Leading provider of consulting, technology, outsourcing and next-generation services, Infosys Ltd. INFY recently forayed into the Republic of Ireland, where the company plans to make noteworthy investments, going forward. In particular, the India-based technology giant has been selected by financial services group Allied Irish Banks, p.l.c. (“AIB”) to serve as its strategic partner.
Per the agreement, Infosys will offer application development & management, transformation and innovation services for improving AIB’s performance. In addition, the company will supervise the development of a 200-seat facility in Dublin to accommodate existing staff of AIB as well as any new staff required for the purpose.
From a larger perspective, this Irish deal presents Infosys with a more interesting aspect, in form of opportunities to explore newer markets. Previously, the company had declared an intention to deploy its $500-million “Innovation Fund” for fostering disruptive technologies. Of this total amount, the company now plans to invest $10 million for endorsing start-up businesses in Ireland.
Infosys believes that Ireland’s solid economic potential, coupled with a strong technological outlook, will act as a perfect springboard for its future growth. Moreover, the IT major’s profound expertise in providing financial services and other technological solutions aptly complements Ireland’s journey toward digital transformation.
Infosys never tires of coming up with constructive services for upgrading its businesses across the globe. Last month, the company launched the first mobile-based business and financial management solution, Finacle SME Enable, to modernize bank services. Encouragingly, majority of Infosys’ businesses, namely, Finacle, Edge Verve, Platform, Infosys Information Platform, Infosys Automation Platform and Panaya businesses, continue to supplement the technology behemoth’s top-line growth. We believe the recent deal, combined with the overall strength of its technology platform, bodes well for Infosys in the long run.
Infosys currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include CyberArk Software, Ltd. CYBR, EarthLink Holdings Corp. ELNK and CDK Global, Inc.CDK. All three stocks carry a Zacks Rank #2 (Buy).
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