Infosys announces Progeon, its Business Process Management ("BPM") venture
Bangalore, India and Fremont, California, USA. - April 16, 2002: Infosys Technologies Ltd. (Nasdaq: INFY) today announced the launch of its BPM venture, called Progeon Limited ("Progeon"), a company in which it would hold a majority stake. Infosys has also acquired additional funding of US$ 20 million from Citigroup Investments for Progeon. Infosys had announced its plans to start a BPM initiative, at the declaration of its annual results last week, with an investment of US$ 5 million.
Progeon [Managing Processes in the Global Era ( Eon )] will be headquartered in Bangalore and is incorporated in India. The company will currently operate out of Infosys' state - of - the art facilities at Bangalore. Together, Progeon and Infosys will offer their clients a complete cost - effective solution based on service and technology outsourcing.
Phaneesh Murthy, Infosys board member and Head Worldwide Sales and Marketing said, "We welcome Citigroup Investments as an investor and we see this as a great partnership."
"Infosys is a leading brand in India and this is a significant investment for us", said Robert Druskin, Executive Vice President - Chief Operations and Technology Officer, Citigroup. "We already have a business relationship with Infosys, which we are happy with and it was logical for Citigroup Investments to build upon the existing relationship with Infosys by investing in Progeon."