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Infosys

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Infosys Limited
Company typePublic
BSE: 500209
NSE: INFY
NYSE: INFY
BSE SENSEX Constituent
CNX Nifty Constituent
IndustryIT services, IT consulting
Founded1981
Founder
Headquarters
Electronics City, Bangalore, Karnataka
,
India
Area served
Worldwide
Key people
N. R. Narayana Murthy
(Executive Chairman)
S. D. Shibulal
(CEO & MD)
S. Gopalakrishnan
(Executive Vice Chairman, former Co-Chairman)
Products
List
  • AssistEdge
  • BigDataEdge
  • BrandEdge
  • CommerceEdge
  • Credit Servicing Platform
  • Customer Self-Service Energy Manager
  • Digital Transformation
  • Edge
  • Finacle
  • Flypp
  • Health Benefit Exchange
  • IT Asset Performance Management Platform
  • iTransform
  • mConnect - Multi-Channel Mobile Middleware
  • Meter Data Management Appliance
  • Omni-Channel Personalization Engine
  • ProcureEdge
  • Real-Time Expertise Manager
  • SocialEdge
Services
List
  • Application Management
  • Application Outsourcing
  • Business Applications
  • Business Process Outsourcing
  • Cloud
  • Engineering
  • Infrastructure Management
  • Infrastructure Outsourcing
  • Management Consulting
  • Enterprise Mobility
  • Sustainability
  • Testing
RevenueIncrease US$ 7.39 billion (2013)[1]
Decrease US$ 1.90 billion (2013)[1]
Increase US$ 1.72 billion (2013)[1]
Total assetsIncrease US$ 8.53 billion (2013)[1]
Total equityIncrease US$ 7.33 billion (2013)[1]
Number of employees
156,688 (2013)[1]
DivisionsInfosys BPO
Lodestone Management Consultants
Websiteinfosys.com

Infosys Limited (formerly Infosys Technologies Limited) is an Indian multinational provider of business consulting, information technology, software engineering and outsourcing services. It is headquartered in Bangalore, Karnataka.[2] Infosys is the third-largest India-based IT services company by 2012 revenues,[3] and the second largest employer of H-1B visa professionals in the United States, as of 2012.[4] On 28 March 2013, its market capitalisation was $30.8 billion, making it India's sixth largest publicly traded company.[5][6]

History

Established in 1981, Infosys is a NYSE listed global consulting and IT services company with more than 155,000 employees. From a capital of US$250, the company has grown to US$ 7.398 billion (FY13 revenue) with a market capitalization of approximately US$31 billion.

Over the last 30 years, the company has catalyzed some of the major changes that haveled to India's emergence as the global destination for software services talent. Infosys pioneered the Global DeliveryModel and became the first IT company from India to be listed onthe NASDAQ. The company’s employee stock options program created some of India's first salaried millionaires.

1981

  • Established by N.R. Narayana Murthy and six engineers in Pune,India with an initial capital of US$250
  • Signs first client, Data Basics Corporation in New York

1983

  • Relocates corporate headquarters to Bangalore  

1987

  • Opens first international office in Boston, US  

1993

  • Introduces Employee Stock Options (ESOP) program  
  • Acquires ISO 9001/TickIT certification  
  • Goes public

1994

  • Moves corporate headquarters to Electronic City, Bangalore
  • Opens a development center at Fremont

1995

  • Opens first European office in the UK and global developmentcenters at Toronto and Mangalore
  • Sets up e-Business practice 

1996

  • The Infosys Foundation is established 

1997    

  • Opens an office in Toronto, Canada
  • Assessed at CMM Level 4

1998

  • Starts Enterprise Solutions (packaged applications) practice 

1999

  • Touches revenue of US$100 million. Lists on NASDAQ 
  • Becomes the 21st company in the world to achieve a Capability Maturity Mode Level 5 certification
  • Opens offices in Germany, Sweden, Belgium, Australia, and two development centres in the US
  • Infosys Business Consulting Services is launched  

2000       

  • Touches revenue of US$200 million
  • Opens offices in France and Hong Kong, a global development centre in Canada and UK, and three development centres in the US
  • Re-launches Banks 2000, the universal banking solution from Infosys, as Finacle™  

2001

  • Touches revenue of US$400 million. Opens offices in UAE and Argentina, and a development centre in Japan
  • N.R. Narayana Murthy is rated among Time Magazine/CNN's 25 most influential businessmen in the world ·         
  • Rated as the Best Employer by Business World/Hewitt  

2002

  • Touches revenue of US$500 million
  • Nandan M. Nilekani takes over as CEO from N.R. Narayana Murthy, who is appointed Chairman and Chief Mentor
  • Opens offices in the Netherlands, Singapore and Switzerland
  • Sponsors secondary ADS offering
  • Establishes The Wharton Infosys Business Transformation Awards (WIBTA) in association with The Wharton School of the University of Pennsylvania 
  • Launches Progeon, offering business process outsourcing services

2003

  • Establishes subsidiaries in China and Australia 
  • Expands operations in Pune and China, and sets up a development centre in Thiruvananthapuram 

2004 

  • Revenue reaches US$1 billion
  • Infosys Consulting Inc. is launched 

2005

  • Records the largest international equity offering of US$ 1 billion from India 
  • Selected to the Global MAKE Hall of Fame 

In 1999, Infosys achieved Capability Maturity Model level 5 certification.[7]
On 1 June 2013, Mr. Narayana Murthy, one of the founding members of Infosys and its long time CEO, returned back from his retirement to assume office in Infosys as its Executive Chairman. His return was on Board's request to bring the company back on track.[8][9]

Listings

Infosys made an initial public offer (IPO) in February 1993 with an offer price of Rs. 95 per share against book value of Rs. 10 per share. Interestingly, Infosys IPO was under-subscribed but it was "bailed out" by US investment banker Morgan Stanley which picked up 13% of equity at the offer price.[10] Its shares were listed in stock exchanges in June 1993 with trading opening at Rs. 145 per share.[11]
In October 1994, it made a private placement of 5,50,000 shares at Rs. 450 each against book value of Rs. 10 per share to Foreign Institutional Investors (FIIs), Financial Institutions (FIs) and Corporates.
In March 1999, it issued 2,070,000 ADSs (equivalent to 1,035,000 equity shares of par value of Rs. 10 each) at US $34 per ADS under the American Depositary Shares Program and the same were listed on the NASDAQ National Market in US. The total issue amount was US $70.38 million.
The share price surged to Rs. 8,100 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.[10]
During July 2003, June 2005 and November 2006, it made secondary ADS issues of US $294 million, US $1.07 billion and US $ 1.605 billion respectively.
In December 2012, Infosys transferred the listing of its American Depositary Shares (ADS) from the NASDAQ to the NYSE.[12]
The credit rating of the company is BBB+ (given by Standard & Poor's on 7-May-2010).

Bonus Share and Stock Split

http://www.infosys.com/investors/investor-services/Pages/FAQs.aspx

Fiscal Bonus Share Issue Stock Split Ratio
1986 1:1 2 for 1
1989 1:1 2 for 1
1991 1:1 2 for 1
1992 1:1 2 for 1
1994 1:1 2 for 1
1997 1:1 2 for 1
1999 1:1 2 for 1
2000 --- 2 for 1
2004 3:1 4 for 1
2006 1:1 2 for 1

List of CEOs

Name Period
N. R. Narayana Murthy 1981 to March 2002
Nandan Nilekani March 2002 to April 2007
M Mittal April 2007 to August 2011
S D Shibulal August 2011 till date

Acquisitions

  • In December 2003, Infosys had acquired Australia-based IT service provider Expert Information Services for $23 million.[13][14]
  • In December 2009, Infosys BPO acquired Atlanta-based McCamish Systems for about $38 million.[15]
  • In December 2011, Infosys BPO acquired Australia-based Portland Group, provider of strategic sourcing and category management services, for about AUD 37 million.[16][17]
  • In September 2012, Infosys acquired Switzerland-based Lodestone Management Consultants for about $345 million [18]

Current shareholding

Shareholders Shareholding[19]
Initial Promoters 16.04%
Life Insurance Corporation of India 06.72%
Aberdeen Asset Management PLC 03.89%
Abu Dhabi Investment Authority 02.35%
Oppenheimer Developing Markets Fund 02.13%
Financial Institutions and Individual investors 68.87%
Total 100.00%

Operations

On 31 March 2013, Infosys had 798 clients across 30 countries.[2][20] It earns 62% of its revenue from North America, 23% from Europe, 2% from India and remaining 13% from rest of the world.[20]

Locations

Infosys has 87 global software development centers of which 32 are in India and 55 are outside India. It has 69 sales offices around the world of which 2 are in India and 67 are outside India.[21]

In recent years, Infosys has begun shifting operations to the United States and other countries outside of India. In 2012, Infosys announced a new office in Milwaukee, Wisconsin to service Harley-Davidson, being the 18th international office in the United States.[22][23] Infosys hired 1,200 United States employees in 2011, and expanded the workforce by an additional 2,000 employees in 2012.[23] Globally, Infosys has 67 offices between the US, India, China, Australia, Japan, Middle East, United Kingdom, Germany, France, Switzerland, Netherlands, Poland, Canada.[24]

Initiatives

Infosys Foundation

In 1996, Infosys established the Infosys Foundation, to support the underprivileged sections of society.[25] At the outset, the Infosys Foundation implemented programs in Karnataka. It subsequently covered Tamil Nadu, Andhra Pradesh, Maharashtra, Odisha, and Punjab in a phased manner. A team at the Foundation identifies programs in the areas of Healthcare, Education, Culture, Destitute Care and Rural Development.[26]

Academic Entente

Infosys' Global Academic Relations team forges Academic Entente (AcE)[clarification needed] with academic and partner institutions.[27] It explores co-creation opportunities between Infosys and academia through case studies, student trips and speaking engagements. They also collaborate on technology, emerging economies, globalization, and research. Some initiatives include research collaborations, publications, conferences and speaking sessions, campus visits and campus hiring.[28]

Infosys Labs

Infosys Labs is organized as a global network of research labs and innovation hubs.[29]

Infosys Labs collaborates with leading national and international universities such as the University of Southern California Viterbi School of Engineering,[30] University of Cambridge, Queensland University of Technology,[31] University of Illinois at Urbana Champaign, Indian Institute of Technology Bombay, IITB-Monash Research Academy, Purdue University,[32] International Institute of Information Technology, Bangalore.[33]

Infosys Prize

Infosys Prize is an annual award given to scientists, researchers, engineers and social scientists in India. It is given by the Infosys Science Foundation, a not-for-profit trust which was set up in February 2009 by Infosys and some members of its Board. The prize is given under six categories. Each category includes a gold medallion, a citation certificate, and prize money of Rs. 50 Lakh.

Employees

Infosys had been, throughout it's history, constantly rated as the worst place to work, by its own employees and independent survey agencies worldwide.[34] The reasons frequently stated are poor salaries, unexplained policies, and unpaid overtime works[35]. Infosys, besides having a very high attrition rate, had a total of 156,688 employees as on 31 March 2013, of which 34.7% were women. Its workforce consists of employees representing 89 nationalities working from 32 countries.[36] Out of its total workforce, 79% are software professionals, 15% are working in its BPO arm and remaining 5% work for support and sales.[20] The attrition rate of Infosys Ltd., excluding its subsidiaries, for 12 months ending 31 March 2013, was 16.3%.[20]

Awards and Recognitions

Infosys was ranked #19 amongst the world's most innovative companies by Forbes.[37]

Boston Consulting Group has listed it in the list of top ten technology companies for total shareholder return.[38] Infosys was in the list of top twenty green companies in Newsweek's Green Rankings for 2012.[39]

Infosys was voted India's most admired company in The Wall Street Journal Asia 200[40] every year since 2000. Its corporate governance practices were recognized by The Asset Platinum award[41] and the IR Global Rankings.[42] It was also ranked as the 15th most trusted brand in India by The Brand Trust Report.

Infosys Cloud Ecosystem Hub won the 2012 Golden Peacock Award for the most innovative product/service.[43]

Controversies

Allegations of Visa Fraud

There have been some allegations that Infosys has committed 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,[44] it along with another similar case,[45][46][47] brought the allegations to the notice of the US authorities - and the U.S. Department of Homeland Security and a federal grand jury are currently investigating.[48]

Stock crash

On April 12, 2013, Infosys declared its Q4 FY 2012-13 results. The Company projected a full year guidance of 6-10% for the FY 2013-14 and discontinued the practice of providing EPS guidance citing global uncertainties and volatilities ahead. Post the declaration of Q4 results, the stock fell by 22% eroding Rs. 37,511 crores of investor wealth in a single trading session. [citation needed]

See also

References

  1. ^ a b c d e f "Form 6-K (EXHIBIT 99.1) dated 12 April 2013 filed by Infosys Limited". www.sec.gov. Retrieved 26 June 2013.
  2. ^ a b "Infosys Overview". Infosys. Retrieved 19 June 2013.
  3. ^ "Top 5 India-Based IT Services Providers' Worldwide Revenue, 2012". Gartner. Retrieved 17 June 2013.
  4. ^ "Top 10 Employers" (PDF). H-1B Temporary Visa Program - Selected Statistics, FY 2012. OFFICE OF FOREIGN LABOR CERTIFICATION. Retrieved 9 June 2013.
  5. ^ "Infosys Market Cap (INFY)". ycharts.com. Retrieved 23 June 2013.
  6. ^ "Market Capitalisation - Top 50". capitalmarket.com. Retrieved 23 June 2013.
  7. ^ "Timeline of Infosys".
  8. ^ "Murthy returns to save struggling Infosys". Hindustan Times. Retrieved 17 June 2013.
  9. ^ "NR Narayana Murthy's letter to Infosys's top brass". Times of India. Retrieved 3 July 2013.
  10. ^ a b "Infosys Technologies Bio". in.com. Retrieved 7 July 2013.
  11. ^ "Equity Shares Information". infosys.com. Retrieved 7 July 2013.
  12. ^ "Infosys Celebrates Cross-Listing on NYSE Euronext London and NYSE Euronext Paris and Highlights Recent Transfer to NYSE". NYSE. February 2013.
  13. ^ "Infosys to buy Australian firm Expert for $22.9 m". The Hindu. Retrieved 22 June 2013.
  14. ^ "Infosys Media Release - Infosys announces agreement to acquire Expert" (PDF). Infosys. Retrieved 22 June 2013.
  15. ^ "Infosys BPO to acquire US company McCamish". Deccan Herald. Retrieved 22 June 2013.
  16. ^ "Infosys BPO looking for buyouts to double its revenues to $1 bn". Economic Times. Retrieved 22 June 2013.
  17. ^ "Infosys BPO signs definitive agreement to acquire Portland Group Pty Ltd in Australia". BizJournals.com. Retrieved 22 June 2013.
  18. ^ "Infosys acquires Swiss firm Lodestone for Rs. 1,925 crore". The Hindu. Retrieved 22 June 2013.
  19. ^ "Shareholder structure as of 30 June 2013". bseindia.com. Retrieved 19 June 2013.
  20. ^ a b c d "Investor Sheet". Infosys.com. Retrieved 9 June 2013.
  21. ^ "Worldwide Locations". Infosys.com. Retrieved 19 June 2013.
  22. ^ "Services: The next big thing". The Economist. 19 January 2013. Retrieved 10 June 2013.
  23. ^ a b "Infosys to expand its U.S. operations with a new Delivery Center in Wisconsin" (PDF). Infosys.com. Retrieved 3 July 2013.
  24. ^ "About the Company". Infosys. Retrieved 10 June 2013.
  25. ^ "Infosys Foundation". Karnataka.com. Retrieved 3 July 2013.
  26. ^ "Infosys Foundation". Infosys. Retrieved 3 July 2013.
  27. ^ "Academic Entente (AcE)". 13 March 2012. Retrieved 29 October 2012.
  28. ^ "Academic Entente". Retrieved 3 July 2013.
  29. ^ "Infosys Ltd". The Times Of India.
  30. ^ "USC - Infosys CAST". Viterbi School of Engineering. Retrieved 29 October 2012.
  31. ^ "CRC Smart Services". Queensland University of Technology, Australia. Retrieved 3 July 2013.
  32. ^ "Infosys, Israel sign pact for industrial R&D". MoneyControl.com. Retrieved 3 July 2013.
  33. ^ "Global Academic Relations". Infosys. Retrieved 29 October 2012.
  34. ^ http://www.mouthshut.com/product-reviews/Infosys-reviews-925066648
  35. ^ http://www.lawyersandsettlements.com/lawsuit/infosys_overtime.html?utm_expid=3607522-2.QRdCdW42SWGLZa0nRc6K3w.0&utm_referrer=http%3A%2F%2Fwww.google.com%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3D%26esrc%3Ds%26source%3Dweb%26cd%3D1%26ved%3D0CCwQFjAA%26url%3Dhttp%253A%252F%252Fwww.lawyersandsettlements.com%252Flawsuit%252Finfosys_overtime.html%26ei%3DrKbuUbSUF4na8ATLi4CQDQ%26usg%3DAFQjCNEBtRHHPsbWEyqBLRJDurx1C5bGOQ%26bvm%3Dbv.49478099%2Cd.eWU#.Ue6m29dCf0p
  36. ^ "Sustainability". Infosys.com. Retrieved 19 June 2013.
  37. ^ "The world's most innovative companies". Forbes. Retrieved 23 June 2013.
  38. ^ "Top performers for TSR between 2005-2009" (PDF). Boston Consulting Group. Retrieved 17 June 2013.
  39. ^ "Newsweek's Green Rankings 2012". Newsweek. Retrieved 3 July 2013.
  40. ^ "The Wall Street Journal Asia 200". WSJ. 2 November 2010. Retrieved 29 October 2012.
  41. ^ "The Asset Platinum Award". Infosys.com. Retrieved 3 July 2013.
  42. ^ "IR Global Rankings". Retrieved 29 October 2012.
  43. ^ "Innovative Product/Service Award". Retrieved 17 June 2013.
  44. ^ Preston, Julia (20 August 2012). "Judge dismisses Infosys suit". The New York Times. New York Times. Retrieved 29 October 2012.
  45. ^ "Former Employee Sues Infosys", August 9, 2012, Wall Street Journal
  46. ^ "‘Infosys slashed 80% of my portfolio’", Shayan Ghosh, August 14, 2012, Deccan Herald
  47. ^ "Infosys says settles whistleblower..."", Fri Dec 14 2012, Indian Express
  48. ^ Thibodeau, Patrick. "Whistleblower to continue helping U.S. Infosys probe". Computerworld. Retrieved 27 September 2012.
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