Bangalore, India; May 3, 2005
Infosys Technologies Limited (NASDAQ: INFY) today voluntarily furnished eXtensible Business Reporting Language (XBRL) data to the United States Securities and Exchange Commission (SEC) electronically in a 6-K exhibit. Infosys is participating in SEC's new Voluntary Program for Reporting Financial Information on EDGAR Using XBRL.
XBRL is an XML (Extensible Markup Language) based information format for business reporting that provides a methodology for companies to tag (or "mark-up") financial documents. As data is standardized in the XBRL format, it can be used to make "apples-to-apples" financial comparisons.
"Infosys is to be commended for its participation in the SEC's XBRL Voluntary Financial Reporting Program. The XBRL format enables investors to more effectively consume and analyze information in financial reports, providing enhanced report transparency and greater clarity in communications." said Mike Willis, Founding Chairman, XBRL International and Partner, PricewaterhouseCoopers
Pursuant to the SEC's current rule, XBRL documents submitted in the voluntary program are supplemental submissions and do not replace the required HTML or ASCII version of the financial information they contain. Volunteers must continue to file their official EDGAR filings.
More information about XBRL is available from XBRL International (www.xbrl.org).
Infosys (NASDAQ:INFY) defines, designs and delivers IT enabled business solutions. These provide our clients with strategic differentiation and operational superiority, thereby increasing their competitiveness. Each solution is delivered with the industry-benchmark Infosys Predictability that gives our clients peace of mind. With Infosys, they are assured of a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 36,000 employees in over 30 offices worldwide. For more information visit www.infosys.com.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2005 and Registration Statement on Form F-3 filed on December 20, 2004, January 18, 2005 and April 26, 2005. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
For further information, please contact: PR_Global@infosys.com