Timeline of Infosys

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This is a timeline of Infosys, a Bangalore-based multinational corporation that provides business consulting, information technology and outsourcing services.

Big picture

Time period Development summary
1980s Infosys is established in Pune, India. In 1984 it relocates in Bangalore, where the first computer is established in the town.
1990s In the 1990s, the Indian economy liberalizes, allowing business to grow rapidly in the country. In 1992, the company opens its first international office. In 1993, the company helds its initial public offer and is listed on the stock exchange in India.In 1994, the company helds its initial public offer and is listed on the stock exchange in India.[1] In the mid-90s, Infosys sets up Strategic Business Units to encourage autonomy of operation and generate the next generation of business leaders.[2] It becomes one of the first Indian companies to offer stocks to its employees.[3]
2000s Indian business comes of age and soar, and software companies like Tata Consultancy Services, Infosys and Cognizant become world-famous.[4]
2010s Infosys grows to become the second-largest Indian IT company after Tata Consultancy Services.[5][6] As of March 29, 2019, its market capitalization is US$46.52 billion.[7] The Standard & Poor's credit rating of the company is A−.[8]

Full timeline

Year Month and date Event type Details
1968 Competition Tata Consultancy Services is founded as India's first software services company. Established several years before Infosys, it would grow to a global enterprise with a presence in 46 countries.[9]
1981 Founding Infosys is established by N. R. Narayana Murthy and six engineers in Pune, India, with an initial capital of US$ 250. In the same year, the company achieves its first outsourcing contract with Data Basics Corporation, New York.[10][11]
1982 Competition Indian multinational corporation Wipro enters the information technology business.[12]
1983 Administration Infosys relocates corporate office to Bangalore.[10] It is one of the first software companies to set up operations in the city that would be recognized as India’s Silicon Valley.[11]
1984 Infrastructure Infosys imports the first computer to Bangalore.[13]
1986 Competition Tech Mahindra is founded as a subsidiary of the Mahindra Group, providing information technology.[14] It is considered among the top 10 competitors of Infosys.[15]
1987 International expansion Infosys opens its first off-shore office in Boston.[10]
1990 Competition Wipro enters into 3rd party R&D services and IT services.[12] It is considered among the top 10 competitors of Infosys.[15]
1991 Background The Indian economy is liberalized. This would dramatically accelerate the growth of Infosys.[2]
1992 Service Infosys becomes the first Indian software house to operate an Offshore Software Development Center (OSDC) for General Electric.[2]
1992 International expansion Infosys opens its first international office in Boston.[2]
1992 Administration Infosys establishes its Quality department.[2]
1992 December Technology milestone The first 64kbps international private line for any company in India is established between Infosys' office in Boston and its headquarters in Bangalore.[2]
1993 February Financial Infosys makes an initial public offer.[2]
1993–2003 March 1993 – March 2003 Growth Infosys perceives a compounded annual growth rate of 65% and its revenues jump from US$5 million to US$754 million.[13]
1993 June Financial Infosys is listed on Indian stock exchanges.[2]
1993 Financial Infosys introduces Employee Stock Options (ESOP) program.[10] The company lists on Indian exchanges and is among first in India to introduce employee stock-option plan, a move to attract and retain talent.[11]
1993 November Certification Infosys obtains the ISO 9001/TickIT certification. Within a week of the certification, work begins towards attaining Level 4 of the Capability Maturity Model (CMM) instituted by the Software Engineering Institute.[2]
1994 Administration Infosys moves corporate headquarters to Electronics City, Bangalore, and opens a Development Center at Fremont.[13][10]
1994 Financial Infosys launches its first Employee Stock Option Plan (ESOP).[2]
1995 International expansion Infosys enters the European market by opening an office in the United Kingdom. Global development centers are also established in Toronto and Mangalore.[10][13]
1995 Technology milestone The first video conference is held between Infosys' Boston and Bangalore offices.[13]
1995 Service Infosys sets up electronic business practice.[13]
1996 Humanitarian aid The Infosys Foundation is established as Infosys' Corporate Social Responsibility (CSR) wing. It is a non-profit aimed at supporting the underprivileged sections of society.[10][13]
1996 December 23 Competition Mumbai-base global IT solutions and services company Larsen & Toubro Infotech is founded.[16] It is considered among the top 10 competitors of Infosys.[15]
1997 International expansion Infosys opens an office in Toronto.[13]
1998 Service Infosys starts Enterprise Solutions (packaged applications) practice.[10][13]
1999 March Financial Infosys becomes the first India-registered company to be listed on NASDAQ.[13] The company raises nan additional US$70.38 million by issuing 2.07 million shares under the American Depositary Shares Program.[1]
1999 Recognition Infosys becomes the 21st company worldwide to achieve a CMM Level 5 certification.[13]
1999 International expansion Infosys opens offices in Germany, Sweden, Belgium, Australia, and two development centers in the United States.[13]
1999 Subsidiary Infosys Business Consulting Services launches.[13]
1999 Financial Infosys reaches revenue of US$100 million, and subsequently goes public in the United States with a listing on NASDAQ. Infosys Business Consulting Services is launched.[10][11]
1999 Recognition Infosys is rated n°6 on the BusinessWorld-Indica poll of India's most respected companies. It is also voted India's most admired company in a survey conducted in the year.[13]
2000 Competition Bangalore-based IT services company Mphasis is founded.It is considered among the top 10 competitors of Infosys.[15][17]
2000 January Training Infosys formally establishes its Learning and Development Group (L&D).[13]
2000 Partnership Infosys and Microsoft announce a strategic global relationship.[13]
2000 International expansion Infosys opens offices in France and Hong Kong, a global development center in Canada and the United Kingdom, and three development centers in the United States.[13]
2000 Financial Infosys' revenue doubles in the span of a year, reaching US$200 million.[10]
2000 Product Infosys launches Finacle, an integrated core banking product that leverages internet technologies to drive the operations of a bank.[13]
2001 Leadership N. R. Narayana Murthy is rated among Time Magazine/CNN's 25 most influential businessmen in the world. He is also rated best employer by Business World/Hewitt.[10]
2001 International expansion Infosys opens offices in the United Arab Emirates and Argentina, and a development center in Japan.[13]
2002 Leadership Nandan Nilekani assumes as CEO of Infosys.[10] N. R. Narayana Murthy becomes chairman.[11]
2002 Financial Infosys revenue reaches $500 million.[11]
2002 Product Infosys launches back-office outsourcing services unit, Progeon.[11]
2002 Personnel Infosys hires 15000 recruits in the year, compared to 250 in 1992.[13]
2002 Humanitarian aid Infosys announces plans to set up its first disaster recovery center in Mauritius.[13]
2002 Subsidiary Infosys BPM is established. Based in Bangalore, it is the business process outsourcing subsidiary of Infosys.[18]
2003 International expansion Infosys establishes subsidiaries in China and Australia.[13]
2003 Facility Infosys opens a Development Center in Thiruvananthapuram.[13]
2003 December Acquisition Infosys acquires Expert Information Services, an IT service provider based in Australia, for US$23 million.[19][20]
2004 February Recognition Infosys is among seven international companies, and the only Indian organization, chosen to be in the first annual list of "Top Brands with a Conscience".[21]
2004 Education The Learning&Development Group is combined with the Infosys Leadership Institute, which offers managerial and leadership training.[13]
2004 April Subsidiary Infosys Consulting Inc. is formed.[13]
2004 July Education Infosys launches Campus Connect, as an industry-academia partnership, with the purpose to empower engineering colleges to produce "industry-ready" recruits.[13]
2004 Partnership Infosys and Microsoft announce a US$8 million IT transformation initiative, designed to help clients improve business performance and build competitive advantage.[13]
2004 Financial Infosys' annual revenue reaches US$1 billion for the first time.[10]
2005 Financial Infosys launches offer of American Depositary Receipts (ADRs) against existing local shares in US$1 billion deal, at the time the biggest conversion of Indian shares into ADRs.[11]
2005 Training Infosys opens its Global Education Centre (GEC) in Mysore.[13]
2006 Financial Riding on the demand for outsourcing, Infosys annual revenue doubles to US$2 billion in 23 months.[10]
2006 March Education Fortune magazine visits Infisys GEC and reports that gaining admission to the "Taj Mahal of training centers" is harder than getting into Harvard, with only 1% of applicants being selected at Infosys from over 1.3 million, as opposed to 9% of Harvard.[13]
2006 Leadership N. R. Narayana Murthy retires as chairman after 25 years at the helm of the firm after reaching the company’s retirement age of 60, though he continues as non-executive chairman and mentor.[11]
2006 July Recognition Infosys is included in the NASDAQ Global Select Market, a new market tier with the highest listing standards in the world.[13]
2007 Leadership Kris Gopalakrishnan assumes role as CEO of Infosys. Nandan Nilekani is appointed Co-Chairman of the Board of Directors.[10][11]
2007 Personnel Infosys receives over 1.3 million applications and hires fewer than 3% of applicants.[13]
2007 Financial Infosys surpasses US$3 billion in revenues. Staff grows to over 70,000.[13]
2008 Acquisition Infosys announces US$700 million-plus bid to acquire British consulting firm Axon, but drops out of race after smaller domestic rival HCL Technologies makes a higher offer.[11]
2008 Financial Infosys perceives revenues of at least US$4.18 billion and annual net profits of at least US$1 billion.[13]
2008 November 19 Recognition Infosys is selected as a member of The Global Dow, an index of the most innovative, vibrant and influential corporations from around the world.[22]
2009 December Acquisition Infosys acquires McCamish Systems, a U.S. insurance and financial services provider, for US$ 38 million.[23]
2010 Financial Infosys surpasses US$5 billion revenue mark.[10][11]
2010 Training Infosys' GEC II (Global Education Centre) is innaugurated, increasing capacity to develop 14,000 employees simultaneously.[13]
2010 April Partnership Infosys signs partnership with Microsoft worth US$ 189 million over three years, with a possible expansion to US$ 240 million.[13] A deal calls for Infosys to manage all Microsoft’s IT services worldwide.[24]
2011 Leadership Narayana Murthy becomes Chairman Emeritus of Infosys, while incumbent COO S.D. Shibulal assumes as the CEO and MD succeeding Kris Gopalakrishnan.[10][11]
2011 February Legal Palmer v. Infosys case: Infosys project manager Jack B. Palmer files a case against the company alleging that Infosys was writing false invitation letters for B1 business visas for Indian employees. The short-term Business Visa (B-1) is meant for employees who travel to consult with associates, attend training or a convention and not for full-time jobs.[25] In August 2012, this case would be dismissed by a US Judge.[26]
2011 Legal Infosys announces having received a subpoena from a grand jury in a United States district court that requires the company to provide certain documents and records related to B1 business visas.[11]
2012 January Acquisition Infosys acquires Portland Group, an Australian strategic sourcing and category management provider, for AUD 37 million.[27][28]
2012 Recognition Infosys is ranked by Forbes among the most innovative companies.[10]
2012 Legal Infosys announces it has been told by the U.S. Attorney’s office that it and some staff are targets of investigation over its sponsorship and use of short-term U.S. business visas.[11]
2012 September Acquisition Infosys acquires Lodestone Holding AG, a Swiss management consultancy provider, for US$345 million.[29]
2012 Legal Infosys reports that the United States Department of Homeland Security (DHS) has found errors in the I-9 forms the company filed with the Department. The Form I-9 is used by an employer to verify an employee’s identity and to establish that the worker is eligible to accept employment in the United States.[11][30]
2014 July Leadership Vishal Sikka assumes as Infosys CEO, replacing S. D. Shibulal.[31][32]
2014 December Infosys gifts Apple iPhone 6s smartphones to its top 3,000 employees in a bid to curb the high rates of attrition in the software industry.[10]
2013 October 29 Legal Infosys is fined US$35 million by the United States Government after an investigation by the Department of Homeland Security and the State Department found that is used inexpensive, easy-to-obtain B-1 visas with the purpose to cover short business visits, instead of H-1B visas which are harder to get.[33][34][35]
2014 July 1 Subsidiary Infosys establishes EdgeVerve Systems. Based in Bangalore, it focuses on enterprise software products for business operations, customer service, procurement and commerce network domains.[36][37]
2015 March Acquisition Infosys acquires Israeli automation technology provider Panaya, for US$200 million.[38][39]
2015 April Acquisition Infosys acquires U.S. digital experience solutions provider Skava, for US$120 million.[40][41]
2015 November Acquisition Infosys acquires U.S. information management consulting services Noah-Consulting, for US$70 million.[42]
2016 Financial Infosys annual revenue reaches US$10 billion.[10]
2016 April Partnership In the United States, Infosys Foundation USA collaborates with National Science Foundation and DonorsChoose.org to chart a public-private-community model for promoting computer science education, and digital literacy.[10][43]
2017 Personnel Infosys total personnel reaches 194,044 employees, a a 10.14% increase from 2015.[44]
2017 April Acquisition Infosys acquires U.S. software company Skytree.[45][46]
2017 August Acquisition Infosys acquires UK digital product and customer experience studio Brilliant Basics, for GBP 7.5 million.[47]
2017 Personnel Infosys total personnel reaches 200,364 employees, a 3.26% increase from 2016.[44]
2018 October Acquisition Infosys acquires Finnish Salesforce partner Fluido Oy for EUR 65 million.[48]
2018 Personnel Infosys total personnel reaches 204,107 employees, a 1.87% increase from 2017.[44]
2018 October Competition Source claims Noida-based multinational information technology service and consulting company HCL Technologies aims to overtake Infosys in revenue in 5 years. Acquisitions and intellectual property partnerships would drive most of the incremental growth.[49]
2019 January Acquisition Infosys acquires U.S. advertising and creative strategy services provider WongDoody, for US$75 million.[50]
2019 March 29 Financial Infosys' market capitalization stands at US$46.52 billion.[51][52]
2019 March Personnel As of date, Infosys has a total of 228,123 employees, out of which 37% are women.[53] Out of its total workforce, 79% are software professionals, 16% are working in its BPM arm and remaining 5% work for support and sales.[53]
2019 April Acquisition Infosys acquires Netherlands-based mortage services provider Stater N.V., for EUR 127.5 million.
2019 Personnel Infosys total personnel reaches 228,123 employees, a 11.77% increase from 2018.[44]

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External links


  1. 1.0 1.1 Globalization of Professional Services: Innovative Strategies, Successful Processes, Inspired Talent Management, and First-Hand Experiences (Ulrich Bäumer, Peter Kreutter, Wolfgang Messner ed.). 
  2. 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 Leadership @ infosys (Matt Barney ed.). 
  3. "Infosys to offer incentive to select executives in a bid to attract and retain talent". economictimes.indiatimes.com. Retrieved 29 October 2019. 
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  5. "Top 10 Information Technology (IT) Companies in India 2019". mbaskool.com. Retrieved 30 October 2019. 
  6. "Forbes 2017 Global 2000". Forbes. Retrieved 30 October 2019. 
  7. "Infosys Market Cap (INFY) – YCharts". Ycharts.com. 2019-06-20. Retrieved 2019-06-20. 
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  27. "Infosys BPO looking for buyouts to double its revenues to $1 bn". The Economic Times. 17 July 2012. Retrieved 7 October 2017. 
  28. "Infosys BPO to buy Australia's Portland Group". The Hindu Business Line. 20 Dec 2011. Retrieved 15 September 2019. 
  29. "Infosys acquires Swiss firm Lodestone for Rs. 1,925 crore". The Hindu. 10 September 2012. Retrieved 15 September 2019. 
  30. "Infosys under US security scanner for erroneous employee verification". ndtv.com. Retrieved 29 October 2019. 
  31. "Vishal Sikka to replace S D Shibulal as Infosys CEO on Friday". indiatoday.in. Retrieved 29 October 2019. 
  32. "Infosys rejig: Narayana Murthy out, Vishal Sikka in". indiatoday.in. Retrieved 29 October 2019. 
  33. "Infosys to pay $34m penalty over US visa probe". ft.com. Retrieved 29 October 2019. 
  34. "Infosys faces record US fine of $35 million in visa probe". livemint.com. Retrieved 29 October 2019. 
  35. "Infosys Fined $35M For Illegally Bringing Programmers Into US On Visitor Visas". yro.slashdot.org. Retrieved 29 October 2019. 
  36. "Edgeverve is born". Business Standard. November 17, 2014. Retrieved 11 December 2015. 
  37. "EdgeVerve". crunchbase.com. Retrieved 18 October 2019. 
  38. "Infosys buys automation technology startup Panaya, deal valued at Rs 1200 crore". The Economic Times. 17 Feb 2015. Retrieved 7 October 2017. 
  39. "Infosys' $200 million Israeli software company Panaya is in the eye of the storm". The Economic Times. Retrieved 15 September 2019. 
  40. "Infosys Completes Acquisition of Skava". Infosys Limited. 4 June 2015. Retrieved 15 September 2019. 
  41. "Infosys completes Skava acquisition for $120 million". The Economic Times. 4 June 2015. Retrieved 15 September 2019. 
  42. "Infosys completes acquisition of Noah Consulting". Economic Times. 
  43. "Infosys Foundation USA Partners With the National Science Foundation and DonorsChoose.org to Pioneer a New Model of Public-Private-Community Collaboration for Computer Science Education". prnewswire.com. Retrieved 29 October 2019. 
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  47. "Infosys completes Brilliant Basics acquisition". Money Control. 11 September 2017. Retrieved 15 September 2019. 
  48. "Infosys Consulting buys Finnish Salesforce partner Fluido Oy for €65 million". Consultancy.eu. 17 September 2018. Retrieved 15 September 2019. 
  49. "HCL Technologies aims to overtake Infosys in revenue over the next 5 years". business-standard.com. Retrieved 11 November 2019. 
  50. "Wongdoody Joins Infosys". www.wongdoody.com. Retrieved 15 September 2019. 
  51. "Infosys Market Cap (INFY) – YCharts". Ycharts.com. 2019-06-20. Retrieved 17 October 2019. 
  52. "Infosys Limited spends over INR 18 crores under its CSR initiatives; focuses on healthcare & relief programs". csrbox.org. Retrieved 29 October 2019. 
  53. 53.0 53.1 "Investor Sheet". infosys.com. Retrieved 15 September 2019.