Infosys

The company was incorporated on July 2, 1981, in Pune, Maharashtra, India, as Infosys Consultants Private Limited, a private limited company. It had seven founders: N. R. Narayana Murthy founded the company with six software professionals and served as chairman and chief executive officer from 1981; in its early years the company set out to build a world-class IT services organization based on a value system, leadership by example and continuous innovation.⁠[1][2][2]

Of the other founders, Nandan M. Nilekani, S. Gopalakrishnan and S. D. Shibulal later all served as chief executive officer; Gopalakrishnan was a director from 1981 and from 1987 to 1994 headed the technical operations of KSA/Infosys, a joint venture between Infosys and Kurt Salmon Associates in the United States.⁠[3][4][4]

In April 1992, the company was renamed Infosys Technologies Private Limited; in June of that year it became a public limited company and was renamed Infosys Technologies Limited. From 1992 to 1994, Murthy was also president of India’s National Association of Software and Service Companies (NASSCOM).⁠[5][2]

In February 1993, the company made its initial public offering on the Bangalore Stock Exchange, raising about $4.4 million, and was listed on Indian stock exchanges in June of that year; also in 1993 it acquired the land for its Bangalore headquarters from the State of Karnataka. In October 1994, it raised about $7.7 million more through a private placement with foreign institutional investors, mutual funds and Indian financial institutions.⁠[2][6][2][2]

On March 11, 1999, the company completed its initial public offering of American Depositary Shares (ADSs), raising about $70.38 million to expand facilities in Bangalore, Bhubaneswar, Chennai, Mangalore and Pune; the ADSs traded on Nasdaq under the ticker INFY. In fiscal 2000, 78.0% of the company’s revenues came from North America, employees grew from 3,766 at the end of March 1999 to 5,389 at the end of March 2000, and revenues grew by 80%.⁠[2][2][4][2][2][2]

Murthy was chief executive officer and chairman from 1981 to 2002, and then chairman and chief mentor until 2011. Co-founder Nilekani was chief executive officer and managing director from March 2002 to April 2007 and co-chairman until 2009; the company completed sponsored secondary offerings of ADSs on behalf of its shareholders in August 2003, June 2005 and November 2006.⁠[7][3][6]

From fiscal 2004 to fiscal 2008, revenues grew from $1.063 billion to $4.176 billion, a compound annual growth rate of 40.8%, and employees from about 25,700 to about 91,200. In 2008, the company was selected as an original component member of “The Global Dow” index of 150 companies.⁠[4][4][6]

In July 2007, co-founder Gopalakrishnan became chief executive officer and managing director, having previously served as chief operating officer, president and joint managing director. In 2009, Nilekani left the company to head the Unique Identification Authority of India (UIDAI) in the rank of a cabinet minister.⁠[7][3]

In 2011, the company learned that it was the subject of an investigation into alleged abuse of the B-1 business visa classification; on May 23 it received a grand jury subpoena from the U.S. District Court for the Eastern District of Texas for documents related to its sponsorship and use of B-1 visas. The U.S. Department of Homeland Security also reviewed the Form I-9 employment eligibility verifications of the company’s U.S. employees and found errors in a significant percentage of them.⁠[7][7][7]

On October 30, 2013, the company entered into a settlement agreement with the U.S. Attorney, the Department of Homeland Security and the State Department, agreeing to pay $34 million, retain an independent auditor to review its I-9 compliance annually for two years, and report on its compliance with internal B-1 visa policies. The company denied and disputed all allegations except that it had failed to maintain accurate I-9 records for many of its foreign nationals in 2010 and 2011, and categorically denied systemic visa fraud; the United States agreed to dismiss the complaint it would file in the Eastern District of Texas and not to use the conduct to revoke visas or to debar or suspend the company from the B-1 or H-1B programs, and the company faced no criminal charges.⁠[7][7][7][7][7][7][7]

In June 2011, with the approval of the board, shareholders and Indian regulators, the company changed its name from Infosys Technologies Limited to Infosys Limited, which it said reflected its transition from a technology services provider to a partner solving clients’ business problems through technology. In August of that year, co-founder Shibulal became chief executive officer and managing director (he had been chief operating officer since June 22, 2007), Gopalakrishnan became executive co-chairman, and Murthy became chairman emeritus.⁠[5][5][5][5][7][7]

From fiscal 2008 to fiscal 2012, revenues grew from $4.176 billion to $6.994 billion, and the company had about 150,000 employees as of March 31, 2012. In October 2012, it acquired Lodestone Holding, a management consultancy headquartered in Zurich, Switzerland.⁠[5][5][7]

The company voluntarily delisted from the Nasdaq Global Select Market on December 11, 2012, and its ADSs began trading on the New York Stock Exchange the next day, still under the ticker INFY.⁠[6]

On June 1, 2013, Murthy returned to the company as executive chairman, and Gopalakrishnan became executive vice chairman the same day. On July 31, 2014, Shibulal stepped down as chief executive officer; on October 10, Murthy and Gopalakrishnan resigned from the board.⁠[7][7][7][8][8]

On August 1, 2014, Vishal Sikka, a former member of the SAP executive board who led all of its products and technologies and is credited with creating the SAP HANA in-memory data platform, became chief executive officer and managing director; he had been CEO-designate since June 14.⁠[8][8][8][8]

On March 5, 2015, the company acquired Panaya, a U.S. enterprise software automation company, for $225 million in cash; on June 2 it acquired Kallidus, a provider of retail digital experience solutions, and its affiliate Skava for $91 million in cash and up to $20 million in contingent consideration. In March 2018, after a strategic review of its portfolio, the company decided to sell Panaya and Skava and recorded a fair value reduction for Panaya; in fiscal 2019, as the sale was no longer highly probable, it reclassified both businesses out of “held for sale” and recognized a $65 million impairment for Skava.⁠[3][3][3][3][3][9][9]

From fiscal 2012 to fiscal 2016, revenues grew from $6.994 billion to $9.501 billion, and employees from 149,994 to 194,044.⁠[10][10]

From fiscal 2017 to fiscal 2021, revenues grew from $10.208 billion to $13.561 billion, net profit from $2.140 billion to $2.623 billion, and employees from 200,364 to 259,619.⁠[1][1][1]

On August 18, 2017, Sikka resigned as chief executive officer and managing director, and on August 24 as executive vice chairman, forfeiting his unvested restricted stock units and options; chief operating officer U. B. Pravin Rao became interim chief executive officer on August 18. On August 24, co-founder Nilekani rejoined the board as non-executive chairman, and Ravi Venkatesan resigned as co-chairman the same day.⁠[3][3][3][3][3]

On January 2, 2018, Salil Parekh became chief executive officer and managing director, an appointment approved by shareholders by postal ballot on February 20; Pravin Rao became chief operating officer. As of October 2026, Parekh remains chief executive officer and Nilekani remains non-executive chairman.⁠[3][3][6]

In 2019, the company received several anonymous whistleblower complaints; the audit committee appointed outside counsel to conduct an independent investigation, disclosed to the exchanges and the U.S. Securities and Exchange Commission on October 22. The investigation did not result in a restatement of financial statements, and the company announced its conclusions on January 10, 2020; in March 2020 the SEC notified the company that it had concluded its investigation and that no further action was expected. A securities class action filed that October in the U.S. District Court for the Eastern District of New York was voluntarily dismissed by the plaintiff on May 21, 2020.⁠[9][9][9][9][9]

In November 2023, certain systems of Infosys McCamish Systems, a U.S. subsidiary of Infosys BPM, were encrypted by ransomware, making some applications and systems unavailable; by December 31, 2023, they had been substantially remediated with the help of outside specialists. McCamish processes personal data on behalf of corporate customers, and its investigation identified customers and individuals whose information was subject to unauthorized access and exfiltration.⁠[6][6][6][6]

From March to July 2024, six suits were filed against McCamish in the U.S. District Court for the Northern District of Georgia and consolidated into a class action in November. After mediation on March 13, 2025, McCamish agreed to pay $17.5 million into a fund to settle these actions and seven class actions filed against its customers; the court gave final approval on December 18, 2025, the settlement involves no admission of liability, and the amount has been paid.⁠[6][6][6][6][6]

In 2024, the company’s German subsidiary signed an agreement to acquire in-tech Holding, a German engineering R&D services provider, for consideration including earn-outs of up to EUR 450 million (about $485 million). In fiscal 2026, the company also acquired MRE Consulting in the United Kingdom and the Australian cybersecurity services firm The Missing Link, and took a majority stake in Versent, an Australian cloud services joint venture with Telstra.⁠[11][6][6][6]

In fiscal 2026 (ended March 31, 2026), the company had revenues of $20.158 billion, with North America contributing 56.1%, Europe 32.1% and India 2.9%; from fiscal 2022 to fiscal 2026, revenues grew at a compound annual rate of 5.4% and net profit rose from $2.968 billion to $3.316 billion. As of March 31, 2026, it had 328,594 employees. During the year it paid $2.133 billion in dividends and spent $2.006 billion on share buybacks.⁠[6][6][6][6][6]

As of June 2026, the U.S. Department of Justice was investigating how the company classified certain H-1B visa-holding employees in immigration documents filed with U.S. government authorities; the company said it was in discussions with the department and conducting its own inquiry, and could not yet predict the outcome.⁠[6][6][6]

On October 8, 2026, at a White House anti-fraud task force press conference, U.S. Labor Secretary Keith Sonderling, citing criminal investigations led by Labor Department Inspector General Anthony D’Esposito, announced the suspension of Cognizant, Infosys, Tata, WiproWiproWipro (Wipro Limited) is an information technology services and consulting company headquartered in Bengaluru, India. It began in 1945 as the vegetable oil maker Western India Vegetable Products and was transformed into an IT company under Azim H. Premji; listed on Indian stock exchanges and the New York Stock Exchange, it had revenues of about $10.5 billion in fiscal 2026 and more than 240,000 employees.Open the full entry, HCL and Capgemini from the Permanent Labor Certification (PERM) program, as well as Microsoft and Adobe; the Department would not accept or process any new or pending applications involving these companies. PERM is a prerequisite for most employment-based green card petitions, and the measure does not cancel existing H-1B visas.⁠[12][12][12][12][13][13]

Sonderling said that since 2009 these companies alone had requested almost three million foreign workers and received more than 230,000 H-1B visa approvals and more than 100,000 permanent labor certifications. As of that day, prosecutors had brought no criminal charges in the labor investigation, and Infosys did not immediately respond to a request for comment from ReutersReutersReuters is an international news agency founded in London in 1851 by Paul Julius Reuter and is now the news business of Thomson Reuters. It provides text, photo, video, and graphics coverage to media and institutional clients and distributes it through channels such as Reuters Connect.Open the full entry.⁠[12][12][14][14]

On October 10, Infosys filed a statement with BSE, the National Stock Exchange of India and the New York Stock Exchange saying it was aware of the Department’s decision, welcomed the opportunity to work with the Department of Labor and related agencies to answer their questions, did not anticipate a material impact from the suspension, and had built a strong local workforce and technology and innovation hubs in the United States and would comply with all applicable laws. Infosys filed 87 PERM applications in 2024.⁠[15][15][15][15][15][16][17]

Infosys: Official website: https://www.infosys.com/ (opens in a new window).⁠[6]

X: Public account: https://x.com/Infosys (opens in a new window)⁠[18]