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Infosys goes global, set to invest $10 million in Irish start-ups

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Bengaluru: Global software major Infosys Ltd on Friday announced it would invest $10 million (Rs.64 crore) in Ireland-based start-ups as it made a foray into the island-nation by winning a deal from Allied Irish Banks, plc.

“The $10-million investment in Irish start-ups will be from our global innovation fund to leverage our strategic partnership with Allied Irish Banks, a leading financial services group,” the company said in a statement here.

AIB Bank Centre, Ballsbridge, Dublin 4, Ireland
AIB Bank Centre, Ballsbridge, Dublin 4, Ireland

The innovation fund, set up in 2013 with $100 million, was expanded to $500 million in January by its first non-founder chief executive Vishal Sikka to invest in software product start-ups worldwide, including India, which are working in disruptive technologies.

“Investment in the Irish start-up community reflects our belief that Ireland is home to entrepreneurs who share our technology vision to drive growth,” Infosys’ financial services global head Mohit Joshi said in the statement.

The partnership with the Irish bank will be a springboard for the IT outsourcing major to expand its services into a new market and share its expertise with start-ups developing and enabling disruptive technologies.

We will leverage our domain expertise in financial services and other industry verticals to support digital transformation and strategic-growth plans of the Irish bank,” Joshi added.

To provide transformational and innovation services, the city-based company will set up a 200-seat development centre in Dublin for the Irish Bank staff.

(IANS)

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Ravi Venkatesan Quits As Infosys’ Independent Director

An independent director since 2011, Venkatesan also served briefly as co-chairman before successfully transitioning this responsibility when Nandan Nilekani became chairman in August 2017.

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Infosys' independent director Ravi Venkatesan has resigned from the board with immediate effect, the company said on Friday.
Ravi Venkatesan quit as Infosys' independent director, wikimedia commons

Infosys’ independent director Ravi Venkatesan has resigned from the board with immediate effect, the company said on Friday.

The Bengaluru-based IT major, in a statement, said that Venkatesan plans to pursue an “exciting new opportunity”.

“I joined the board at a time when Infosys was beginning the complex journey of transitioning from founder-led to professional management. This was also a time of tectonic industry shifts. I am pleased that this mission has been accomplished. Infosys is strong, in good hands, and is gaining momentum,” Venkatesan said.

Infosys' independent director Ravi Venkatesan has resigned from the board with immediate effect, the company said on Friday.
Infosys Logo, wikimedia commons

An independent director since 2011, Venkatesan also served briefly as co-chairman before successfully transitioning this responsibility when Nandan Nilekani became chairman in August 2017.

It may be recalled that India’s second largest IT exporter, Infosys, had seen protracted stand-off between its founders led by NR Narayana Murthy and the previous management over issues of corporate governance and compensation to former executives.

The tussle had led to the sudden resignation of the then CEO Vishal Sikka last year.

Salil Parekh joined the Bengaluru-based company as the new CEO in January this year. (IANS)

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