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'''Infosys Limited''' is an Indian [[Multinational corporation|multinational]] [[information technology]] company that provides [[business consulting]], [[information technology]] and [[outsourcing]] services. The company was founded in [[Pune]] and is headquartered in [[Bangalore]].<ref name=Infosys_Overview>{{cite web|title=Infosys Overview|url=https://www.infosys.com/about.html|publisher=Infosys|access-date=28 February 2021}}</ref> 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.<ref>{{cite magazine | title=Forbes 2020 Global 2000 | url=https://www.forbes.com/global2000/ | magazine=Forbes | access-date=28 February 2021}}</ref> The [[credit rating]] of the company is CRISIL AAA / Stable / CRISIL A1+ (rating by [[CRISIL]]).<ref>{{cite web|title=Rating Rationale|url=https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InfosysLimited_January%2005,%202021_RR.html|access-date=2021-07-29|website=www.crisil.com}}</ref> |
'''Infosys Limited''' is an Indian [[Multinational corporation|multinational]] [[information technology]] company that provides [[business consulting]], [[information technology]] and [[outsourcing]] services. The company was founded in [[Pune]] and is headquartered in [[Bangalore]]. (Bengaluru). <ref name=Infosys_Overview>{{cite web|title=Infosys Overview|url=https://www.infosys.com/about.html|publisher=Infosys|access-date=28 February 2021}}</ref> 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.<ref>{{cite magazine | title=Forbes 2020 Global 2000 | url=https://www.forbes.com/global2000/ | magazine=Forbes | access-date=28 February 2021}}</ref> The [[credit rating]] of the company is CRISIL AAA / Stable / CRISIL A1+ (rating by [[CRISIL]]).<ref>{{cite web|title=Rating Rationale|url=https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/InfosysLimited_January%2005,%202021_RR.html|access-date=2021-07-29|website=www.crisil.com}}</ref> |
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On 24 August 2021, Infosys became the fourth Indian company to cross $100 billion in [[market capitalization]].<ref>{{Cite news|title=Infosys becomes 4th Indian company to touch $100 bn market cap|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/infosys-becomes-4th-indian-company-to-touch-100-bn-market-cap/articleshow/85595820.cms|access-date=2021-08-25}}</ref><ref>{{cite web|last=Salil|first=K.|date=2021-08-24|title=Infosys becomes fourth Indian company to reach market cap of $100 billion|url=https://thefederal.com/business/infosys-becomes-fourth-indian-company-to-reach-market-cap-of-100-billion/|access-date=2021-08-31|website=The Federal|language=en-US}}</ref> |
On 24 August 2021, Infosys became the fourth Indian company to cross $100 billion in [[market capitalization]].<ref>{{Cite news|title=Infosys becomes 4th Indian company to touch $100 bn market cap|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/infosys-becomes-4th-indian-company-to-touch-100-bn-market-cap/articleshow/85595820.cms|access-date=2021-08-25}}</ref><ref>{{cite web|last=Salil|first=K.|date=2021-08-24|title=Infosys becomes fourth Indian company to reach market cap of $100 billion|url=https://thefederal.com/business/infosys-becomes-fourth-indian-company-to-reach-market-cap-of-100-billion/|access-date=2021-08-31|website=The Federal|language=en-US}}</ref> |
Revision as of 15:33, 8 April 2022
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![]() Infosys Pyramid in Bangalore (Bengaluru). | |
Company type | Public |
---|---|
ISIN | INE009A010321 |
Industrie | Information technology Consulting Outsourcing |
Gegründet | 2 July 1981 |
Founders | |
Hauptsitz | , Indien |
Area served | Worldwide |
Key people | Nandan Nilekani (Chairman) Salil Parekh (MD & CEO)[1] U. B. Pravin Rao (COO) |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 276,319 (2021)[3] |
Divisions | |
Rating | CRISIL AAA / Stable / CRISIL A1+ |
Website | www |
Footnotes / references [4] |
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. (Bengaluru). [5] 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.[6] The credit rating of the company is CRISIL AAA / Stable / CRISIL A1+ (rating by CRISIL).[7]
On 24 August 2021, Infosys became the fourth Indian company to cross $100 billion in market capitalization.[8][9]
History
Infosys was founded by seven engineers in Pune, Maharashtra, India with an initial capital of $250 in 1981.[10] It was registered as Infosys Consultants Private Limited on 2 July 1981.[11] 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.[12]
An initial public offering (IPO) was floated in February 1993 with an offer price of ₹95 (equivalent to ₹690 or US$8.20 in 2023) per share against a book value of ₹20 (equivalent to ₹150 or US$1.70 in 2023) 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.[13] Its shares were listed in June 1993 with trading opening at ₹145 (equivalent to ₹1,100 or US$13 in 2023) per share.[14]
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 ₹35,000 or US$420 in 2023) 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.[13] The ADR listing was shifted from Nasdaq to NYSE Euronext to give European investors better access to the company's shares.[15]
On 28 July 2010, then British Prime Minister David Cameron visited Infosys HQ in Bangalore and addressed Infosys employees.[16]
Its annual revenue reached US$100 million in 1999, US$1 billion in 2004 and US$10 billion in 2017.[11]
In 2012, Infosys announced a new office in Milwaukee, Wisconsin, to serve Harley-Davidson, being the 18th international office in the United States.[17][18] Infosys hired 1,200 United States employees in 2011, and expanded the workforce by an additional 2,000 employees in 2012.[18] 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.[19] 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.[20]
Products and services
Infosys provides software development, maintenance and independent validation services to companies in finance, insurance, manufacturing and other domains.[21]
One of its known products is Finacle which is a universal banking solution with various modules for retail and corporate banking.[22]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/c/cb/India_Technology.jpg/220px-India_Technology.jpg)
Its key products and services are:
- NIA – Next Generation Integrated AI Platform (formerly known as Mana)
- Infosys Consulting – a global management consulting service
- Cloud-based enterprise transformation services[23]
- Infosys Information Platform (IIP) – Analytics platform
- EdgeVerve Systems which includes Finacle, a global banking platform
- Panaya Cloud Suite
- Skava – now rebranded as Infosys Equinox
- Engineering Services[24]
- Digital Marketing[25]
Geographical presence
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.[26][27]
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.[28]
In 2022, Infosys's presence in Russia in support of the energy industry there came under scrutiny. The firm, unlike Western firms like Oracle, declined to withdraw from the country despite Russia's invasion of Ukraine.[29]
Acquisitions
Name of the acquired company | Based in | Acquisition cost | Acquisition date | The business of an acquired company |
---|---|---|---|---|
Expert Information Services | Australien | US$23 million | Dec 2003[30][31] | IT service provider |
McCamish Systems | USA | US$38 million | Dec 2009[32] | Insurance and financial services |
Portland Group | Australien | AUD 37 million | Jan 2012[33][34] | Strategic sourcing and category management |
Lodestone Holding AG | Schweiz | US$345 million | Sep 2012[35] | Management consultancy |
Panaya | Israel | US$200 million | Mar 2015[36][37] | Automation technology |
Skava | USA | US$120 million | Apr 2015[38][39] | Digital experience solutions |
Noah-Consulting | USA | US$70 million | Nov 2015[40] | Information management consulting services |
Skytree | USA | Undisclosed amount | Apr 2017[41] | Machine learning |
Brilliant Basics | UK | GBP 7.5 million | Aug 2017[42] | Product design and customer experience |
Fluido Oy | Finnland | EUR 65 million | Oct 2018[43] | Salesforce advisor and consulting partner |
WongDoody | USA | US$75 million | Jan 2019[44] | Advertising and creative strategy services |
Stater N.V. | Niederlande | EUR 127.5 million | Apr 2019[45] | Mortgage services |
Simplus | USA-AU | TBD | Feb 2020[46] | Salesforce Partner |
Kaleidoscope | USA | US$42 million | Sep 2020[47] | Product design and development |
GuideVision | Czechia | EUR 30 million | Oct 2020[48] | ServiceNow partner |
Oddity | Deutschland | EUR 50 million | Mar 2022[49] | Digital marketing, Experience, and Commerce agencies |
Listing and shareholding pattern
![](http://upload.wikimedia.org/wikipedia/commons/thumb/2/2b/Infosys_Mcity%2C_Building_number_5.jpg/220px-Infosys_Mcity%2C_Building_number_5.jpg)
In India, shares of Infosys are listed on the BSE where it is a part of the BSE SENSEX and the NSE where it is a NIFTY 50 Constituent.[50] Its shares are listed by way of American depositary receipts (ADRs) at the New York Stock Exchange.[51]
Over a period of time, the shareholding of its promoters has gradually reduced, starting from June 1993 when its shares were first listed. The promoters' holdings reduced further when Infosys became the first Indian-registered company to list Employees Stock Options Schemes and ADRs on NASDAQ on 11 March 1999.[52] As of 29 July 2021, the promoter holding was 12.95%, foreign institutional investors (FIIs) hold 33.39%, and domestic institutional investors (DIIs) hold 21.98%.[53]
Shareholders | Shareholding |
---|---|
Promoters group | 12.95% |
Foreign institutional investors (FII) | 33.39% |
Domestic institutional investors (DII) | 21.98% |
Public | 31.32% |
Others | 0.36% |
Total | 100.00% |
Employees
Infosys had a total of 259,619 employees (generally known as "Infoscions") as of 2021, out of which 38.6% were women.[28] Out of its total workforce, 229,658 are software professionals and remaining 13,796 work for support and sales.[28] In 2016, 89% of its employees were based in India.[56]
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.[56]
In it's 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.
Training Centre in Mysore
As the world's largest corporate university, the Infosys global education centre in the 337 acre[57] campus has 400 instructors and 200+ classrooms,[58] with international benchmarks at its core. Established in 2002, it had trained around 125,000 engineering graduates by June 2015.[58] It can train 14,000 employees at a given point of time on various technologies.[59][60]
The Infosys Leadership Institute (ILI), based in Mysuru, has 196 rooms and trains about 4,000 trainees annually.[60] Its purpose is to prepare and develop the senior leaders in Infosys for current and future executive leadership roles.
The Infosys Training Centre in Mysuru 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.
CEOs
Since its establishment in 1981 till 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 of Infosys who worked for around 3 years.[61][62][63] Dr. Vishal Sikka resigned in August 2017. After his resignation, UB Pravin Rao was appointed as Interim CEO and MD of Infosys.[64] Infosys appointed Salil Parekh as chief executive officer (CEO) and managing director (MD) of the company with effect from 2 January 2018.[65][66]
List of Infosys CEOs
Portrait Picture | Name | Period |
---|---|---|
Narayan Murthy | 1981 to March 2002 | |
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Nandan Nilekani | March 2002 to April 2007 |
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Kris Gopalakrishnan | April 2007 to August 2011 |
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S. D. Shibulal | August 2011 to July 2014 |
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Vishal Sikka | August 2014 to August 2017 |
UB Pravin Rao (interim) | August 2017 to December 2017[64] | |
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Salil S. Parekh | January 2018 onwards[67] |
Awards and recognition
- In 2021, Infosys was positioned as a leader in the Forrester Wave Application Modernization & Migration Services.[68]
- In 2021, Infosys was positioned as a Leader in Gartner Magic Quadrant for Data and Analytics Services.[69]
- In 2020, Infosys was ranked No. 1 in the HFS Top 10 Agile Software Development 2020 report.[70]
- In 2020, Infosys was recognized as a leader in Retail and CPG Digital Services by Avasant.[71][72]
- In 2019, Infosys was a winner of the United Nations Global Climate Action Award in 'Climate Neutral Now' category.[73]
- In 2019, Infosys was ranked as the 3rd Best Regarded Company in the World by Forbes.[74]
- In 2017, HfS Research included Infosys in Winner's Circle of HfS Blueprint for Managed Security Services, Industry 4.0 services and Utility Operations.[75][76][77]
- In 2013, Infosys was ranked 18th largest IT services provider in the world by HfS Research.[78] In the same year, it was ranked 53rd in Forbes list of World's Most Innovative Companies.[79]
- In 2012, Infosys was ranked No. 19 amongst the world's most innovative companies by Forbes.[80] In the same year, Infosys was in the list of top twenty green companies in Newsweek's Green Rankings for 2012.[81]
- In 2006, Institute of Chartered Accountants of India included Infosys into Hall of Fame for being the winner of Best Presented Accounts for 11 consecutive years.[82]
Financial
Year | Revenue (In crores) | Profits/Loss (In crores) | Total Assets (In crores) | Employees |
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FY 2011 | ![]() |
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FY 2012 | ![]() |
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FY 2013 | ![]() |
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FY 2014 | ![]() |
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FY 2015 | ![]() |
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FY 2016 | ![]() |
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FY 2017 | ![]() |
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FY 2018 | ![]() |
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FY 2019 | ![]() |
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FY 2020 | ![]() |
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FY 2021 | ![]() |
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Controversies
Settlement of tax fraud in the US
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.[83][84]
This misclassification resulted in Infosys avoiding California payroll taxes such as unemployment insurance, disability insurance, and employment training taxes.[85][86]
Accusation of visa fraud in the US
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,[87] it along with another similar case,[88][89][90] 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.[91]
In October 2013, Infosys agreed to settle the civil suit with US authorities by paying US$34 million.[92] Infosys refused to admit guilt and stressed that it only agreed to pay the fine to avoid the nuisance of "prolonged litigation".[93] 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".[94]
Displacement of American workers at Southern California Edison and Disney
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.[95]
Allegations of Financial Irregularities
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.[96] External auditors said that Infosys' approach to revenue recognition was in line with IAS 34 regulations.[97]
Russian invasion of Ukraine
The was operating in Russia after the country's invasion of Ukraine.[29] The company has strong historical links with Russia and its president Vladimir Putin.[98] However, it stopped operating in April. [99]
See also
- List of IT consulting firms
- List of IT companies in India
- List of acquisitions by Infosys BPO Limited
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- ^ Infosys. "Infosys Ranked #1 in the HFS Top 10 Agile Software Development 2020 Report". PR Newswire. Retrieved 23 July 2020.
- ^ "Retail and CPG Digital Services- Infosys is recognized as a Leader by Avasant RadarView". infosys.com. Retrieved 7 October 2020.
- ^ "Infosys Recognized as a Leader in Avasant's Retail & CPG Digital Services 2020-2021 RadarView Report". infosys.com. Retrieved 7 October 2020.
- ^ "Winners of the 2019 UN Global Climate Action Awards Announced". unfccc.int. Retrieved 15 May 2020.
- ^ "Infosys Ranked Number 3 on 2019 Forbes 'World's Best Regarded Companies' List". MarketWatch. Retrieved 19 January 2020.
- ^ "Infosys in Winner's Circle of HfS Report for Managed Security Services". Infosys. 5 April 2017. Archived from the original on 7 October 2017. Retrieved 7 October 2017.
- ^ "Infosys named in Winner's Circle of HfS Blueprint on Industry 4.0 services". Infosys. 17 April 2017. Archived from the original on 8 October 2017. Retrieved 7 October 2017.
- ^ "Infosys in Winner's Circle of HfS Report for Utility Operations – 2017". Infosys. 7 June 2017. Archived from the original on 7 October 2017. Retrieved 7 October 2017.
- ^ "TCS joins top 10 global IT services companies club". Gadgets Now. 22 April 2014. Archived from the original on 28 July 2018. Retrieved 13 September 2018.
- ^ "Infosys on the Forbes America's Best Employers By State List". Forbes. Archived from the original on 5 August 2019. Retrieved 5 August 2019.
- ^ "#19: Infosys (India) – The World's Most Innovative Companies". Forbes. 6 September 2012. Archived from the original on 7 October 2017. Retrieved 7 October 2017.
- ^ "Newsweek Green Rankings 2012: Global 500 List – Newsweek". Newsweek. 22 October 2012. Archived from the original on 13 February 2018. Retrieved 13 September 2018.
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- ^ "Attorney General Becerra Announces $800,000 Settlement Against Infosys for Misclassification of Foreign Workers and Tax Fraud". State of California - Department of Justice - Office of the Attorney General. 17 December 2019. Retrieved 23 October 2020.
- ^ "Infosys to settle visa violation case in California for $800,000". The Hindu. Special Correspondent. 18 December 2019. ISSN 0971-751X. Retrieved 23 October 2020.
{{cite news}}
: CS1 maint: others (link) - ^ Phadnis, Shilpa (19 December 2019). "Infosys news: Infosys pays California $800,000 to settle visa case". The Times of India. Retrieved 23 October 2020.
- ^ "Infosys News: Infosys to pay $800,000 to settle worker misclassification, tax fraud charges". The Times of India. 18 December 2019. Retrieved 23 October 2020.
- ^ Preston, Julia (20 August 2012). "Judge dismisses Infosys suit". The New York Times. Archived from the original on 21 October 2012. Retrieved 29 October 2012.
- ^ "Former Employee Sues Infosys" Archived 9 July 2017 at the Wayback Machine, 9 August 2012, The Wall Street Journal
- ^ "'Infosys slashed 80% of my portfolio'" Archived 9 November 2012 at the Wayback Machine, Shayan Ghosh, 14 August 2012, Deccan Herald
- ^ "Infosys says settles whistleblower...", 14 December 2012, The Indian Express
- ^ Thibodeau, Patrick. "Whistleblower to continue helping U.S. Infosys probe". Computerworld. Archived from the original on 2 November 2012. Retrieved 27 September 2012.
- ^ "Infosys to pay $34m fine within 10 days. settlement not to affect future visas". The Times of India. 31 October 2013. Archived from the original on 3 November 2013. Retrieved 2 November 2013.
- ^ "Infosys doesn't admit to guilt, but will pay $34 mn US visa fine". First Post. 31 October 2013. Archived from the original on 9 November 2013. Retrieved 2 November 2013.
- ^ "Infosys settles visa fraud investigation, pays $34m". The Times of India. 30 October 2013. Archived from the original on 2 November 2013. Retrieved 2 November 2013.
- ^ Lynch, Sarah. "Infosys says cleared in U.S. visa probe by Labor Department". Reuters. Archived from the original on 2 February 2017. Retrieved 29 January 2017.
- ^ Parkin, Benjamin (10 January 2020). "Infosys probe finds whistleblower complaints were without merit". Financial Times. Financial Times of London. Retrieved 21 August 2020.
- ^ Mohapatra, Debasis (21 October 2019). "Whistleblower stings Infosys again; alleges irregularities in accounting". Business Standard India. Retrieved 21 August 2020.
- ^ Neate, Rupert (28 March 2022). "Sunak under pressure over wife's Russia-related 'blood money' dividends". The Guardian. Retrieved 7 April 2022.
- ^ "Infosys: Tech firm part-owned by Chancellor Rishi Sunak's wife closing Russia office". 1 April 2022 – via www.bbc.com.
External links
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- Official website
- Business data for Infosys Ltd:
- Infosys
- Information technology consulting firms of India
- International information technology consulting firms
- Software companies of India
- Outsourcing companies
- Multinational companies headquartered in India
- Technology companies established in 1981
- Indian companies established in 1981
- Information technology companies of Bhubaneswar
- Outsourcing in India
- BSE SENSEX
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- Companies listed on the New York Stock Exchange
- Indian brands
- Companies based in Bangalore
- 1981 establishments in Karnataka
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- Companies listed on the Bombay Stock Exchange