Infosys, a global leader in consulting, technology, outsourcing and next-generation services, today announced that it has been selected as a strategic partner by Allied Irish Banks, p.l.c. (AIB), a financial services group operating predominantly in the Republic of Ireland and the UK. Leveraging the momentum of this partnership, Infosys will also make significant investments in the Republic of Ireland.
As a strategic partner to AIB, Infosys will provide application development and management, and transformation and innovation services. Infosys will also set up a 200-seat facility in Dublin to house the staff who will be transferring from AIB as well as any additional staff who will be appointed locally following recent agreements that Infosys has signed in the region.
This partnership with AIB is a springboard for Infosys to expand its services into a new market. Infosys intends to set aside USS 10 million from its global Innovation Fund for Ireland-based start-ups. Earlier this year, Infosys announced the USD 500 million Innovation Fund earmarked for investments in the growth of disruptive new technologies. Infosys is keen to continue sharing its expertise to assist start-ups that are developing and enabling these technologies.
Mohit Joshi, executive vice president, Global Head of Financial Services, Infosys said, ''Our relationship with AIB is the platform that allows us to create a new relationship with Ireland and its people. We are delighted to welcome the AIB teams that will transfer to Infosys and we will ensure that they quickly feel at home with us. Our investment in the Irish start-up community reflects our belief that Ireland is a strong and vibrant nation, home to entrepreneurs who share our vision of technology as a way to drive growth. We will leverage our broad experience in Financial Services and other industries to support the digital transformation journey and strategic growth plans of AIB.''
Shares of the company gained Rs 2.1, or 0.21%, to trade at Rs 990.25. The total volume of shares traded was 38,901 at the BSE (10.51 a.m., Friday).
