INFOSYS MEANING
Infosys Limited is an Indian multinational information technology company. The word Infosys is derived from the combination of two words, Information System. The Company is engaged in providing information technology, business consulting, and outsourcing services. Its headquarters are located in Bangalore, Karnataka, India. After Tata Consultancy Services, Infosys is the second most prominent Indian IT company in 2020 as per the revenue figures. In Forbes Global 2000 ranking of the largest public companies worldwide, Infosys reserved the 602nd rank. The company had a market capitalization of $71.92 billion with its presence at 220 locations across 46 countries globally as of 31 December 2020.
A BRIEF HISTORY OF INFOSYS
The company was established in Pune, Maharashtra, in 1981 by N. R. Narayan Murthi with the original name ‘Infosys Technologies Limited.’ Mr. Murthi and his team of six engineers made an initial investment of US $250 to set up the company.
- In 1983, the company shifted its main office from Pune to Bangalore.
- In 1993, Infosys turned into a public organization, and it introduced an employee stock options program.
- In February 1993, the company issued Initial Public Offer (IPO). These IPOs had an offer price of INR 95 per share and a book value of INR 20 per share.
- In 1999, shares of Infosys had the highest value in the market at that time. Infosys got the title of the first IT Company listed in NASDAQ and became part of the top 20 IT companies as per their market value.
- In 1999, Infosys earned US $100 million, which reached US $1 billion in 2014 and US $10 billion in 2017.
- In 2002, to grab the market of business process management, Infosys BPO Ltd. was incorporated in the country.
- In 2004, the company did 100% equity in Expert Information Services Pty Ltd, Australia. Later its name got replaced with Infosys Technologies (Australia) Pty Ltd.
- On 2 October 2004, Infosys Technologies (China) Co. Ltd. got established in the People’s Republic of China.
- In 2005, to expand the Global Delivery Model, the company set up Infosys Consulting Inc. in Texas, US.
- IN 2009, Infosys Technologies (Sweden) AB in Sweden, and in 2009-10, Infosys Consulting Inc. was incorporated.
- In 2012, Infosys announced its 18th international office in the US. The location decided for the office was Milwuakee, Wiconsin, so that the services can reach the region of Harley-Davidson.
- In July 2014, a subsidiary product, EdgeVerve System, was introduced by the company. The system provides enterprise software products for customer services, commerce network domains, and business operations.
- In April 2018, the company decided to expand its business to Indianapolis, Indiana. The project was spread to more than 120 acres with more than 3000 new employment opportunities.
PRODUCTS AND SERVICES
Infosys provides various services such as software development, maintenance, and independent validation. One of the well-known products of the company is Finacle. It is a global banking platform that contains several modules for corporate and retail banking.
The products and services in which the company deals are as under:
- Infosys Consulting: It is a global management consulting service.
- Infosys Information Platform: This is an analytics platform.
- NIA: This is the NextGeneration Integrated AI Platform. It was formerly known as Mana.
- EdgeVerse Systems
- Skava
- Digital Marketing
- Engineering Services
- Panaya Cloud Suite
GEOGRAPHICAL PRESENCE
As of 31 March 2018, Infosys has 82 sales and marketing offices and 123 development centers located in different world places. The significant locations include India, China, Japan, America, Europe, Australia, and the Middle East. In 2019, the company earned revenue of 60% and 24% from North America and Europe.
In India, Infosys’ branches are located at the following places:
- Bangalore
- Bhuvneshwar
- Chennai
- Mumbai
- Chandigarh
- Gurgaon
- Hyderabad
- Mysore
- Jaipur
- Pune
- Mangaluru
- Thiruvananthapuram
EMPLOYEES
As per a report of December 2019, the company has a total number of 243,454 employees. Out of which 37.8% are women. About 89% of its total workforce lies in India as of 2016. In 2019, the company got 2,333,420 applications from prospective employees, but it could recruit only 94,324 employees.
Training Centre, Mysore
Infosys has the world’s largest corporate university located in Mysore, Karnataka. Infosys Global Education Centre is spread in the area of 337 acres. There are more than 400 instructors on the campus, with 200+ classrooms having an international benchmark. The campus was set up in 2002, and it has around 125,000 trained engineers as of June 2015. It can provide training to 14,000 employees at a time in various technical fields.
The Infosys Leadership Institute (ILI) in Mysore, Karnataka, has 196 rooms and can train about 4000 trainees per annum. These trainees are known as Infoscions. The main objective of the institute is to prepare and develop senior leaders in Infosys to perform the role of executive leadership in the future. Other than the technical classes, several extracurricular activities such as swimming pool, badminton, tennis, gym, etc.
AWARDS AND HONORS
- In 2021, Infosys got the place in the list of the World’s Most Ethical Companies honored by Ethisphere.
- In 2021, the company also became part of the Global 500 report of BrandFinance, in which it ranked 4th among the Top 10 and fastest growing IT companies.
- In 2020, in the Asset ESG Corporate Awards, it won the Best Investor Relations Team Award and the Platinum Award.
- Under the 2019 ranking of Forbes, Infosys placed at the 3rd position as the Best Regards Company.
- In 2019, Infosys got the 18th rank for being the most prominent IT service provider in the world as per the list of HfSResearch.
- In 2019, the company again became a part of the Forbes list of Most Innovative Companies of the World and secured 53rd rank.
- In 2012, the company enjoyed the 19th rank in the Forbes list of the World’s Most Innovative Companies in the corresponding year.
- In 2012, the list of top twenty green companies in the Green Earnings of Newsweek was issued in which Infosys’ name was also included.
- Infosys was included in the Hall of Fame by ICAI in 2006 to give the award of the Best Presented Accounts continuously for 11 years.
CONTROVERSIES
- Visa Fraud Aviation in America: In 2011, Infosys faced controversies when an allegation of Visa Fraud was internally charged against the company by an American employee. He claimed that the company was using B-1 visas instead of H-1B visas. The point to be noted here is that the B-1 visas are issued to the visitors while H-1B visas are for the workers. He also added that he was harassed and sidelined by the company after filing the complaint. But these initial charges were dismissed, and another allegation was made by the American authorities. An investigation was done by a federal grand jury and the US Department of Homeland Security To check out these allegations.
In October 2013, the company agreed to pay the US $ 34 million to US authorities to settle the civil suit. But the company refused to agree to lames and charges and said the company is paying the fine only to avoid the troubles of ‘prolonged litigations.’ - American Workers’ Displacement: Infosys Ltd. Got into trouble in 2015 when the US Department of Labor began an investigation against the company. The department got information that the company replaced the workers at Disney and Southern California Edison, with the workers having H-1B. But at the end of the investigation, the department didn’t find Infosys guilty.
- Tax Fraud Settlement in America: In December 2019, Infosys Ltd. became part of the controversies when XavierBecerra, the Attorney General of California, announced a settlement of US $800,000 against the company, and its BPM, Business Process Management An official report posted by the State of California on its website mentioned that about 500 employees had B-1 visas instead of H-1B visas between 2006 and 2017.
Due to this misclassification, Infosys avoided payroll taxes of California that include unemployment insurance, employment training taxes, and disability insurance. - Financial Irregularities: In 2019, an allegation of misdeed in the financial accounts of the company was charged by whistleblowers. In this conduct, the company placed an internal investigation under which it was found that these allegations were without merit.