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Infosys
Infosys Limited is an Indian multinational information
technology company that provides business consulting, Infosys Limited
information technology and outsourcing services. The
company was founded in Pune and is headquartered in
Bangalore.[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 the Forbes Global 2000 ranking.[6]

On 24 August 2021, Infosys became the fourth Indian

company to reach US$100 billion in market capitalization.
It is one of the top Big Tech (India) companies.[7][8]

History Infosys Pyramid in Bangalore

Type Public
Infosys was founded by seven engineers in Pune, Traded as BSE: 500209 (https://w
Maharashtra, India. Its initial capital was $150.[9] It was ww.bseindia.com/stock-
registered as Infosys Consultants Private Limited on 2 share-price/x/y/500209/)
July 1981.[10] In 1983, it relocated to Bangalore,
NSE: INFY (https://www.
Karnataka. nseindia.com/get-quote
s/equity?symbol=INFY)
The company changed its name to Infosys Technologies
Private Limited in April 1992 and to Infosys Technologies NYSE: INFY (https://ww
Limited when it became a public limited company in June w.nyse.com/quote/XNY
1992. It was renamed Infosys Limited in June 2011.[11] S:INFY)
BSE SENSEX
An initial public offering (IPO) was floated in February Constituent
1993 with an offer price of ₹95 (equivalent to ₹580 or NSE NIFTY 50
US$7.30 in 2020) per share against a book value of ₹20 Constituent
(equivalent to ₹120 or US$1.50 in 2020) per share. The
ISIN INE009A010321 (http
IPO was undersubscribed but it was "bailed out" by US
s://iw.toolforge.org/isin/?
investment bank Morgan Stanley, which picked up a 13%
language=en&isin=INE0
equity stake at the offer price.[12] Its shares were listed in
09A010321)
June 1993 with trading opening at ₹145 (equivalent to
₹890 or US$11 in 2020) per share.[13] Industry Information technology
Consulting
Infosys shares were listed on the Nasdaq stock exchange Outsourcing
in 1999 as American depositary receipts (ADR). It became Founded 2 July 1981 Pune, India
the first Indian company to be listed on Nasdaq. The share
Founders N. R. Narayana Murthy
price surged to ₹8,100 (equivalent to ₹30,000 or US$370
in 2020) by 1999, making it the costliest share on the Nandan Nilekani
market at the time. At that time, Infosys was among the 20 Kris Gopalakrishnan
biggest companies by market capitalization on the S. D. Shibulal
K. Dinesh
N. S. Raghavan
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Nasdaq.[12] The ADR listing was shifted from Nasdaq to Ashok Arora
NYSE Euronext to give European investors better access to Headquarters Bangalore, Karnataka,
the company's shares.[14] India

In July 2010, then-British Prime Minister David Cameron Area served Worldwide
visited Infosys HQ in Bangalore and addressed Infosys Key people Nandan Nilekani
employees.[15] (chairman)
Salil Parekh (MD &
Its annual revenue reached US$100 million in 1999, CEO)[1]
US$1 billion in 2004 and US$10 billion in 2017.[10] Revenue ₹149,468 crore
(US$19 billion)[2] (2023)
In 2012, Infosys announced a new office in Milwaukee,
Wisconsin, to serve Harley-Davidson.[16][17] Infosys hired Operating ₹33,322 crore
1,200 United States employees in 2011 and expanded the
income (US$4.2 billion)[2] (2023)
workforce by 2,000 employees in 2012.[17] In April 2018, Net income ₹24,108 crore
Infosys announced expansion in Indianapolis, Indiana. (US$3.0 billion)[2] (2023)
Total assets ₹125,816 crore
In July 2014, Infosys started a product subsidiary called (US$16 billion)[2] (2023)
EdgeVerve Systems, focusing on enterprise software
products for business operations, customer service, Total equity ₹75,795 crore
(US$9.5 billion)[2] (2023)
procurement and commerce network domains.[18] In
August 2015, assets from Finacle Global Banking Number of 343,234 (March 2023)[3]
Solutions were transferred from Infosys, thus becoming employees
part of the product company EdgeVerve Systems' product Divisions Infosys BPM
portfolio.[19] EdgeVerve Systems
Infosys Consulting
Products and services Rating CRISIL AAA / Stable /
CRISIL A1+
Infosys provides software development, maintenance and
Website www.infosys.com (http
independent validation services to companies in finance, s://www.infosys.com/)
insurance, manufacturing and other domains.[20]
Footnotes / references
[4]
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[21]
Infosys Information Platform (IIP), an analytics platform
EdgeVerve Systems, which includes Finacle, a global Infosys, Bangalore
banking platform
Panaya Cloud Suite
Skava (now Infosys Equinox)
Engineering Services[22]
Digital Marketing[23]
Blockchain[24]

Geographical presence
Glass building in Pune campus

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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.[25][26]

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.[27]

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.[28][29] By November, 2022; the only
people working there were administrative staff helping with transferring the existing contracts to
other contractors.[30]

Acquisitions
Name of the acquired Acquisition The business of an acquired
Based in Acquisition cost
company date company

Expert Information Dec

Australia US$23 million IT service provider
Services 2003[31][32]

McCamish Systems USA US$38 million Dec 2009[33] Insurance and financial services

Jan Strategic sourcing and category

Portland Group Australia AUD 37 million
2012[34][35] management

Lodestone Holding AG Switzerland US$345 million Sep 2012[36] Management consultancy

Mar
Panaya Israel US$200 million Automation technology
2015[37][38]
Apr
Skava USA US$120 million Digital experience solutions
2015[39][40]
Information management
Noah-Consulting USA US$70 million Nov 2015[41] consulting services
Undisclosed
Skytree USA
amount Apr 2017[42] Machine learning

Product design and customer

Brilliant Basics UK GBP 7.5 million Aug 2017[43] experience

Salesforce advisor and consulting

Fluido Oy Finland EUR 65 million Oct 2018[44] partner
Advertising and creative strategy
WongDoody USA US$75 million Jan 2019[45] services

EUR 127.5
Stater N.V. Netherlands
million Apr 2019[46] Mortgage services

Simplus USA-AU TBD Feb 2020[47] Salesforce Partner

Kaleidoscope USA US$42 million Sep 2020[48] Product design and development

Czech
GuideVision
Republic
EUR 30 million Oct 2020[49] ServiceNow partner

Digital marketing, Experience,

Oddity Germany EUR 50 million Mar 2022[50] and Commerce agencies

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Infosys has successfully completed the acquisition of BASE life science, a leading technology and
consulting firm in the life sciences industry, in Denmark, Europe. (dated 13th July, 2022).

Listing and shareholding pattern

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.[51] Its shares are listed by way of American
depositary receipts (ADRs) at the New York Stock
Exchange.[52]

Over a period of time, the shareholding of its promoters has

gradually reduced, starting from June 1993 when its shares
Main block in Chennai campus
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.[53] 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%.[54]

Infosys shareholding and stakeholders pattern (as of 29

July 2021)[55][56]
Shareholders Shareholding
Promoters group 12.95%

Foreign institutional investors (FII) 33.39%

Domestic institutional investors (DII) 21.98%

Public 31.32%
A building in Thiruvananthapuram
Others 0.36% campus
Total 100.00%

Operations

Employees

Infosys had a total of 259,619 employees (generally known as "Infoscions") as of 2021, out of
which 38.6% were women.[27] Out of its total workforce, 229,658 are software professionals and
remaining 13,796 work for support and sales.[27] In 2016, 89% of its employees were based in
India.[57]

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.[57]

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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.

Training centre in Mysore

As the world's largest corporate university, the Infosys global

education centre in the 337 acre[58] campus has 400
instructors and 200+ classrooms,[59] with international
benchmarks at its core. Established in 2002, it had trained
around 125,000 engineering graduates by June 2015.[59] It can
train 14,000 employees at a given point of time on various
technologies.[60][61]

The Infosys Leadership Institute (ILI), based in Mysore, has The Development Centre in Mysore
196 rooms and trains about 4,000 trainees annually.[61] Its campus
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.

CEOs

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.[62][63][64] Sikka resigned in August 2017.

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After his resignation, UB Pravin Rao was appointed as Interim CEO and MD of the company.[65]
Infosys appointed Salil Parekh as chief executive officer (CEO) and managing director (MD) with
effect from 2 January 2018.[66][67]

List of Infosys CEOs

Portrait Picture Name Period

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[65]

Salil S. Parekh January 2018 onwards[68]

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Awards and recognition

In 2021, Infosys was positioned as a leader in the Forrester Wave Application Modernization &
Migration Services.[69]
In 2021, Infosys was positioned as a Leader in Gartner Magic Quadrant for Data and Analytics
Services.[70]
In 2020, Infosys was ranked No. 1 in the HFS Top 10 Agile Software Development 2020
report.[71]
In 2020, Infosys was recognized as a leader in Retail and CPG Digital Services by
Avasant.[72][73]
In 2019, Infosys was a winner of the United Nations Global Climate Action Award in 'Climate
Neutral Now' category.[74]
In 2019, Infosys was ranked as the 3rd Best Regarded Company in the World by Forbes.[75]
In 2017, HfS Research included Infosys in Winner's Circle of HfS Blueprint for Managed
Security Services, Industry 4.0 services and Utility Operations.[76][77][78]
In 2013, Infosys was ranked 18th largest IT services provider in the world by HfS Research.[79]
In the same year, it was ranked 53rd in Forbes list of World's Most Innovative Companies.[80]
In 2012, Infosys was ranked No. 19 amongst the world's most innovative companies by
Forbes.[81] In the same year, Infosys was in the list of top twenty green companies in
Newsweek's Green Rankings for 2012.[82]
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.[83]

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.[84][85]

This misclassification resulted in Infosys avoiding California payroll taxes such as unemployment
insurance, disability insurance, and employment training taxes.[86][87]

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 it,[88] along with
another similar case,[89][90][91] 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.[92]

In October 2013, Infosys agreed to settle the civil suit with US authorities by paying
US$34 million.[93] Infosys refused to admit guilt and stressed that it only agreed to pay the fine to
avoid the nuisance of "prolonged litigation".[94] In its statement, the company said "As reflected in

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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".[95]

Malfunctioning income tax, GST and MCA portal

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.[96][97][98][99]

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.[100][101][102]

CAs and Tax professionals raised concerns about the flawed GST portal and their inability to
rectify these issues.[103][104][105]

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.[106]

See also
List of IT consulting firms
List of Indian IT companies
List of acquisitions by Infosys BPM Limited

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External links
Official website (https://www.infosys.com/)
Business data for Infosys Ltd: SEC filings (https://www.sec.gov/cgi-bin/browse-edgar?action=g
etcompany&CIK=1067491)

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