Infy creates Progeon, gets $20m from Citigroup

BANGALORE: Infosys Technologies Ltd has announced the launch of its Business Process Management (BPM) venture, called Progeon Limited, a company in which it would hold a majority stake. Infosys has also acquired additional funding of $20 million from Citigroup Investments for Progeon. This was announced by a media statement from the company.

Infosys had announced its plans to start a BPM initiative at the declaration of its annual results last week, with an investment of $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, the release added.

Infosys board member and Head Worldwide Sales and Marketing, Phaneesh Murthy, 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 Citigroup, Executive Vice President - Chief Operations and Technology Officer, Robert Druskin. "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."