Global IT services giant Infosys announced on September 19 about its plans to invest up to ₹17 crore (approximately $2 million) in space tech startup GalaxEye Space Solutions. The investment, part of the Infosys Innovation Fund, marks the company’s entry into the burgeoning space technology sector, keeping it in focus on September 20.
Infosys share price closed in the green, up 0.26 per cent at ₹1,897.00, on September 19, on NSE. The company enjoys a market capitalisation of ₹7,87,659.95 crore. Infosys stock price hit its 52-week high on September 2, 2024 at ₹1,975.75, as per NSE.
The investment will be made through a combination of equity and series A compulsory convertible preference shares, the company said in an exchange filing. Infosys expects to complete this all-cash deal by September 30, 2024, resulting in a minority stake not exceeding 20 per cent of GalaxEye’s outstanding share capital.
GalaxEye, incubated at IIT Madras and headquartered in Bengaluru, is at the forefront of developing multi-sensor satellites and synchronization platforms. These advanced systems generate comprehensive, all-weather, high-resolution datasets with wide-ranging applications across industries such as defence, insurance, logistics, infrastructure, agriculture, and disaster management.
Infosys’ involvement in overseas logistics business
Infosys also announced the extension of its strategic collaboration with Posti, the leading delivery and logistics services provider in Finland, Sweden, and the Baltics. This renewed partnership focuses on enhancing Posti’s customer experience and operational efficiency through an AI-first approach.
Leveraging Infosys Topaz, an AI-powered offering utilizing generative AI technologies, the collaboration aims to drive operational improvements and service quality for Posti. Additionally, Infosys will employ its Cobalt suite, including the Live Enterprise Application Management Platform (LEAP), to accelerate Posti’s cloud journey and boost business productivity.
Petteri Naulapää, CIO & SVP of ICT and Digitalization at Posti Group, commented on the renewed collaboration: “We are pleased to announce the renewal of our collaboration with Infosys for another seven years. By harnessing the power of AI through Infosys Topaz and cloud capabilities through Infosys Cobalt, we aim to create a more efficient and customer-centric organization.”
Karmesh Vaswani, EVP and Global Head of Retail, Consumer Goods & Logistics at Infosys, added: “This extension demonstrates our unwavering commitment to delivering next-generation services and solutions specifically tailored to address the unique challenges faced by our clients in the Nordics.”
Source: Mint