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<keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> saw another high profile exit as the MD of the $500 million <keyword id="3861225" type="UNKNOWN" weightage="20" keywordseo="infosys-innovation-fund">Infosys Innovation Fund</keyword> stepped down. This comes as a setback for <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> who seeks to strengthen new digital and innovation capabilities. <keyword id="2825391" type="UNKNOWN" weightage="20" keywordseo="Yusuf-Bashir">Yusuf Bashir</keyword>, MD of Infosys Innovation Fund, had worked closely with Sikka at SAP and had joined Infosys in March 2015. Bashir’s exit comes after <keyword id="2558261" type="UNKNOWN" weightage="20" keywordseo="Ritika-Suri">Ritika Suri</keyword> also resigned recently. Bashir’s role was to identify and invest in early-stage companies doing cutting-edge work in areas including AI, machine learning, big data, cloud and analytics. Sikka’s vision is to build tech innovation and get more clients under its fold. Bashir made 12 startup investments and the last investment that Bashir made from the Innovation Fund was in December 2016.

Another setback for Infosys; head of Innovation Fund quits

<keyword id="2558261" type="UNKNOWN" weightage="20" keywordseo="Ritika-Suri">Ritika Suri</keyword> stepped down as <keyword id="4777835" type="UNKNOWN" weightage="20" keywordseo="infosys-executive-vice-president">Infosys executive vice president</keyword>. She was one of the top-paid executives who joined <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> CEO <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>’s team. Suri, who was brought on board by Sikka from SAP, earned more than Rs 5.1 crore in gross salary in FY17. She was in charge of Infosys’ corporate development and merger &amp; acquisitions. Business paper Mint that reported Suri’s exit stated she helped set up the company's $500 million venture fund which has since written down about a third of the $45 million is has deployed. Also, Suri led the acquisition of Israeli automation company <keyword id="2728667" type="UNKNOWN" weightage="20" keywordseo="Panaya">Panaya</keyword>, which was at the centre of a whistleblower letter and a later investigation. However, Infosys says it has been cleared by an independent investigation into alleged improprieties in its acquisition of Panaya and ecommerce platform Skava. (Image: Edgeverve)

Infosys sees top level exit, executive vice president quits

India's second largest software exporter <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> would aim to return to industry-level growth rates by financial year 2017, if it manages to reach 10-12% <keyword id="6492838" type="UNKNOWN" weightage="80" keywordseo="revenue-growth">revenue growth</keyword> forecast this year, said the company’s chief financial officer <keyword id="347003" type="PERSON" weightage="80" keywordseo="Rajiv-Bansal">Rajiv Bansal</keyword>. 

	While attending an investor meet in Bengaluru on Thursday, Bansal said, the company would touch industry-level growth rates if it puts up a good show this year as compared to last year, when it grew at a meager 5.6%. 
 “When Mr Murthy came back (in 2013), we clearly said that we would take 3 years to get back to <keyword id="2896835" type="UNKNOWN" weightage="80" keywordseo="industry-level-growth-rate">industry-level growth rate</keyword> -- and that will be FY17," said Bansal. 

	"If 5.6% goes upto 10-12%, then next year we should see industry-level growth rates....I think we're on the right trajectory -- once we reach that 10-12% mark, I think it will give us a lot of confidence to touch industry-level growth rates," he added.
 Recently, Infosys has created a special team looking specifically at mergers and acquisitions, said UB Pravin Rao, the chief operating officer of the Bengaluru-headquartered IT firm. In 2014, Infosys hired former SAP executive <keyword id="2558261" type="UNKNOWN" weightage="60" keywordseo="Ritika-Suri">Ritika Suri</keyword> to lead <keyword id="101447" type="EVENT" weightage="80" keywordseo="MA">M&amp;A</keyword> for the company. 

	Moreover, Infosys expects acquisitions can bring in additional revenues of about $1.5 billion as the IT services behemoth aims to achieve a goal of generating $20 billion by 2020.
 

	"We have created a separate team looking at it -- a corporate development team looking at M&amp;A," said Rao.
 Ever since Suri joined Infosys, the company has pulled off two large acquisitions -- in January, it bought over Israel-based automation technology startup <keyword id="2728667" type="UNKNOWN" weightage="80" keywordseo="Panaya">Panaya</keyword> for $200 million, while in April, Infosys acquired eCommerce service provider <keyword id="2822352" type="UNKNOWN" weightage="80" keywordseo="Skava">Skava</keyword> for $120 million. 

	Infosys would aim to keep margins in the 25-26% range for the near term, depending on currency fluctuations, said Bansal.

	 
	 
	(Image: Reuters)

Infosys sees industry-level growth in FY17, if it meets 10-12% revenue growth that is

The corporate honchos love to bring his or her own ex-teammates to the new surroundings. One can call it the comfort factor or just because the old mates are too darn good to let go off. At <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>, the new CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> has already started picking his old colleagues from <keyword id="6358384" type="COMPANY" weightage="80" keywordseo="SAP">SAP</keyword>. 
 The two new joinees in Infosys are <keyword id="2558261" type="UNKNOWN" weightage="80" keywordseo="Ritika-Suri">Ritika Suri</keyword> and <keyword id="101331" type="PERSON" weightage="80" keywordseo="Abdul-Razak">Abdul Razak</keyword>, and will hold senior vice president post. They will be working out of the Palo Alto area in California, where Vishal Sikka is also situated. Since August 1, 2014, Infosys has been hiring employees from SAP. With Ritika and Abdul on board, Infosys have now picked 5 senior people from SAP. 
 
Infosys has been ailing since past few years. Tata Consultancy Services and Cognizant have been giving them tough competition and are slowly increasing their market share. Vishal, the first non-board member CEO of the multinational company, has been given a responsibility to bring back the company to its original health and to grow it further. 
 
Vishal has been quite successful in his last area of work at SAP and is one of the most trusted names when it comes to the IT and software market. However, the task in front of him is huge. He would need all the help that he can get. Bringing old and familiar faces to the Infosys table might ease his chore a bit. 
 
Update 
“In the last quarter, over 3,000 professionals joined us from several global corporations. These people include a few from SAP as well. It is relatively common in our industry that when a senior leader leaves a company, there would be a few people who may decide to follow. SAP is a valued and distinguished partner for Infosys, and we have plans to further strengthen our relationship in many exciting areas.” said ​Srikantan Moorthy, Global Head HR, Infosys. 
 
Image: indiatimes

Vishal Sikka Expands His Team At Infosys, Adds Two Former Colleagues From SAP

<keyword id="3557061" type="PERSON" weightage="100" keywordseo="Vishal-Salvi">Vishal Salvi</keyword> has joined <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> as its new Chief Information Security Officer (CISO). Salvi, who is a known name in the information security world, has worked as a partner at PricewaterhouseCoopers since October 2014. 
 
Before PwC, Salvi was the CISO at HDFC Bank for around eight years. 
 Infosys has been grappling with quite a few top level exits since <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> took over as chief executive officer in August 2014. 
 Now, Deepak Padaki handles mergers and acquisitions, while former SAP executive Ritika Suri, who currently heads the $500-million Infosys <keyword id="306629" type="ORGANIZATION" weightage="20" keywordseo="Innovation-Fund">Innovation Fund</keyword>, has been tasked with overseeing large deals.

Infosys hires Vishal Salvi as new chief information security officer after two years

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> saw a number of senior-level exits recently that raised several questions and concerns. However, Infosys CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> dismissed all the concerns and compared the top-level exits with other companies. When asked about the attrition rate at the top management, Sikka said it was “far lower than other firms.” "It happens in every company. We actually did an analysis, both in terms of our own past as well as in terms of the other companies in our industry. And there are far more executives who have left every other company that we could think of," Sikka told a leading news channel. Recently, Anirban Dey, global head and chief business officer of Edge products, <keyword id="2825391" type="UNKNOWN" weightage="20" keywordseo="Yusuf-Bashir">Yusuf Bashir</keyword>, MD, <keyword id="3861225" type="UNKNOWN" weightage="20" keywordseo="infosys-innovation-fund">Infosys Innovation Fund</keyword>, and Ritika Suri, executive vice-president, exited the company. They were brought by Sikka from SAP. Sikka quipped that there is a "fixation" on Infosys, and exit of individuals, including assistants and engineers, keeps showing up on the list. Infosys has also been attracting limelight due to various other challenges such as governance issue between board members and founders, uncertain global economic environment, etc. Asked about co-founder <keyword id="51793" type="ORGANIZATION" weightage="20" keywordseo="NR-Narayana-Murthy">NR Narayana Murthy</keyword>'s reported comments recently that he regretted leaving the organisation in 2014, Sikka said it was a conscious decision to have an independent board and a professional management. "This was something that we had very consciously established as an independent board and a professional management taking over from a founder-led board and a founder-led management. So, that is a big change," he said.

This is what Infosys CEO Vishal Sikka has to say over senior-level exits

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> recently made an investment in ideaForge, an Indian startup focused on Unmanned Aerial Vehicle solutions. 
 
IdeaForge has built a globally ompetitive UAV solution featuring fully autonomous operation, cutting edge fail-safe technology, high endurance, image intelligence with live feed, and support for complex payloads such as thermal and high-resolution imagery. 
 
IdeaForge’s UAVs have been widely deployed by the Indian Armed Forces for surveillance, crowd monitoring and rescue operations, and offer a compelling solution for commercial applications in verticals such as energy, utilities, telecom and agriculture. 
 
"ideaForge’s high performance UAVs, which have been designed and built in India, have significant potential in industrial use cases. We are looking forward to working with ideaForge and bringing their technology, expertise, and solutions to our clients to unlock new business insights from operational data that has previously been difficult to obtain," said Ritika Suri, Executive Vice President &amp; Global Head of Corporate Development &amp; Ventures at Infosys. 
 "We are very excited to have Infosys as an investor and a partner for exploring UAV services and solutions for global customers. This partnership will play an important role in our industrial expansion to address a wide variety of data acquisition and analysis needs," said <keyword id="203270" type="PERSON" weightage="20" keywordseo="Ankit-Mehta">Ankit Mehta</keyword>, Co-founder and Chief Executive Officer at ideaForge. 
 
The investment is subject to receipt of regulatory approvals and customary closing conditions.

Here's what made Infosys invest in this drone startup incubated at IIT-Bombay and IIT-Ahmedabad

<a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys’</a> CEO <a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Vishal Sikka</a> reshuffled his top management after the company posted poor quarterly results and missed its target. 
 Amid the re-jig, another key man of <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> Anup Uppadhayay, who was handling large deals, also called it quits. 
 
Uppadhyay’s exit comes after the recent exit of Samson David. Since Sikka has taken over the reins of the company in 2014, Infosys has seen its top five executives quit. 
 
READ ALSO: <a href="http://www.businessinsider.in/Shocking-Q1-performance-a-result-of-execution-failure-says-Infosys-CEO-Vishal-Sikka/articleshow/53265955.cms">Shocking Q1 performance a result of execution failure, says Infosys CEO Vishal Sikka</a> 
 
Now, Deepak Padaki will handle mergers and acquisitions, while former SAP executive Ritika Suri who currently heads the $500-million Infosys Innovation Fund has been tasked to oversee large deals. 
 
David, who leading Infosys’ <a href="http://www.businessinsider.in/searchresult.cms?query=mana&amp;sortorder=effectivedate">Artificial Intelligence project-Mana</a>, has now joined Hewlett Packard Enterprise. 
 
Now, Narasimha Rao Manepalli will lead Mana. 
 
READ ALSO: <a href="http://www.businessinsider.in/Infosys-posts-13-4-rise-in-net-profit-misses-estimates/articleshow/53222425.cms">Infosys posts 13.4% rise in net profit, misses estimates</a>

Disappointed Vishal Sikka re-jigs top order after dismal Q1; another key executive quits

<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> is paying more attractive salaries to its employees in overseas locations than in India. The company has hired and will be hiring highly-paid talent abroad, which could hit its costs. This means, the number of employees earning salaries in crores is higher than in India. As per a report by Economic Times, Infosys is paying over Rs 1 crore to more than 1,800 employees in its overseas locations. In FY17, out of 151, 956, Infosys paid salaries of over Rs 1 crore to only 50 of its India-based employees. The report stated out of 48,400 overseas employees, 1,800 are already crorepatis in rupee terms. The number of crorepatis is likely to go up abroad as Infosys plans to hire 10,000 people in the US - a mix of freshers and experienced people. "The firms are trying to address this to some degree by hiring out of college and these wages will be lower and more in line with the $70,000 for first year workers. But the wages will quickly climb to the market average of $125,000-$150,000 (Rs 80-96 lakh) as these employees gain experience," Peter Bendor-Samuel, CEO of IT advisory firm Everest Research, told ET. "Infosys' hiring overseas in FY17 was similar to FY16, and the average salaries in both years have been consistent. Any potential impact arising out of our recently announced US recruitment strategy has already been factored into our margin guidance," Infosys informed ET. ET reported Infosys' head of digital Scott Sorokin, who joined from interactive agency Razorfish, is paid over Rs 7.3 crore. Abdul Razack, global head of Infosys Platforms, was paid Rs 5.26 crore. Sanjay Rajagopalan, head of design and research, is paid a little over Rs 5.2 crore. Navin Budhiraja, head - architecture &amp; technology, earns over Rs 5.3 crore. Ritika Suri, global head of corporate development, has a total gross salary of over Rs 5.1 crore.

Infosys is paying in crores to more employees abroad than in India. Here are the figures

The <keyword id="2776857" type="UNKNOWN" weightage="80" keywordseo="technology-startup-arena">technology startup arena</keyword> has registered a sharp rise in the recent past. This hyper-growth inflection point of the startup ecosystem has motivated India’s second largest IT firm <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> to allocate a quarter of its $500-million fund, which will amount nearly 750 crore, to invest in startups in <keyword id="6357722" type="COMPANY" weightage="80" keywordseo="silicon-valley">Silicon Valley</keyword>, Israel and India along with venture capital firms. This information was revealed in an Economic Times report. 
 
Requesting anonymity, two people familiar with Infosys' plan told ET that the Bengaluru-based software services company has had discussions with about two dozen VC firms to carry out such investment, and this even includes Andreessen Horowitz. According to one of them, "There are no formal agreements with any particular VCs. The strategy is to back startups and entrepreneurs with ideas that align with the company. The idea is not just to be a passive financial investor but take disruptive solutions to customers." 
 As per the ET report, the chief executive <keyword id="6369763" type="PERSON" weightage="80" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> is seeking to broaden the company's offerings in newer areas of technology in order to set Infosys apart from its competitors like <keyword id="28721" type="CITY" weightage="80" keywordseo="Cognizant">Cognizant</keyword> and <keyword id="10862" type="CITY" weightage="80" keywordseo="Wipro">Wipro</keyword> in the ever-growing world of technology. 
 
Ritika Suri, who joined Infosys from SAP late last year, is leading the startup fund and mergers and acquisitions, the business daily added. In February, Infosys carried out its first startup investment by sinking about $15 million in a firm spun-off from Dream-Works Animation. Soon after this, the tech major signed a deal worth about Rs 1,200 crore ($200 million) to buy US and Israel-based automation startup Panaya to hunt the best startup clusters across the globe. 
 With more than 3,000 tech start-ups, India is the fourth largest base for young businesses in the world and it is expected that by 2020 the base will increase to 11,500 tech start-ups, as per a study report by <keyword id="6372077" type="CITY" weightage="100" keywordseo="Nasscom">NASSCOM</keyword>. 
(Image: Thinkstock)

​This Indian company will invest Rs 750 cr in startups in the Silicon Valley

A few days back, Indian IT giant <a href="http://www.businessinsider.in/Infosys-relaunches-ESOP/articleshow/53225972.cms">Infosys </a>shocked the stock markets when it posted a weak performance in the first quarter of this fiscal. 
 
Even though the last few quarters saw the company impressing one and all with its <a href="http://www.businessinsider.in/Infosys-posts-13-4-rise-in-net-profit-misses-estimates/articleshow/53222425.cms">performance</a>, everyone was shocked when it lowered its full-year guidance from April’s 11.5-13.5% April to 10.5-12%. 
 As reported earlier, CEO <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> has said that this poor performance was the result of an <a href="http://www.businessinsider.in/Infosys-CEO-says-low-performance-in-Q1-a-result-of-execution-failure/articleshow/53265955.cms">execution failure</a>, and he has started to take <a href="http://www.businessinsider.in/Disappointed-Vishal-Sikka-re-jigs-top-order-after-dismal-Q1-another-key-executive-quits/articleshow/53278154.cms">remedial actions</a> for the same. 
 Sikka has written a detailed e-mail to all <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> <a href="http://www.businessinsider.in/Infosys-to-allow-employees-to-switch-job-profiles-using-an-internal-platform/articleshow/53005186.cms">employees</a>, announcing the changes and confessing that he himself was "disappointed" with the performance. 
 
Here's the letter (verbatim) that company's <a href="http://www.businessinsider.in/Infosys-Comfy-app/articleshow/52972236.cms">employees </a>received from Sikka. 
 
Friends, 
 
The first quarter of our new financial year was a revelation in many ways. I view the reaction by the markets and the media as a clear sign of the high standards our company is held to, the expectations we carry, even though everyone understands that a 90 day cycle means little on a long journey. I am disappointed. Disappointed that our revenue performance was not what we could have delivered, but even more so, that this overshadowed the many strong strides we made on executing our strategy. 
 
Our revenue growth of 2.2% to $2501M, included a shortfall in consulting revenue, some declines in package implementations, and small declines in our India business and Finacle. But at the same time, we made great progress in both, renewing our core, AND in the new areas of our business, as well as in our culture of enabling this continual renew-new improvement. Our core business, delivery, under Ravi's great leadership, grew by 3.4%, improved its utilization, lowered its dependence on subcontractors, delivered ever higher benefits from automation, and derived tangible gains from both Zero Distance and Zero Bench. 
 
Equally importantly, if not even more so, our New business grew extremely well, under Sandeep's stewardship. Gains in our newly introduced Mana, as well as in Skava, EDGE, design services and other new areas, accounted for more than a fifth of our growth! On Mohit's watch, large deal wins crossed the $800M mark in TCV, our top 5, top 10 and top 25 clients, all grew faster than the company, the number of our $100M clients grew by 3 to 17, and we added 95 new clients. 
 
Ranga and his amazing finance team, helped improve the overall health of our company's profitability and financials. We are close to 100k Infoscions having been exposed to design-thinking, the number of ZD ideas crossed 11k, and more than 5k of these have been discussed with clients, and the first ones already monetized, thanks to a simple new process Ravi and Ranga have enabled, and ZB now has more than 20k jobs, and, in a year since its launch, this initiative got us to the point that more than 99.5% of the bench colleagues have been engaged, thus helping them deliver value and break the cycle of being on the bench not helping them gthe experience they need to get off the bench. And there were many others. 
 
Reflecting on this on my trip back home, mainly I learnt this: those areas which receive "the flame of our attention" in Jiddu Krishnamurti's words, show progress. And when running an operation as large and complex as ours, we must attend to each cog, every piece of our spectrum, to prevent a few negatives from overshadowing the many great positives. We cannot take our eyes off any important aspect of our business, each area of our large and diverse portfolio of services, products and platforms. In Q2, and beyond, we must accelerate our work in all the key strategic aspects of our work, AND we must address the weaknesses of Q1. 
 
Our stock incentive rewards program, back after 13 years, is a great celebration of our people, our potential, and our commitment to recognize performance, and to have us participate in our collective work, and its outcomes, for Infosys is no more and no less than us, each one of us, and all of us. To help us lead from the front, Pravin and I are making some changes to the team. In Consulting, we had already announced that Rajesh Murthy would take over going forward. 
 
Reporting to Rajesh, Michael Pesch will continue to run Europe, LATAM and APAC, and Kenneth Toombs, who recently joined Infosys, will run North America and India. Sanjay Purohit will join Pravin to work on strategic initiatives in bringing Design Thinking to our clients at scale. Ritika Suri will take over our large deals work, including SGS, from Anup Uppadhayay. Anup has decided to leave Infosys, and I would like to thank him for his tremendous loyalty and service to Infosys over the last 23 years. I have been privileged to work with Anup since I started my journey almost two years ago, and we wish him all the best. 
 
Ritika brings a strong background in sales, particularly in driving large deals for products and platforms, and this is exactly the kind of experience we need to help transform our large client engagements with a focus in our renew-new strategy. M&amp;A will move to Deepak Padaki, while Ritika continues to lead the Innovation Fund and our work with startups. She will continue to report to Ranga and Mohit will continue to sponsor our large deals work. In CIS, we will focus on renewing the existing business and bringing Mana to every aspect of it. 
 
This will be led by Narry (Narsimha Rao) who will take over from Samson David. Narry has been with Infosys for 15 years, and has been running IVS for the last 1.3 years with great success and excellence. Narry and the entire delivery team under Ravi's leadership, will work closely with Navin Budhiraja on the Mana platform. I am very happy that Sudhir Jha has joined us from Google to help with product management and product marketing for Mana and for bringing a product discipline to all our work. 
 
We thank Sam for his great work in growing the infrastructure business over the last few quarters, and his great contributions to Infosys for more than two decades, and wish him the best of luck in his future endeavors. Our success will be the result of our endeavor. The work of our people. The amazing individuals I meet every single day. I learnt that a million folks wanted to join the Infosys family last year! Our people focus will continue, and will be at the core of all that we do. 
 
My belief in each one of us was redoubled last week, when I spoke to a few PMs at Bangalore. One Infoscion from Chandigarh, with her zeal and her team's proactive ZD ideas for banking, represented the vision of unleashing the innovator within each of us, more than any words can express. But it will take the very best of the very best in us. At a time when the world around us seems ever more influenced by the baser instincts and tendencies, we must bring the best of our intentions, and the best of our imagination, our knowledge and our conviction, to all that we do. 
 
When Krishnamurti spoke of the flame of attention, he spoke of a compassionate attention, to what matters, to the long-term, purposeful, vision, to a fun, rewarding journey along the way. Over the weekend, a friend of mine wrote to me, asking me to "stay healthy, stay in the moment, focused on your actions, even as you work hard to let your achievements outshine your aspirations...". 
 
Here's to a strong Q2, and a strong remainder of the year, one that not only exceeds the high standards we are held to, but does so purposefully, in moving forward on the long haul, one that shows what we as Infoscions are capable of. Here's to our actions, our flames of attention, outshining our aspirations and others' expectations. 
 
Let's do it! 
 
Best, V 
 
<a href="https://i.ytimg.com/vi/idGDFItGn7o/maxresdefault.jpg">Image source</a>

You Searched For "Ritika Suri" and got 11 results

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You Searched For "Ritika Suri" and got 11 results

Another setback for Infosys; head of Innovation Fund quits

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This Indian company will invest Rs 750 cr in startups in the Silicon Valley