Indian IT services group Infosys is to set aside $10 million from its $500 million innovation fund to invest in Irish startups on the back of a new outsourcing deal with Allied Irish Bank.
Under the terms of the outsourcing agreement, Infosys will provide application development and management, and "transformation and innovation services" to AIB. As part of the deal, AIB is to transfer an unknown number of IT staff to a new 200-seat Infosys facility in Dublin.
The Indian group says the agreement will act as a springboard for the firm in the Republic as it earmarks $10m from its global Innovation Fund for Ireland-based start-ups working on 'disruptive new technologies'.
Mohit Joshi, EVP, global head of financial services, Infosys, says: “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. We will leverage our broad experience in financial services and other industries to support the digital transformation journey and strategic growth plans of AIB.”