Huawei plans to partner with financial services providers including Acenture, Deloitte, First Data and Infosys to promote the the adoption by the banking industry of open-standards and cloud-based technologies comparable to those used by Internet start-ups. “Internet companies have achieved great success by deploying cloud computing and open architecture,” Huawei stated.
Times of India — BENGALURU: Bank of America, which is one of the biggest technology customers of India’s $146-billion IT industry, is now again handing out business worth over $300 million to India’s second largest software exporter Infosys, after a brief drop in business volumes last year. According to Infosys’s latest quarterly report, the company now has a customer that contributes about $300 million of annual revenues.
Times of India — MUMBAI: The stock of Infosys surged over 11% in early trade on Tuesday after the company said its net profit for the April-June quarter rose 5% to Rs 3,030 crore and under its new CEO, Vishal Sikka, who is just one year into the job, it has manage to win large orders. Under Sikka, the company has made some changes to its focus areas which include high-margin businesses like automation, artificial intelligence and digital technology.
RTN Asia — Infosys said it will now offer the Finacle suite of software solutions on Verizon Cloud. Finacle is a software suite designed to run banks on, while Verizon cloud refers to an Internet-based platform offered by Verizon. Core bank software is usually not run on cloud computing infrastructure, particularly over public cloud platforms, due to security-related concerns.
Market Wired — NEW YORK, NY: China Telecom, India’s Infosys and South Korea’s Samsung Electronics Co.are among the top-ranked companies in Institutional Investor’s inaugural ranking of Asia’s Best Analyst Days. To be successful, an analyst day — or capital markets day, as the events are sometimes called — must provide an opportunity for portfolio managers and sell-side researchers to get to know the executive teams of the companies they cover, learn about their short- and long-term objectives, gain a greater understanding of the business dynamics, and have their questions answered promptly and thoroughly.
NEW DELHI: IT major Infosys has bagged three deals from overseas clients which include two in the financial services space and one for managed services. Croatia’s Hrvatska Postanska Banka (HPB) and Sharjah Islamic Bank (SIB) in the middle east have selected Infosys Finacle Payments solution for their business. “The Finacle solution will also help HPB to comply with Single Euro Payments Area (SEPA) requirements and support Croatia’s harmonisation process with European Union regulations and Payment Service Directive,” Infosys said in a statement.
PORTLAND, Ore., May 26, 2015 /PRNewswire/ — The Open Data Center Alliance (ODCA), the global organization where members work together to advance the deployment of enterprise cloud solutions and services that are interoperable, secure and free of vendor lock-in, today welcomed three new members to its Board of Directors – Samson David of Infosys, Edward Goldman of Intel, and Wanjing Li, of China Unicom Group. The Alliance also introduced nine new member companies, bringing its general membership to an all-time high as the organization approaches its fifth anniversary.
BENGALURU: Infosys has created a special team under direct supervision of chief executive Vishal Sikka to manage the top 15 customer accounts at India’s second largest software exporter. It is also in the process of completely revamping its core banking software Finacle, with heavy investments underway in the US. During an investor conference in New York, Sikka said Infosys has hired a new chief technology officer ( CTO) for its products business.
BENGALURU: Technology research firm Gartner believes Infosys is poised to win significant market share over the next two years and that the software major may be on course to reach its goal to become a $20-billion company by 2020. “We are confident in the company’s near-term to mid-term growth forecast, based on the growing pipeline, marked improvements in attrition levels that are positively influencing win rates and a more targeted message that is resonating well with clients,” Gartner analyst Sandra Notardonato said.
BENGALURU: Infosys has proposed a significant expansion of its operations in Bengaluru, adding about 21,500 seats at the Electronics City software hub by spending about Rs 2,000 crore. If the plan fructifies, it will make Karnataka’s capital the biggest centre for the company, surpassing Pune. The company, which ended March 2015 with revenue of Rs 53,319 crore ($ 8.7 billion), has submitted a proposal to the government seeking clearances. Information technology minister SR Patil told ET that the software company is keen to pursue its investment plans in Bengaluru and create new jobs.
The bloom is coming off the rose for many Indian IT services firms. Over the past decade, India created a wealth-generating “engine” of innovation and an industrialised services model. That disruptive model took the world by storm. It humbled industry giants, bringing once-great firms such as EDS and CSC to their knees and forcing other great firms such as IBM and Accenture to adopt India’s model. Large Indian firms such as Cognizant, Infosys, TCS and Wipro became global leaders. The engine built a $100 billion-plus services industry that sheltered a generation of IT talent and placed India squarely in the centre of the knowledge economy.
BENGALURU: Infosys has acquired US-based digital experience solutions company Kallidus for $120 million that includes a deferred component and retention bonus. Kallidus offers including mobile commerce and in-store shopping experiences to large retail clients. It develops and host mobile websites, apps, and other digital shopping experiences across mobile, tablet, desktop, in-store and all emerging channels. The latest acquisition is Bengaluru-based IT company’s second acquisition this year.
BENGALURU: Infosys is set to identify and incubate about a dozen new ideas that could potentially bring $100 million (about Rs 620 crore) each and a total of over a billion dollars in incremental revenue annually over the next few years, as part of a strategy being spearheaded by CEO Vishal Sikka to propel growth at India’s second largest software exporter.
BENGALURU: Infosys is set to identify and incubate about a dozen new ideas that could potentially bring $100 million (about Rs 620 crore) each and a total of over a billion dollars in incremental revenue annually over the next few years, as part of a strategy being spearheaded by CEO Vishal Sikka to propel growth at India’s second largest software exporter. The company is in the process of identifying new ideas after zeroing in on areas such as artificial intelligence, automation and Internet of Things, two people directly familiar with the strategy said on the condition of anonymity.
While the Indian IT firms are getting aggressive in buying smaller ticket size companies in the US, sources with direct knowledge share that one such candidate, Sierra-Cedar with HQ in Georgia, US is close to launching a sale process soon. Valuation expectation for a complete sale of Sierra-Cedar is pegged at around $350 million, a source said.
BENGALURU: Infosys and Accenture have entered the final lap to clinch a Rs 900-crore ($150 million) IT outsourcing contract from Australia-based financial services provider Macquarie Group. The five-year contract will include application development, testing and infrastructure management services (IMS), said sources privy to the development. Macquarie provides banking, financial, advisory, investment and funds management services. It employs more than 13,900 people in 28 countries.
BENGALURU: Infosys plans to allocate a quarter of its $500-million (about Rs 3,000 crore) fund to invest in startups in Silicon Valley, Israel and India along with venture capital firms. India’s second-largest software services exporter has had discussions with about two dozen VC firms, including Andreessen Horowitz, for such investments, two people familiar with Infosys’ strategy said, requesting anonymity. “There are no formal agreements with any particular VCs. The strategy is to back startups and entrepreneurs with ideas that align with the company,” one of them said. “The idea is not just to be a passive financial investor but take disruptive solutions to customers.”
It’s been a decade and a half since the Indian IT industry began its ascendancy into the IT services stratosphere, quickly becoming a key supplier of much of the world’s IT-related software services needs. Today, it is a $100 billion-plus industry, with around $35 billion of business emanating from the US alone. But as it wends its way along the evolutionary path, some things have been made clear to even the casual observer:
BANGALORE, India—As its growth slows, India’s technology services outsourcing industry is struggling to become less dependent on peddling the services of inexpensive programmers and trying to enter new businesses like off-the-shelf software and helping customers with big data and cloud computing. India’s leading outsourcers, including Tata Consultancy Services Ltd. and Infosys Ltd. , said last month that their profit growth was squeezed last quarter by dwindling demand from the U.S. and Europe.
BENGALURU: Infosys, after signing its first big-ticket acquisition under CEO Vishal Sikka last week, is evaluating a dozen more startups — all aimed not at bulking revenues or adding clients, as Indian IT companies typically do, but at gaining cutting-edge technology such as automation and artificial intelligence (AI). “We have a dozen targets we are looking at now,” Sikka said in an interview to ET, days after the software company bought automation startup Panaya for Rs 1,200 crore ($200 million).