|Founded||2 July 1981Pune, India|
|Nandan Nilekani (chairman)|
Salil Parekh (MD & CEO)
|Revenue||₹149,468 crore (US$19 billion) (2023)|
|₹33,322 crore (US$4.2 billion) (2023)|
|₹24,108 crore (US$3.0 billion) (2023)|
|Total assets||₹125,816 crore (US$16 billion) (2023)|
|Total equity||₹75,795 crore (US$9.5 billion) (2023)|
Number of employees
|343,234 (March 2023)|
|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 Pune and is headquartered in Bangalore. 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 the Forbes Global 2000 ranking.
On 24 August 2021, Infosys became the fourth Indian company to reach $100 billion in market capitalization. It is one of the top Big Tech (India) companies.
Infosys was founded by seven engineers in Pune, Maharashtra, India. Its initial capital was $150. It was registered as Infosys Consultants Private Limited on 2 July 1981. In 1983, it relocated to Bangalore, Karnataka.
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 renamed 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$7.30 in 2020) per share against a book value of ₹20 (equivalent to ₹120 or US$1.50 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$11 in 2020) per share.
Infosys shares were listed on the Nasdaq stock exchange in 1999 as American depositary receipts (ADR). It became the first Indian company to be listed on Nasdaq. The share price surged to ₹8,100 (equivalent to ₹30,000 or US$370 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.
In 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. Infosys hired 1,200 United States employees in 2011 and expanded the workforce by 2,000 employees in 2012. In April 2018, Infosys announced expansion in Indianapolis, Indiana.
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, assets from Finacle Global Banking Solutions were transferred from Infosys, thus becoming 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.
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.
In 2022, Infosys's presence in Russia came under scrutiny. Infosys issued a clarification stating that they don't have active relationships with Russian firms. By November, 2022; the only people working there were administrative staff helping with transferring the existing contracts to other contractors.
|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||Czech Republic||EUR 30 million||Oct 2020||ServiceNow partner|
|Oddity||Germany||EUR 50 million||Mar 2022||Digital marketing, Experience, and Commerce agencies|
Infosys had a total of 259,619 employees (generally known as "Infoscions") as of 2021, out of which 38.6% were women. Out of its total workforce, 229,658 are software professionals and remaining 13,796 work for support and sales. In 2016, 89% of its employees were based in India.
During the financial year 2019, Infosys received 2,333,420 applications from prospective employees, interviewed 180,225 candidates and had a gross addition of 94,324 employees, a 4% hiring rate. These numbers do not include its subsidiaries.
In its Q3FY22 results in January, Infosys has reported that attrition has risen to 25.5%, from 20.1% in the September quarter. It has announced a profit of Rs 5,809 crore for the third quarter and said it is planning to hire 55,000 freshers for FY22 as part of its global graduate hiring program.
As the world's largest corporate university, the Infosys global education centre in the 337 acre campus has 400 instructors and 200+ classrooms, with international benchmarks at its core. Established in 2002, it had trained around 125,000 engineering graduates by June 2015. It can train 14,000 employees at a given point of time on various technologies.
The Infosys Leadership Institute (ILI), based in Mysore, has 196 rooms and trains about 4,000 trainees annually. Its purpose is to prepare and develop the senior leaders in Infosys for current and future executive leadership roles.
The Infosys Training Centre in Mysore also provides a number of extracurricular facilities like tennis, badminton, basketball, swimming pool, gym and bowling alley. It has an international level cricket ground approved by BCCI.
Since its establishment in 1981 until 2014 the CEOs of Infosys were its promoters, with N.R. Narayana Murthy leading the company in its initial 21 years. Dr. Vishal Sikka was the first non-promoter CEO; he held the position for around 3 years. Sikka resigned in August 2017. After his resignation, UB Pravin Rao was appointed as Interim CEO and MD of the company. Infosys appointed Salil Parekh as chief executive officer (CEO) and managing director (MD) with effect from 2 January 2018.
|Narayan Murthy||1981 to March 2002|
|Nandan Nilekani||March 2002 to April 2007|
|Kris Gopalakrishnan||April 2007 to August 2011|
|S. D. Shibulal||August 2011 to July 2014|
|Vishal Sikka||August 2014 to August 2017|
|UB Pravin Rao (interim)||August 2017 to December 2017|
|Salil S. Parekh||January 2018 onwards|
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".
From 2016 onwards, after Infosys took over the contract from Tata Consultancy Services stakeholders complained about malfunctioning and low performance of portals multiple times. The Income Tax portal went down on the due date of multiple tax periods and taxpayers ended up paying late fees and penalties, and the government allowed the extension of due dates because of this.
Chartered accountants and Company secretaries raised issues with MCA portal on due dates. Many companies became liable for additional fees and fines due to non-compliance. This issue is turning opposite to Ease of doing business initiatives of Government of India.
CAs and Tax professionals raised concerns about the flawed GST portal and their inability to rectify these issues.
Government faced severe criticism from CAs, CSs and other stakeholders for its continuous failure to take action against Infosys and alleged that public fund is being heavily mis-utilised.
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