|Founded||2 July 1981|
(MD & CEO)
U. B. Pravin Rao
|Revenue||₹102,673 crore (US$14 billion) (2021)|
|₹26,823 crore (US$3.6 billion) (2021)|
|₹19,423 crore (US$2.6 billion) (2021)|
|Total assets||₹108,489 crore (US$14 billion) (2021)|
|Total equity||₹74,250 crore (US$9.9 billion) (2021)|
Number of employees
|Rating||CRISIL AAA / Stable / CRISIL A1+|
|Footnotes / references|
Infosys Limited is an Indian multinational information technology company that provides business consulting, information technology and outsourcing services. The company was founded in the city of Pune, India. Infosys is the second-largest Indian IT company after Tata Consultancy Services by 2020 revenue figures and the 602nd largest public company in the world according to Forbes Global 2000 ranking. The credit rating of the company is CRISIL AAA / Stable / CRISIL A1+ (rating by CRISIL).
On 24 August 2021, Infosys became the fourth Indian company to cross $100 billion in market capitalization.
Infosys was founded by seven engineers in Pune, Maharashtra, India with an initial capital of $250 in 1981. It was registered as Infosys Consultants Private Limited on 2 July 1981. In 1983, it relocated its office to Bangalore, Karnataka, India.
The company changed its name to Infosys Technologies Private Limited in April 1992 and to Infosys Technologies Limited when it became a public limited company in June 1992. It was later renamed to Infosys Limited in June 2011.
An initial public offering (IPO) was floated in February 1993 with an offer price of ₹95 (equivalent to ₹580 or US$7.80 in 2020) per share against a book value of ₹20 (equivalent to ₹120 or US$1.60 in 2020) per share. The IPO was undersubscribed but it was "bailed out" by US investment bank Morgan Stanley, which picked up a 13% equity stake at the offer price. Its shares were listed in June 1993 with trading opening at ₹145 (equivalent to ₹890 or US$12 in 2020) per share.
Infosys shares were listed on the Nasdaq stock exchange in 1999 as American depositary receipts. It became the first Indian company to be listed on Nasdaq. The share price surged to ₹8,100 (equivalent to ₹30,000 or US$390 in 2020) by 1999 making it the costliest share on the market at the time. At that time, Infosys was among the 20 biggest companies by market capitalization on the Nasdaq. The ADR listing was shifted from Nasdaq to NYSE Euronext to give European investors better access to the company's shares.
On 28 July 2010, then British Prime Minister David Cameron visited Infosys HQ in Bangalore and addressed Infosys employees.
Its annual revenue reached US$100 million in 1999, US$1 billion in 2004 and US$10 billion in 2017.
In 2012, Infosys announced a new office in Milwaukee, Wisconsin, to serve Harley-Davidson, being the 18th international office in the United States. Infosys hired 1,200 United States employees in 2011, and expanded the workforce by an additional 2,000 employees in 2012. In April 2018 Infosys announced expanding in Indianapolis, Indiana. The development will include more than 120 acres and is expected to result in 3,000 new jobs—1,000 more than previously announced.
In July 2014, Infosys started a product subsidiary called EdgeVerve Systems, focusing on enterprise software products for business operations, customer service, procurement and commerce network domains. In August 2015, the Finacle Global Banking Solutions assets were officially transferred from Infosys and became part of the product company EdgeVerve Systems product portfolio.
Infosys provides software development, maintenance and independent validation services to companies in finance, insurance, manufacturing and other domains.
One of its known products is Finacle which is a universal banking solution with various modules for retail and corporate banking.
Its key products and services are:
Infosys has 82 sales and marketing offices and 123 development centres across the world as of 31 March 2018, with major presence in India, United States, China, Australia, Japan, Middle East and Europe.
In 2019, 60%, 24%, and 3% of its revenues were derived from projects in North America, Europe, and India, respectively. The remaining 13% of revenues were derived from the rest of the world.
|Name of the acquired company||Based in||Acquisition cost||Acquisition date||The business of an acquired company|
|Expert Information Services||Australia||US$23 million||Dec 2003||IT service provider|
|McCamish Systems||USA||US$38 million||Dec 2009||Insurance and financial services|
|Portland Group||Australia||AUD 37 million||Jan 2012||Strategic sourcing and category management|
|Lodestone Holding AG||Switzerland||US$345 million||Sep 2012||Management consultancy|
|Panaya||Israel||US$200 million||Mar 2015||Automation technology|
|Skava||USA||US$120 million||Apr 2015||Digital experience solutions|
|Noah-Consulting||USA||US$70 million||Nov 2015||Information management consulting services|
|Skytree||USA||Undisclosed amount||Apr 2017||Machine learning|
|Brilliant Basics||UK||GBP 7.5 million||Aug 2017||Product design and customer experience|
|Fluido Oy||Finland||EUR 65 million||Oct 2018||Salesforce advisor and consulting partner|
|WongDoody||USA||US$75 million||Jan 2019||Advertising and creative strategy services|
|Stater N.V.||Netherlands||EUR 127.5 million||Apr 2019||Mortgage services|
|Simplus||USA-AU||TBD||Feb 2020||Salesforce Partner|
|Kaleidoscope||USA||US$42 million||Sep 2020||Product design and development|
|GuideVision||Czechia||EUR 30 million||Oct 2020||ServiceNow partner|
In December 2019, the Attorney General of California, Xavier Becerra announced an $800,000 settlement against Infosys and its BPM (business process management) subsidiary. Close to 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas instead of H-1B visas between 2006 and 2017, as per an official post available on the website of State of California.
This misclassification resulted in Infosys avoiding California payroll taxes such as unemployment insurance, disability insurance, and employment training taxes.
In 2011, Infosys was accused of committing visa fraud by using B-1 (visitor) visas for work requiring H-1B (work) visas. The allegations were initially made by an American employee of Infosys in an internal complaint. He subsequently sued the company, claiming that he was harassed and sidelined after speaking out. Although that case was dismissed, it along with another similar case, brought the allegations to the notice of the US authorities – and the U.S. Department of Homeland Security and a federal grand jury started investigating.
In October 2013, Infosys agreed to settle the civil suit with US authorities by paying US$34 million. Infosys refused to admit guilt and stressed that it only agreed to pay the fine to avoid the nuisance of "prolonged litigation". In its statement the company said "As reflected in the settlement, Infosys denies and disputes any claims of systemic visa fraud, misuse of visas for competitive advantage, or immigration abuse. Those claims are assertions that remain unproven".
In 2015, the United States Department of Labor began an investigation of Infosys after claims were made that the company used workers with H-1B visas to replace workers at Disney and Southern California Edison. The investigation did not find any wrongdoing.
In 2019, whistle blowers alleged irregularities in the company's financial accounting. Internal investigations conducted by the company concluded that the allegations were without merit. External auditors said that Infosys' approach to revenue recognition was in line with IAS 34 regulations.