This latest agreement, which underscores growing traction for Infosys in its India operations, will deliver enhanced services to all of the ministry's stakeholders: businesses, citizens, and government employees.
Infosys will revamp the existing application, after the transition from the incumbent vendor and manage the overall transformation to MCA21 v2. The company will provide services, application support, and infrastructure operations for at least five years in a contract valued at approximately US$ 50 million. The revamped application will cater to the rapidly changing needs of the industry in the new digital era.
Through the MCA21 online portal, corporate sector stakeholders and investors alike gained secure access to an array of services provided by the Ministry of Corporate Affairs. The MCA21 project introduced electronic filing, doing away with the need for the filing of paper-based records among its Registrars of Companies and Regional Directors. The transformation to MCA21 v2 will future proof this program.
Mr. Sanjiv Mital, CEO, National Institute of Smart Government: "MCA21 is a transformational program which brought a lot of efficiency and enabled businesses in India. We expect the next phase of MCA21 to enhance the current solution and establish a model for what we like to call the ‘Transition and Transformation of Technology and Partner within Public-Private Deals'."
Mr. C.N. Raghupathi, VP and Head, India Business, Infosys, said: "We are delighted to have been chosen as the business transformation partner by the MCA for this new phase. Our deep understanding of the Ministry’s needs coupled with our compelling technology solutions helped us to win this transformational project. Infosys looks forward to working with the Ministry in executing this key transformational project which eases the process of filing statutory documents, provides convenient access to records and a framework for effective compliance."
The MCA21 v2 project is the latest in a string of significant successes for the India Business Unit of Infosys. The company recently won a similar transformation project for India Post.
Infosys (infosys.com) partners with global enterprises to drive their innovation-led growth. That's why Forbes ranked Infosys 19 among the top 100 most innovative companies. As a leading provider of next-generation consulting, technology, and outsourcing solutions, Infosys helps clients in more than 30 countries realize their goals. Visit infosys.com and see how Infosys (NASDAQ: INFY), with its 153,000 people, is Building Tomorrow's Enterprise® today.
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, fluctuations in foreign exchange rates, 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 or expiration 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, 2012 and on Form 6-K for the quarters ended December 31, 2011, June 30, 2012 and September 30, 2012.These filings are available at sec.gov Opens in a new window. 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.