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In the past one year, <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> has bagged a better number of deals than all its rivals, including at least 10 large deals, ranging over $50 million, says data from technology research and outsourcing advisory firm ISG. 
 
The deals that Infosys has bagged include ones from Deutsche Bank, Mercedes-Benz and the Goods and Services Tax Network (GSTN) in India. The closest competition it got was from TCS, which closed nine such deals, including contracts from China Telecom Global, Axis Bank and Al Baraka Bank. 
 These deals have come to Infosys in the past one year, which is in stark contrast to its performance in the previous two years, and CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> is considered to be the man behind the recent resurgence. He has said that the firm's recent track record in winning large contracts is the best in its 35-year history. 
 
"We have outperformed for the first time in many years. Our large account growth rate has exceeded the growth rate of the company, which is quite encouraging. Our deal wins have improved dramatically and we're approaching $800-900 million a quarter in large deals. That's more than double of what we used to do," Sikka said. 
 
In the past 18 months, the sales engine of Infosys has seen a large-scale revamp, with Sikka making it his topmost priority to protect the company's top 200 customer accounts and mining additional business from those clients.

Here is how Vishal Sikka has become the man Infosys always wanted

New Delhi: After two <keyword id="19945688" type="General" weightage="20" keywordseo="acquisitions" source="keywords">acquisitions</keyword> this year, India's second-largest IT services company <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="268" meta.entityid="Infosys">Infosys</keyword> is on the lookout to scoop-up more firms and says the acquisition matching scale of recent in-tech buy is certainly a possibility. In an interview to PTI, <keyword id="24144" type="General" weightage="20" keywordseo="infosys-ceo" source="Orion">Infosys CEO</keyword> <keyword id="20115570" type="General" weightage="20" keywordseo="salil-parekh" source="keywords">Salil Parekh</keyword> said the company is keen on acquisitions in areas like data analytics, SAAS, and may look at some geographies within Europe, and the US. Asked if more acquisitions could be of the scale matching in-tech, which came with a price-tag of 450 million euros, <keyword id="20039787" type="General" weightage="20" keywordseo="parekh" source="keywords">Parekh</keyword> said, "Absolutely, I think those would be the size that we will look at in terms of scale, and given our structure we could do a few of those." Back in January, Infosys announced a definitive agreement to acquire 100 per cent of the equity share capital in InSemi Technology Services, a semiconductor design services company headquartered in India, for a consideration (including earn-outs, and management incentives and retention bonuses) totalling up to Rs 280 crore. A bigger acquisition followed in three months. In April, Infosys Germany, a wholly-owned step-down subsidiary, entered into a definitive agreement to acquire 100 per cent of the equity share capital in in-tech Holding -- leading provider of engineering R&amp;D services headquartered in Germany -- for a consideration of up to 450 million euros (about Rs 4,045 crore). "We have very good business in engineering services already within Infosys and then we did those two acquisitions, both of them in engineering services, one on semiconductor side and one on the automotive side... very strong businesses, and we feel quite good about expanding that footprint," Parekh said. Infosys is eyeing more acquisitions, he said, adding that the company is evaluating several firms. "We have a good balance sheet and good cash generation and now we are quite comfortable with the integration of acquisition in different areas. We have done engineering services, we will look at other areas... for example data analytics... may look at SAAS (software as a service) areas, and maybe at some other geographies in Europe, maybe the US as well," he said. Parekh, however, said a lot depends on strategic synergies, financial cost, cultural fit and integration aspects. "We are continuing to look, and we have things that are normally in the pipeline but those take their own time... there are a lot of discussions on strategic fit, on financial cost of it and cultural fit into the company and then how will we integrate them. Many of those discussions are ongoing and we will see what comes out," the Infosys top honcho said. On whether he is hopeful of closing more acquisitions this fiscal year, Parekh indicated that it is tough to put a timeline on the outcome of ongoing discussions. "It is difficult to say... we are evaluating several (of them). But to get a fit on the strategic parameters, financial parameters, culture, integration... all of it may not work out. But these two (InSemi and in-tech) happened relatively quickly... before that for some quarters we had not done anything. It is not a predictable thing, but the evaluation is ongoing," he said. According to the Grant Thornton Bharat Dealtracker Q2 2024 report, Indian dealmaking saw overall 501 deals, valued at USD 21.4 billion. The report said the second quarter of 2024 witnessed the highest quarterly volumes since the second quarter of 2022, while values declined due to the absence of big-ticket merger and acquisition transactions. Grant Thornton Bharat Dealtracker further said the merger and acquisition (M&amp;A) activity during the second quarter saw 132 deals worth USD 6.2 billion, marking a slight increase in volumes but a substantial 50 per cent drop in values. As per the report, domestic deals drove growth with volumes rising 29 per cent and values increasing 2.5 times compared to the first quarter of the current year. In contrast, cross-border deals experienced a decline, with volumes decreasing 24 per cent and values plummeting 85 per cent from the first quarter of 2024.

Infosys is keen on more acquisitions, says CEO Salil Parekh

BANGALORE: <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> executive chairman NR Narayana Murthy said the selection process for the new <keyword id="5645" type="POSITION" weightage="60" keywordseo="CEO">CEO</keyword> is progressing as planned and the name of the candidate would be announced when the process concludes. 
 
“The selection process for the new leader is progressing as planned. The new CEO will be announced at the conclusion of the process. While the search is on, Infosys Board, Shibu, Kris and myself will continue to steer the company in the direction we have set. I assure the best of Infosys is yet to come,” he said in an email sent to employees on Friday. 
 The communication comes at a time when the management is making every effort to reassure employees and clients a smooth leadership transition as it is in the midst of identifying its <keyword id="270305" type="POSITION" weightage="40" keywordseo="first-non-founder-CEO">first non-founder CEO</keyword>. “Further to my previous email, as we embark into newer horizon for our employees and clients, we will see some transition in leadership. Please be assured that the leadership change takes into account the best interest of the company as a whole,” he wrote in the email. The communication is seen as an attempt to quell uncertainties around its leadership challenges after eleven senior executives quit Infosys since Murthy returned to the company in June last year. 
 
Murthy has also recognized BG Srinivas’s contribution in growing the company. “ I hold BG in high esteem and I support his aspirations. His last day will be June 10, 2014,” Murthy said. He also said the BG Srinivas is an integral part of the company and has played an important role in the second-largest IT firm. 
 
Srinivas, who quit Infosys on Wednesday, was appointed as the group managing director and executive director of Hong Kong-based telecom and media giant PCCW effective July 14. He will be entitled to a basic salary of approximately US$1.14 million (equivalent to approximately HK$8.84 million) per year, plus a housing allowance and a non-discretionary annual bonus of $1,80,000 (equivalent to approximately HK$1.4 million).

Infosys CEO Selection Progressing As Planned: Narayana Murthy

Last week, tech giant <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="153" meta.entityid="Infosys">Infosys</keyword> was making headlines for delaying onboarding of thousands of freshers for more than two years. It was reported that freshers had been awaiting onboarding since 2022 but nothing was happening on that front. The Nascent Information Technology Employees Senate (<keyword id="20033579" type="General" weightage="20" keywordseo="NITES" source="keywords" meta.keywordsubtype="org" meta.entityname="NITES" meta.hostid="153" meta.entityid="NITES">NITES</keyword>) even filed a formal complaint against the company. Now, <keyword id="21949326" type="General" weightage="20" keywordseo="Infosys-CEO" source="keywords">Infosys CEO</keyword> Salil Parekh has said that everyone with a job offer will be a part of the company even though there are “delays.” <h2>Infosys CEO reassures graduates</h2> Infosys has confirmed its commitment to honour all <keyword id="20345755" type="General" weightage="20" keywordseo="offers" source="keywords">offers</keyword> extended to fresh engineering graduates, despite ongoing delays in the onboarding process. CEO Salil Parekh recently addressed concerns that have been brewing among thousands of freshers, saying that while some joining dates have been adjusted, every candidate who received an offer will join the company. In a statement, Parekh told PTI, "Every offer that we have given, that offer will be honored, and those individuals will join Infosys. We have adjusted some dates, but beyond that, there is no change in our approach." According to a CNBC report, Parekh also said that the rising interest in Generative AI (GenAI) among clients is a positive sign for future growth. He added that while GenAI is driving significant change within the industry, it will not lead to layoffs at Infosys, a point of distinction compared to trends seen at other tech firms. <div type="Article" hostid="261" msid="112669758" title="Infosys delays onboarding of 2,000 graduates for more than 2 years, NITES files complaint" mstype="2" mssubtype="0"></div> Parekh’s reassurances come in response to growing unrest among freshers from the 2022 batch, many of whom have been waiting for nearly two years to start their careers at Infosys. <h2>What is happening with Infosys hiring?</h2> For the unversed, the Nascent Information Technology Employees Senate (NITES), a Pune-based IT employee union, recently filed a formal complaint with the Ministry of Labour and Employment, accusing Infosys of delaying the onboarding of over 2,000 engineering graduates. These graduates were selected for roles such as system engineers and digital specialist engineers during the company’s 2022-23 recruitment drive. According to NITES, the affected graduates received their offer letters as early as April 2022 but have since faced continuous delays, unpaid pre-training programs, and additional assessments that were not initially communicated. Despite fulfilling all the requirements, these professionals have been left in limbo, unable to begin their careers. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/work-life-balance-is-a-myth-photo-of-man-working-in-front-of-momo-stall-goes-viral-internet-reacts/articleshow/112516510.cms" data-type="tilCustomLink" target="_blank">'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts</a> <a href="https://www.businessinsider.in/tech/article/arrange-or-love-marriage-debate-is-passe-people-are-now-marrying-their-ai-partners/articleshow/112522764.cms" data-type="tilCustomLink" target="_blank">Arrange or love marriage debate is passe, people are now marrying their AI partners</a>

Everyone will join, there is no change: Infosys CEO after delaying joining of 2,000 freshers for over two years

<keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> is the latest entry to the list of IT firms clamping down on moonlighting employees. However, the IT behemoth is mulling a system that will allow employees to work on external projects too. Without elaborating on the numbers, <keyword id="15256520" type="General" weightage="50" keywordseo="infosys-ceo-salil-parikh" source="Orion">Infosys CEO Salil Parikh</keyword> said that over the last year, the company has let go of its employees found working with other companies. "Where there are confidentiality issues, we have let them go," Parikh said on Thursday at the press conference announcing the Q2 results. Parikh however said that Infosys is mulling a policy that allows employees to work on other projects within and outside of Infosys. Earlier <keyword id="10862" type="General" weightage="50" keywordseo="wipro" source="Orion">Wipro</keyword> Chairman <keyword id="197349" type="General" weightage="50" keywordseo="rishad-premji" source="Orion">Rishad Premji</keyword> had expressed concerns over the issue of moonlighting employees. A few weeks ago, Premji stated that Wipro had fired 300 employees on this count. Amid reports of IT companies delaying or putting fresh recruitments on hold, <keyword id="10389637" type="General" weightage="50" keywordseo="infosys-cfo-nilanjan-roy" source="Orion">Infosys CFO Nilanjan Roy</keyword> said that there was no delay in onboarding freshers. He said that Infosys hired 40,000 freshers in the first half of the financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/soon-you-wont-be-able-to-fake-your-age-on-instagram/articleshow/94853597.cms">Soon, you won't be able to fake your age on Instagram </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-will-soon-allow-you-to-control-who-can-mention-you-in-their-tweets/articleshow/94852135.cms">Twitter will soon allow you to control who can mention you in their tweets</a>

Infosys too cracks whip but mulling policy to allow moonlighting

<keyword id="20115570" type="General" weightage="20" keywordseo="salil-parekh" source="keywords">Salil Parekh</keyword>, CEO and managing director at <keyword id="19906778" type="General" weightage="20" keywordseo="infosys" source="keywords">Infosys</keyword>, has joined the US-<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Strategic and Partnership Forum as a member of its board of directors. An industry veteran with nearly three decades in the IT services industry, executing business turnarounds and managing successful acquisitions, <keyword id="20039787" type="General" weightage="20" keywordseo="parekh" source="keywords">Parekh</keyword>, in his capacity as Infosys CEO, sets the strategic direction of one of India's most notable IT giants while nurturing a strong leadership team to drive its execution. "<keyword id="20696168" type="General" weightage="20" keywordseo="salil" source="keywords">Salil</keyword>'s recent addition to the USISPF Board accentuates the success story of Indian IT giants in the US For years. Infosys has been a household name in India, and IT services are one of India's biggest exports to the United States," said USISPF president and CEO Mukesh Aghi. "In an era of digital economy and digital trade, Infosys' success in the US is a testimony to the growing synergy in tech ties and how India's robust tech talent plays an integral part in strengthening and growing the tech sector in the United States," Aghi said. USISPF chairman John Chambers said Salil and Infosys' participation on the USISPF Board will help forge a critical reliance for the two economies by consolidating digital trade, ultimately further establishing India as an innovation partner to the world, which is the organisation's core mission. "I'm thrilled to have Salil, a leader with a great track record in the IT industry, join the USISPF Board. Infosys' impact in the American tech industry has been extremely important, and the company played a vital part in India's nearly USD 200 billion software exports for 2023," Chambers said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank">Indian PC market down by 6.6% in 2023, HP leads the market while Acer gains</a><a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank">From usernames to secret codes for locked chats, here are the upcoming WhatsApp features</a><a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank">iQOO Neo 9 Pro with Snapdragon 8 Gen 2 launched in India, will take on the OnePlus 12R</a>

Infosys CEO Salil Parekh joins USISPF Board

<ul><li>Salil Parekh’s induction into the post of Infosys CEO was supposed to mark a ‘fresh start’ for the company. </li><li>He is currently being accused of ‘unethical practices’ like reporting higher profits and revenues — and hiding it.</li><li>When he was brought on board in 2018, he was given more than $5 billion in cash to make large margin acquisition for Infosys.</li></ul>Salil Parekh was named the CEO of Infosys just in January last year was supposed to mark a ‘fresh start’ for the company after massive layoffs in 2017. In fact, he beat out internal candidates and former executives as he rose from being a business manager at Capgemini to the CEO of one of the biggest tech companies in india. Come 2019, Parekh’s being accused of ‘unethical’ practices like misreporting higher profits and revenues by a group of whistleblowers. The allegations against him also include overlooking reviews and approvals to secure larger deals. Here's a quick look at Parekh's story since he became CEO:

The Infosys clean-up under Salil Parekh seems to have come a full circle within 2 years

If you ever happen to visit Infosys’s Bengaluru office, you would find a computer outside CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>'s office that is never switched off. The live web link there is on 24x7, so that employees can talk to their counterparts in Palo Alto whenever they want to. 
 
"The whole idea is to get Infosys employees to chat with each other whenever they want. No need to block calendars, no need to send emails. Cuts out the bureaucracy," an employee told ET. 
 
Cutting down the layers has been a major push with Infosys ever since Sikka has come in. To ease this further, India's second-largest software exporter is also working on a pilot project with 10,000 people, in which the traditional, five-layer organisational structure has been broken down into a two-tiered one, a welcome step from the Indian IT industry's conventional pyramid model. 
 
"Traditionally, we've had several layers within the organisation. We've had project managers and then there is a senior project manager, a group project manager, etc., and so on. So we want to flatten the five layers down to two," Sikka told ET. 
 
The new structure would have a project manager at the centre, who along with his own team would get support from functional teams like human esources, legal, finance and purchasing. 
 
"Basically, this acts as a small startup. Instead of a traditional top-down pyramid, we create a more bottom-up thing where you have thousands of small entities like that and the management is enabling these people to go out there and be innovative. This is underneath what Zero Distance is," Sikka further stated. "The reason why it's called Zero Distance is because you have zero distance to the client, zero distance to the value. Otherwise in big organisations, layers form over time, far away from clients," he added. 
 
Sikka is of the belief that this restructuring would make Infosys more entrepreneurial and livelier.

You Searched For "infosys CEO" and got 8 results

Here is how Vishal Sikka has become the man Infosys always wanted

BI India Bureau

Infosys is keen on more acquisitions, says CEO Salil Parekh

PTI

Infosys CEO Selection Progressing As Planned: Narayana Murthy

Times Of India

Everyone will join, there is no change: Infosys CEO after delaying joining of 2,000 freshers for over two years

Divyanshi Sharma

Infosys too cracks whip but mulling policy to allow moonlighting

IANS

Infosys CEO Salil Parekh joins USISPF Board

PTI

The Infosys clean-up under Salil Parekh seems to have come a full circle within 2 years

Prabhjote Gill

Infosys’ Vishal Sikka wants to be at ‘Zero Distance’ from his clients

BI India Bureau

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