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.[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 $100 billion
in market capitalization.[7][8]

History
Infosys was founded by seven engineers in Pune, Maharashtra, India. Its initial
capital was $250.[9] It was registered as Infosys Consultants Private Limited on 2
July 1981.[10] In 1983, it relocated to Bangalore, Karnataka.

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 renamed Infosys Limited in June 2011.[11]

An initial public offering (IPO) was floated in February 1993 with an offer price
of ₹95 (equivalent to ₹580 or US$7.30 in 2020) per share against a book value of
₹20 (equivalent to ₹120 or US$1.50 in 2020) 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.[12] Its shares were listed in June 1993 with
trading opening at ₹145 (equivalent to ₹890 or US$11 in 2020) per share.[13]

Infosys shares were listed on the Nasdaq stock exchange in 1999 as American
depositary receipts (ADR). It became the first Indian company to be listed on
Nasdaq.[citation needed] The share price surged to ₹8,100 (equivalent to ₹30,000 or
US$370 in 2020) 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.[12] The ADR listing was shifted from Nasdaq to NYSE Euronext to give
European investors better access to the company's shares.[14]

In July 2010, then-British Prime Minister David Cameron visited Infosys HQ in

Bangalore and addressed Infosys employees.[15]

Infosys, Bangalore
Its annual revenue reached US$100 million in 1999, US$1 billion in 2004 and US$10
billion in 2017.[10]

In 2012, Infosys announced a new office in Milwaukee, Wisconsin, to serve Harley-

Davidson.[16][17] Infosys hired 1,200 United States employees in 2011 and expanded
the workforce by 2,000 employees in 2012.[17] In April 2018, Infosys announced
expansion in Indianapolis, Indiana.

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.[18] In August 2015, assets from Finacle
Global Banking Solutions were transferred from Infosys, thus becoming part of the
product company EdgeVerve Systems' product portfolio.[19]

Products and services

Infosys provides software development, maintenance and independent validation
services to companies in finance, insurance, manufacturing and other domains.[20]

Glass building in Pune campus

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 banking platform
Panaya Cloud Suite
Skava (now Infosys Equinox)
Engineering Services[22]
Digital Marketing[23]
Blockchain[24]
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.[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 company Based in Acquisition cost Acquisition date The
business of an acquired company
Expert Information Services Australia US$23 million Dec 2003[31][32] IT
service provider
McCamish Systems USA US$38 million Dec 2009[33] Insurance and financial
services
Portland Group Australia AUD 37 million Jan 2012[34][35] Strategic sourcing
and category management
Lodestone Holding AG Switzerland US$345 million Sep 2012[36] Management
consultancy
Panaya Israel US$200 million Mar 2015[37][38] Automation technology
Skava USA US$120 million Apr 2015[39][40] Digital experience solutions
Noah-Consulting USA US$70 million Nov 2015[41] Information management
consulting services
Skytree USA Undisclosed amount Apr 2017[42] Machine learning
Brilliant Basics UK GBP 7.5 million Aug 2017[43] Product design and
customer experience
Fluido Oy Finland EUR 65 million Oct 2018[44] Salesforce advisor and
consulting partner
WongDoody USA US$75 million Jan 2019[45] Advertising and creative
strategy services
Stater N.V. Netherlands EUR 127.5 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
GuideVision Czech Republic EUR 30 million Oct 2020[49] ServiceNow partner
Oddity Germany EUR 50 million Mar 2022[50] Digital marketing,
Experience, and Commerce agencies
Listing and shareholding pattern

Main block in Chennai campus

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 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]

A building in Thiruvananthapuram campus

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%
Others 0.36%
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]

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

The Development Centre in Mysore campus

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 196 rooms and trains
about 4,000 trainees annually.[61] Its 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. 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
Narayana Murthy CIF (cropped).JPG
Narayan Murthy 1981 to March 2002
Nandan M. Nilekani.jpg
Nandan Nilekani March 2002 to April 2007
Kris Gopalakrishnan - World Economic Forum on India 2012.jpg
Kris Gopalakrishnan April 2007 to August 2011
S. D. Shibulal 2013 Horasis Global India Business Meeting.jpg
S. D. Shibulal August 2011 to July 2014
VishalSikkaSapphireOrlando2010.jpg
Vishal Sikka August 2014 to August 2017
UB Pravin Rao (interim) August 2017 to December 2017[65]
Salil S Parekh.png
Salil S. Parekh January 2018 onwards[68]
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 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]

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]

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.[98][99][100][101]

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.[102][103][104]

CAs and Tax professionals raised concerns about the flawed GST portal and their
inability to rectify these issues.[105][106][107]

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.[108]

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