Infosys invests in Ireland via strategic AIB-partnership
Infosys has joined with Allied Irish Banks in a strategic partnership that will see the consultancy firm, among others, invest $10 million into Irish start-ups as well as create a presence in the local economy. The deal involves the construction of a 200 seat facility to house both international and locally sourced staff and the provision of application development and management.
Allied Irish Banks (AIB) is considered one of the ‘big four’ Irish banks, which has since the end of 2010 been in public hands. The bank was founded in 1966 and has grown to take on an increasingly international role, with positions in the Poland, Estonia, Latvia, and Lithuania.
The deal between Infosys and AIB sees the consulting firm become the Banks’ strategic partner. Infosys will deliver application development and management, and provide transformation and innovation services. The firm will also be transferring staff into Dublin, where it is will set up a 200 seat facility. The firm is also planning to make local appointments, within the bounds of a recent agreement signed with the region.
The aim of the move is for Infosys to create a ‘spring board’ into the regional market, with the firm planning to set aside $10 million from its global Innovation Fund* for Ireland-based start-ups. Potential target for the investment is the Irish Fintech market, which is well situated according to a recent Accenture report.
Mohit Joshi, Executive Vice President, Global Head of Financial Services at Infosys, explains: “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.”
* The Innovation Fund pool aims at supporting the development of disruptive technologies.
