Company was incorporated as Infosys Consultants Private Limited at Mumbai on July 2nd 1981. INFOSYS was promoted by software professionals, Viz Mr. S. Gopalakrishnan, Mr. K. Dinesh, Nandan M Nilekani, Mr. S. D. Shibulal, Mr. N. R. Narayana Murthy & Mr. N S Raghavan. On April 21st 1992, the name changed to Infosys Technologies Private Limited, and the registered office was moved to Bangalore. On June 2nd the company was converted into a Public Limited Company under the name Infosys Technologies Ltd. Headquartered in Bangalore, Infosys has seventeen offshore development facilities located throughout India and one global development centre in Canada. The company has a software development space of more than 17,00,000 square feet in India, 70,000 square feet outside India.

In March 1999, Infosys became the first Indian company to be listed on an American stock exchange. It is listed on the Nasdaq Composite Index as infy. It has been certified at level 5, a level achieved by only 1.5 per cent of the more than 1,000 software companies tested under the capability maturity model of the Software Engineering Institute (SEI). The founder of Infosys Mr N R Narayana Murthy is among Time magazine's 10 global leaders helping shape the future of communications. Mr Murthy is listed ninth among the 10 Global Tech Influentials in the latest issue of the magazine in 2004.

Products & services:

Company is engaged in software development in the form of services, turnkey projects and products for the domestic and export market. The software development is targeted towards the distribution, banking, telecommunication and manufacturing sectors worldwide. The company provides software maintenance, re-engineering and downsizing of software applications for various market segments. Infosys is one of India's leading information technologies services companies. The company services, which are offered on either a fixed-price, fixed-time frame or a time-and-materials basis, include custom software development, maintenance, re-engineering services, e-commerce and internet consulting as well as dedicated offshore software development centers for certain clients.

Infosys has an alliance with Sun Microsystems to jointly market its product with Sun's platform to banks across the world. Banks will have access to the applications built on a scalable and proven platform. Datamat and Yip in Tsoi will represent both Infosys as well as Sun Microsystems in the initial pre-sales stage. Bank of Bahrain and Kuwait B S C (BBK), one of the premier banks of Bahrain, has selected Finacle Core Banking, the new generation core banking solution from the company for its Indian operations. The bank's Indian operations comprise branches in Mumbai and Hyderabad. The IT major has set up a new intra-day comparison system for equities for the American Stock Exchange (Amex). The comparison system will be a core component of the Amex's technology platform and will be crucial for matching and settlement of the day's stock trades.

Infosys has an e-platform for the banking and finance industry called Finacle to streamline the entire banking process for an entire gamut of services that banks offer, including insurance, venture capital and e-commerce. It integrates a wide range of delivery channels such as ATM/POS, call centers, internet, mobiles and hand held devices. Avaya Inc, a leading global provider of voice and data networks to businesses, has a partnership with Infosys to provide consulting and IT services to strengthen its customer relationship management (CRM) solutions that include Avaya Interaction Centre, Avaya Commitment Manager and Avaya Business Intelligence.

Company has a strategic global relationship with US-based Microsoft Corporation, the worldwide leader in computing software, for developing, promoting and delivering a comprehensive portfolio of Infosys business solution offerings and enterprise services built using the Microsoft. NET Enterprise Server platform. As part of the strategic global relationship, Infosys and Microsoft will develop business solution offerings in areas such as Customer Relationship Management, eCommerce, Financial Services, Insurance and Retail.

Infosys has tie-ups with Franklin Templeton Investments (FTI) for interactive information infrastructure. The company has tie up in the telecom solution area with US-based Quintessent Communications Inc, a leader in the telecom industry integrated service. Infosys and Quintessent working together to develop and test selected applications that automate data exchange between telecommunications carriers. The company has also tied up with another U. S.-based firm, Jetstream Communications Inc, to co-develop broadband solutions. Infosys has an alliance with Kakawa Discount House, Nigeria a discount house formed by a consortium of key banks in Nigeria. Kakawa Discount House will deploy Infosys Finacle suite of solutions.

Aircraft maker Airbus Industries has hired Infosys Technologies for wing design. Infosys is focusing on avionics domain as a high priority area. Infosys' avionics group has already started began working the project and expects to do more for the aircraft maker. The avionics group is part of the Infosys' engineering services consulting practice (ESCP) group. It was set up recently to target global leaders in the avionics business, and comprises professionals and senior industry consultants.

Recent developments:

Infosys Technologies has been awarded the eBiz Project by the department of industrial policy and promotion (DIPP), ministry of commerce and industry, government of India. The eBiz Project is among the 27 central, state and integrated mission mode projects (MMPs) under the national e-governance plan (NEGP) of the government of India. The scope of work under this agreement includes designing and developing the eBiz platform, establishing the support IT infrastructure, implementing, maintaining and expanding the eBiz solution and services for the next 10 years. As part of the project, Infosys will also undertake training, workshops, promotion and awareness campaigns. Through the eBiz project, the government of India aims to create a customer-centric environment, providing the business community convenient and speedy access to information and services. Infosys Technologies will manage and operate a large portion of business systems for BP, one of the world's largest oil and gas companies, under the terms of a five year applications outsourcing and support agreement. Over the last 12 months, BP has undertaken a program to consolidate its information technology (IT) vendors for application development and application maintenance (ADAM). Kris Gopalakrishnan, chief executive officer (CEO) and managing director
(MD), Infosys Technologies, said, "Infosys has a long standing relationship with BP, delivering consulting and technology services. We are well positioned to use our global sourcing expertise and transformational capabilities in the oil and gas domain to deliver significant improvement in operational efficiencies to BP as a part of this new agreement.

Valuation:

Software major Infosys Technologies is sitting on huge cash reserves and Company is ready to use it for organic and inorganic Expansion. At current market price, stock is trading at
17.4 P/E multiple of its FY2011 estimated earnings. We recommend investors to buy "Infosys Technologies Limited" with long term investment horizon.