Sets Aside US$10m From Global Innovation Fund for Ireland-based Start-ups
BANGALORE, July 3, 2015 /CNW/ - Infosys (NYSE: INFY), a global leader in consulting, technology, outsourcing and next-generation services, today announced that it has been selected as a strategic partner by Allied Irish Banks, p.l.c. (AIB), a financial services group operating predominantly in the Republic of Ireland and the UK. Leveraging the momentum of this partnership, Infosys will also make significant investments in the Republic of Ireland.
As a strategic partner to AIB, Infosys will provide application development and management, and transformation and innovation services. Infosys will also set up a 200-seat facility in Dublin to house the staff who will be transferring from AIB as well as any additional staff who will be appointed locally following recent agreements that Infosys has signed in the region.
This exciting partnership with AIB is a springboard for Infosys to expand its services into a new market. Infosys intends to set aside US$10m from its global Innovation Fund for Ireland-based start-ups. Earlier this year, Infosys announced the US$500m Innovation Fund earmarked for investments in the growth of disruptive new technologies. Infosys is keen to continue sharing its expertise to assist start-ups that are developing and enabling these technologies.
Mohit Joshi, Executive Vice President, Global Head of Financial Services, Infosys
"Our relationship with AIB is the platform that allows us to create a new relationship with Ireland and its people. We are delighted to welcome the AIB teams that will transfer to Infosys and we will ensure that they quickly feel at home with us. Our investment in the Irish start-up community reflects our belief that Ireland is a strong and vibrant nation, home to entrepreneurs who share our vision of technology as a way to drive growth. We will leverage our broad experience in Financial Services and other industries to support the digital transformation journey and strategic growth plans of AIB."
Infosys is a global leader in consulting, technology, outsourcing and next-generation services. We enable clients, in more than 50 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit http://www.infosys.com to see how Infosys (NYSE: INFY), with US$ 8.7 billion in annual revenues and 176,000+ employees, is helping enterprises renew themselves while also creating new avenues to generate value.
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2015 and our Forms 6- K for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014. These filings are available at www.sec.gov . Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
For further information: Asia Pacific: Sarah Gideon, Infosys, India, +91 80 4156 3373, Sarah_Gideon@infosys.com; EMEA: Paul de Lara, Infosys, UK, +44 2075162748, Paul_deLara@infosys.com; Americas: Cristin Balog, Infosys, USA, +1 (650) 320 4126, Cristin_Balog@infosys.com