Posts Tagged ‘Infosys’

2 ex-Infosys directors fund software firm

February 25th, 2015

Former Infosys directors T.V. Mohandas Pai and V. Balakrishnan (Bala) have funded an enterprise software product firm here in the area of governance, risk management and compliance management.

“Pai and Bala have invested in raising USD 250,000 (Rs.15.6 million) as seed capital to fund the startup, which will develop niche software products for regulatory and governance compliances,” Clonect Solutions Ltd co-founders Balaji Rao and Shailesh Agrawal told reporters here Tuesday.

The two co-founders, also former Infosys employees, however, did not disclose investment made by Pai and Bala for the paid-up capital, or their own and that of former Wipro director B.C. Prabhakar and a few angel investors.

“The seed capital will sustain us over the next 18 months in ramping up our operations, including sales and marketing force to hard-sell our products,” Rao said on the occasion.

The city-based firm has set a revenue target of USD 100 million by 2020.

Claiming to the first such `made in India` product in the niche area, Agrawal said the trademark registered `ricago` is a compliance ERP platform to help medium and large enterprises across verticals address the risk of non-compliance.

“Our technology platform is a suite of products integrated for compliance ERP (enterprise resource planning) through management system and can handle end-to-end requirements in the post-2008 financial meltdown era,” Agarwal added.

The startup has 10 customers from diverse verticals across the country, and they could install and customise the product in their enterprise system through cloud or web-based platform.

Mumbai-based micro-finance firm Suryoday is the first non-banking financial company (NBFC) among the 10 customers to use ricago for total compliance.

“The global compliance product segment market is estimated to be USD 10 billion by 2018, growing at 14 percent annually, thanks to increasing regulatory and mandatory obligations the world over for large listed or privately held firms in diverse verticals, including information technology, manufacturing and BFSI (banking, financial services and insurance),” Balakrishnan said.

With regulators like Sebi (securities exchange board of India), Reserve Bank of India and stock exchanges insisting on highest corporate governance, transparency and full compliance with statutory guidelines or terms, enterprises will have to use products like ricago for compliance.

“Compliance is a major challenge to all corporates and very high on their board priorities. For management too, compliance is high on the list of things to do. Its complexity needs an end-to-end solution like ricago,” Pai said in a statement on the occasion.

The company also unveiled an insider trading management system, an enterprise class web application to automate and address the challenge of complying with regulatory requirements specific to insider trading.

“With Sebi notifying the new insider trading norms from May, many firms would need an IT-enabled system to keep pace with the regulatory requirements,” Rao added.


Infosys, UL jointly build new software platform

February 7th, 2014

Infosys Ltd, India’s second-largest software services exporter, has jointly built a new software platform for one of its oldest clients, US-based Underwriters Laboratories (UL), which develops product safety tests.

Infosys, which is hiving off its products, platforms and solutions (PPS) business into a separate subsidiary, said the new software platform will integrate all of UL’s business units and subsidiaries together and help UL respond to customer demands faster as well as save costs.
Infosys and UL jointly developed the new platform.

“The road ahead looks even more promising as we bring together our technology and business expertise along with a robust set of software assets to create an information platform that will redefine customer experience for the services industry,” said Sanjay Purohit, global head of Infosys’s PPS business in a statement on Thursday.

The new software platform launch comes months after Infosys developed a sales software platform called TradeEdge for its top global and retails customers such as Procter & Gamble Co. to help them save on logistical and operational costs and grow revenue from emerging economies such as India and West Asia.

Infosys is expected to launch more software products in the coming months.

In an interview last month, Infosys’s new joint presidents B.G. Srinivas and U.B. Pravin Rao said the company was in the process of creating a separate subsidiary for its products, platforms and solutions business, which is at the core of its 3.0 strategy.

As part of the 3.0 strategy, Infosys aims to generate a third of its overall revenue in the near-term from new areas of technology such as cloud computing and Big Data analytics.

“We now have one common business infrastructure—we eliminated tremendous amount of complexities, we eliminated a lot of cost…we got rid of all of that and now we’re standardized under this one Oracle stack,” UL chief information officer Christian Anschuetz said in an interview.

In 2012, Underwriters Laboratories created several new business units and transformed itself from being a non-profit organization to a for-profit company.

UL, which has been an Infosys client since 2004, spends about 30% of its total information technology budget outsourcing back-office functions such as software development and maintenance and enterprise resource planning implementations to technology vendors such as Infosys.


BSE Sensex falls over 101 pts, software exporters TCS, Infosys share prices slump

January 14th, 2014

TThe BSE Sensex fell for the first time in three days today and closed over 101 points lower after investors booked profits in recent gainers including IT, metal and realty shares, amid a weak trend in the global markets.

Markets Top Gainers, Markets Top Losers

The 30-share index, which had gained 420.84 points in previous two trading sessions, fell by 101.33 points, or 0.48 per cent to 21,032.88. TCS, ICICI Bank and Tata Motors led the 22 Sensex losers lower. Infosys, HDFC and Cipla led 8 gainers.

The 50-share National Stock Exchange index Nifty declined by 30.90 points, or 0.49 per cent, to end at 6,241.85.

Brokers said besides profit-booking after recent gains, a weak trend in the Asian region and a lower opening in Europe following overnight losses in the US market, too triggered selling activity.

Meanwhile, retail inflation slowed to three-month low of 9.87 per cent in December, supporting hopes the RBI will keep interest rates stable in its policy meet later this month.
Overall market breadth was weak with 1,464 stocks declining compared to 1,226 that advanced on the BSE.

Stocks of Ranbaxy Laboratories remained under selling pressure and fell by nearly 2 peer cent after the USFDA raised concerns about manufacturing practices at the pharmaceutical firm’s Toansa plant in Punjab. In the previous session, the stock plunged over 5 per cent.
Among software exporters, Tata Consultancy Services fell 1.78 per cent, HCL Technologies by 1.65 per cent and Wipro shed 1.56 per cent. However, Infosys continued its rising streak to close 0.63 per cent higher.

The IT sector index, which had been leading the rise in the last few sessions, ended in negative territory with a decline of 0.67 per cent.

Sectorally, the BSE Metal index suffered the most by falling 1.41 per cent, followed by Realty index that dipped 1.40 per cent and Banking index slid 0.66 per cent.


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