Infosys on Friday said it will invest $10 million (about Rs. 63 crores) in Ireland-based startups that are developing disruptive technologies and is expanding presence there by setting up a unit in Dublin.
The Bangalore-based IT services firm has been selected as a strategic partner by Allied Irish Banks (AIB), a financial services group operating predominantly in Ireland and the UK, to set up a 200-seater unit in Dublin.
“Infosys intends to set aside $10 million from its global Innovation Fund for Ireland-based startups… Infosys is keen to continue sharing its expertise to assist startups that are developing and enabling these (disruptive) technologies,” Infosys said in a statement.
Earlier this year, Infosys had announced the $500 million (roughly Rs. 3,172 crores) Innovation Fund, earmarked for investments in the growth of disruptive new technologies.
As a strategic partner to AIB, Infosys will provide application development and management, and transformation and innovation services.
“This exciting partnership with AIB is a springboard for Infosys to expand its services into a new market,” it said.
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, it added.
“Our investment in the Irish startup 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,” Infosys Executive Vice President Global Head of Financial Services Mohit Joshi said.
Infosys will leverage its broad experience in financial services and other industries to support the digital transformation journey and strategic growth plans of AIB, he added.