governance lapses and irregularities in Infosys USD 200-million Panaya acquisition. "Since Vishal left and Nandan came on board, we have had a massive outreach. We have talked to all the stakeholders, clients and employees," Infosys interim CEO and MD U B Pravin Rao said at the Citi Global Technology Conference 2017. He added that the company has also reached out to investors and industry consultants and "more or...

Infosys Founders Will Sell 13000 Crore Worth Stake

28Aug By AdityaNo Comments

News

Infosys Founders Will Sell 13000 Crore Worth Stake

Infosys founders are likely to sell some of their stake in the company's under Rs 13,000-crore share buyback programme, the company said today. The promoters keenness to participate in the buyback comes within days of a silent coup by founders led by N R Narayana Murthy to seize control of Indias second-biggest software services firm. The founders and their families between them hold some 12.75 per cent (29.28 crore shares) of Infosys. Murthy declined to comment on if he would participate in the buyback. The buyback price of Rs 1,150 is higher than the current stock trading price of Rs 941.15 and is considered "reasonably good" by the firms former CFO V Balakrishnan. Founded in 1981 by seven engineers, all former employees of Patni Computer Systems with an initial capital of $2...

MD And CEO Of Infosys Vishal Sikka Resigned From His Post

18Aug By RishabhNo Comments

BUSINESS, News

MD And CEO Of Infosys Vishal Sikka Resigned From His Post

Managing Director and CEO of Infosys, Vishal Sikka has resigned from his post this Friday morning and the Board has accepted his resignation with immediate effect. This move of Vishal was under the growing acrimony between the board and its founders led by NR Narayana Murthy. UB Pravin Rao, the Chief Operating Officer will be the interim MD and CEO. Infosys shares plunged as much as 12.8 per cent today after the announcement. Vishal Sikka had taken over the reins of Infosys back in June of 2014, and has been working ever since. Sikka would now continue as Executive Vice-chairman. An Infosys statement said in his new role Sikka would continue to focus on strategic initiatives, key customer relationships and technology development. He will report to the company’s board and receive a...

Infosys To Pay $1 Million Fine To New York In Visa Violation Case

24Jun By Press Trust of IndiaNo Comments

News

Infosys To Pay $1 Million Fine To New York In Visa Violation Case

IT major Infosys has reached a settlement for USD 1 million with the state of New York in a visa-related case, even though the company maintained it committed no wrongdoings and the probe was centred on alleged paperwork errors. In a statement, New York Attorney General Eric T Schneiderman today said a USD 1-million settlement with the Indian IT firm has been reached to conclude the investigation. While, the Bengaluru-based company in its statement said, "Infosys' agreement concludes the State of New York's investigation relating to the amount of taxes the company paid in 2010-2011 without any criminal or civil charges being filed. "While this investigation centred on alleged paperwork errors, the company committed no wrongdoing and denies all allegations made in this regard." ...

Infosys Denies Reports of Co-founders Selling Stake

9Jun By PriyankaNo Comments

News

Infosys Denies Reports of Co-founders Selling Stake

IT major Infosys today denied media reports suggesting that its co-founders, including N R Narayana Murthy, were planning to sell their entire stake in the company. "We would like to clarify reports in media speculating on plans of stake sale by the promoters. This speculation has already been denied categorically by the promoters," the company said in a statement. The country' s second largest IT services firm was reacting to a media report that Murthy and other co-founders Nandan Nilekani, Kris Gopalakrishnan, S D Shibulal and K Dinesh were looking to sell their entire stake in the company worth about Rs 28,000 crore. "The company further reiterates that it has no information on any such development. We would like to appeal to the media not to fuel such speculative stories as th...

Infosys Will Hire 20,000 People, Fired Only 400 People This Year

2Jun By AdityaNo Comments

News

Infosys Will Hire 20,000 People, Fired Only 400 People This Year

IT services major Infosys today said it will hire 20,000 people this year as against only 400 people being asked to leave on performance grounds and termed reports of large-scale job losses as "overstated". Infosys COO UB Pravin Rao said the technology-driven transformation presents new opportunities for companies like Infosys. "With respect to all the talks of layoffs, it's regular performance based things that we do every year. The number is really 300-400, which is consistent with what we have seen every year," Rao told reporters after a 30-minute meeting with IT Minister Ravi Shankar Prasad. He said the country's second largest software exporter is "creating more jobs, adding more people and letting go of only minuscule number of people, purely from performance related perspec...

Sad over recent IT layoffs: Narayana Murthy

26May By AdityaNo Comments

Entrepreneurs Talk

Sad over recent IT layoffs: Narayana Murthy

Founder Chairman of Infosys N R Narayana Murthy today expressed sadness over the IT companies laying off their employees as part of their cost cutting strategy. "...It is sad...," Murthy told in an email reply to a Pixr8 query about recent IT layoffs. Murthy, however, did not elaborate on the matter. Infosys had announced that it could hand out pink slips to hundreds of mid and senior-level employees as it carries out bi-annual performance review amid a challenging business environment. The development comes at a time when its peers Wipro and Cognizant are taking similar measures to control costs. The US-based Cognizant had rolled out a voluntary separation programme for directors, associate VPs and senior VPs, offering them 6-9 months of salary. Wipro, too, is learnt to hav...