India’s second largest IT exporter Infosys said it has set aside $10 million to fund Ireland-based start-ups.
The company said, this fund will be from its recently formed $500 million innovation global Innovation Fund which Infosys has earmarked for investments in the growth of disruptive new technologies. In a press release, Infosys said, it will continue to share its expertise to assist start-ups that are developing the disruptive technologies.
Apart from setting aside money for start-ups, Infosys also said, it has been selected as a strategic partner by Allied Irish Banks, p.l.c. (AIB), a financial services group operating in the Republic of Ireland and the UK.
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Commenting on the funding Mohit Joshi, Executive Vice President, Global Head of Financial Services, Infosys said, “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.”
“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,” he added.
The new partnership with AIB will help Infosys expand its services into a new market. “Leveraging the momentum of this partnership, Infosys will also make significant investments in the Republic of Ireland,” Infosys added in its statement.
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As part of the deal, Infosys will provide application development and management, and transformation and innovation services. 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.