Despite it’s political turbulence,
Israel is strengthening its startup ecosystem. The
proof being
Bengaluru based
Infosys beefing up its operations in the country, a key person has been appointed to supervise overseeing startup
investments and acquisitions in Israel.
In a news report by The Economic Times it has been learnt,
chief executive Vishal Sikka has appointed
Jake Klein for the role.
Klein had a similar function at SAP, where he was a senior vice president overseeing startup investments and helping
SAP Ventures expand in Israel.
At Infosys, he has been appointed as
vice president of corporate development in Israel. Infosys, India's second-largest software exporter, has set aside at least a quarter of its $500-million Innovation Fund for investments in countries like India and Israel, ET reported in March.
Sikka is keenly tracking startup hubs in
Silicon Valley and Israel as Infosys hunts for disruptive solutions for new-age digital problems faced by customers such as
Bank of America and
Toyota.
Top rivals such as cross-town peer
Wipro have also initiated conversations with
venture capital funds in the region such as
Jerusalem Venture Partners.
Ray Wang, founder and
chairman of Constellation Research, said it makes sense for Infosys to tap into Israel now, given the new direction the company is attempting to move in under Sikka.
"The goal is to tap into the most innovative tech regions. Just like organizations tap into the Silicon Valley, Israel is a hot spot for innovation," Wang told the ET. "There are a couple ways to do this. One, create a corporate venture group in a central location. Second, embed your team in the hot spots. Both work, it just depends how much scale you want."
(Image:
India Times)
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