Infosys Banks on Ireland for FinTech Expertise

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Dec 07, 2015, 06:30 ET

DUBLIN, December 7, 2015 /PRNewswire/ --

Announces Intention to Create 250 New Technology Jobs, Doubling the Size of Irish Employee Base

Taoiseach (Prime Minister) Enda Kenny TD and Richard Bruton TD, the Minister for Jobs, Enterprise and Innovation, Government of Ireland today announced that, Infosys, (NYSE: INFY), a global leader in consulting, technology, outsourcing and next-generation services, intends to create 250 new jobs over the next three years in Ireland to develop new technologies and support innovation in global financial institutions.

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This project has been supported by the Department of Jobs through IDA Ireland.

The expansion will see Infosys create up to 95 roles at its first dedicated product-centric research and development (R&D) center outside India, and open a second Irish facility to house up to 155 people who will provide IT services to Infosys clients.

The highly skilled technology roles at the R&D facility, which will be established by EdgeVerve Systems, the product subsidiary of Infosys, will focus on FinTech research and development. The center will operate an open innovation model, working closely with customers, technology partners, academic institutions and the start-up community in areas of technology, such as blockchain and analytics.

Employees at the company's new development center will provide technology services to its global and Ireland-based clients in the financial services industry. The work will include high-end IT consulting, business analytics, business processing and customer service.

The new roles are in addition to more than 250 employees that are already working for Infosys in Ireland. This number includes the employees that have been transferred from AIB to the Infosys Booterstown facility in an announcement that was made in July 2015, and employees working onsite at client locations in Ireland.

Quotes:

Making the announcement, Taoiseach Enda Kenny TD said, "I am delighted to welcome 250 new jobs at Infosys. This is a vote of confidence in Ireland, our great workforce and our reputation as a hub for technology and innovation. The Government wants to keep the recovery going by providing the right environment for companies like Infosys to locate, expand and create jobs."

Dr. Vishal Sikka, Chief Executive Officer and Managing Director of Infosys said, "Much like Ireland, Infosys has based its growth on a foundation of education, lifelong learning and a deep commitment to innovation. Infosys is already working with clients in Ireland helping them explore new ways of working and advancing, by embracing technology-led innovation. We want to build on this early success. With an ecosystem of like-minded partners in Ireland, we will pursue new ideas and new ways to solve the greatest challenges of our times - the important things that only human imagination and ingenuity can achieve."

Minister for Jobs, Enterprise and Innovation, Richard Bruton TD - who met senior Infosys executives last year to discuss expansion plans for Ireland - said, "Information technology and business consulting is a key sector which we have targeted as part of our Action Plan for Jobs, and we have put in place a range of measures to support jobs growth in this area. Today's announcement that Infosys, a leading company in this area, is locating 250 high-end innovation jobs in Ireland is a great boost. I wish Vishal and his team every success and look forward to continuing our work together."

Martin Shanahan, Chief Executive Officer, IDA Ireland commenting from Asia said, "Infosys is an Indian company with a truly global footprint - it has operations in more than 50 countries. IDA Ireland has a team of executives working with Indian companies in the market, making them aware of the opportunities that exist here in Ireland. Attracting Asian companies is a key part of IDA Ireland's strategy. Infosys' investment shows that Ireland has a lot to offer Indian and other Asian companies."

About Infosys

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 www.infosys.com to see how Infosys (NYSE: INFY), with US$ 8.7 billion in annual revenues and 187,000+ employees, is helping enterprises renew themselves while also creating new avenues to generate value.

Safe Harbor

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. 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.

SOURCE Infosys