Bangalore’s Vertical Run Of 850 Stairs On June 15

Intuit Inc., a leading provider of business and financial management solutions for small and mid-sized businesses has partnered with Sports365 to organize Bangalore’s first ever vertical run, The Sky Scraper Dash, a tower running event which involves climbing 31 floors, 850 stairs of the towering World Trade Center building in the beautiful Brigade Gateway campus in Bangalore. This event is the first of its kind to be held in Bangalore and is modeled after tower running events in other parts of the world, including the run up the Empire State building in New York.

Intuit QuickBooks is hosting this event as an attempt to induce fun and delight amongst its employees as it strongly believes that delighted employees deliver the best results to the customers and stakeholders. Intuit hosts a range of fun activities for employees that helps them engage, retain and attract new talent. Over the years, Intuit has been awarded and recognised by the “Great Places to Work” Survey and has also won several other awards like “Fortune’s 100 Best Companies to Work For list 2013”, “Great Place to Innovate” at Zinnov Awards 2012, amongst others.

The Skyscraper Dash will be divided into three run categories – The Dash that includes scaling 31 floors and 850 stairs in a single sprint from the base to the top of the World Trade Center; 2.5K Run n Dash that comprises of 2.5 km run followed by 850 stairs till the finish line at the top; and the last being Everest Challenge where a team of 7-10 people will run together for a cumulative total of 70 ascents. People who make it to the rooftop are greeted by music and festivities, breakfast and prizes for the winners.

DSCI Inks MoU With JGU For Collaborative Research

Data Security Council of India (DSCI) today announced that it has signed a two-year MoU with the Jindal Global Law school of the O.P Jindal Global University (JGU). Under this agreement both institutions will undertake collaborative research, frame public policy and conduct public advocacy in the areas of cyber laws and data protection.

This strategic alliance will support closer industry-academia interactions through joint research and hosting of national and international conferences on Information Technology law and policy. It also aims to enhance the knowledge of law graduates though professional skill development programs. Accordingly, DSCI will contribute to the development of course materials on cyber security by JGU. In turn, DSCI will draw on the legal expertise of JGU’s faculty members on the areas of IT Law to support it’s ongoing policy initiatives.

Professor C. Raj Kumar, Vice Chancellor, O.P. Jindal Global University & Dean, Jindal Global Law School, said, “The institutional collaboration between DSCI and the Jindal Global Law School of O.P. Jindal Global University provides an opportunity to develop research capacities in the areas of information technology and data protection laws. It would be immensely beneficial to both our faculty and students, and would provide our researchers with an opportunity to showcase their research and participate in knowledge creation in the dynamic area of IT law in partnership with Data Security Council of India."

Vinayak Godse-Director, Data Protection, DSCI, said, “Starting with this collaboration, DSCI has taken a structured approach towards enhancing the knowledge of the students on the public policy matters specially by involving the relevant stakeholders and experts. The collaboration will open many new avenues to nurture the talent of the nation. DSCI is taking comprehensive efforts at various levels to enhance the industry’s awareness on cyber security and data protection. To meet this objective, DSCI is poised to engage more entities in future.”

  

Mobileum To Monitor Customer Roaming for FIFA World Cup

Mobileum (formerly known as Roamware), a leading Telco Big Data Analytics company announced that Telefonica Global Solutions has deployed its innovative Customer Experience Management (CEM) solution – RoamFix to monitor subscriber experience during the 2014 FIFA World Cup. Over 600,000 international tourists are expected to visit Brazil during the tournament. Mobileum RoamFix is a CEM solution that helps operators test and monitor subscriber QoE (Quality of Experience) in real-time inter-operator environments.

Telefonica's Global Solutions division earlier announced that it will monitor roaming services to ensure access during the tournament. Telefonica has created a global management centre of operations and services. Through the platform, Telefonica will centralise test execution during the opening phase of a roaming agreement by any operator with Telefonica. Telefonica will boost the resources and communication tools to facilitate roaming for customers. It will use robots installed in strategic locations in host cities and technologies based on users' mobile phones to produce measurements of 3G and LTE in stadia, media centres, hotels, embassies and airports.

“Football is a true global sport and the world cup host country is the most visited country during the world cup. We are delighted that Telefonica has chosen our CEM solution for the FIFA world cup. Operators use Mobilem’s RoamFix solutions to monitor QoE through robots and apps and allow for proactive problem solving. We look forward to ensuring a great experience for every subscriber on the Telefonica network during the World Cup”, said Ori Sasson, Chairman & CEO, Mobileum Inc. 

Rs 3,000 Cr Raised By Idea Cellular Through Qualified Institutions Placement

Idea Cellular Limited, the 3rdlargest Indian telecom wireless operator (the “Company”), announced the successful closure of its qualified institutions placement and has issued and allotted 22.39 crore equity shares of face value of Rs. 10 each (the “Equity Shares”) to qualified institutional buyers, at an issue price of Rs. 134 per Equity Share (including a premium of Rs. 124 per Equity Share), aggregating to approximately Rs.3,000 crores (the “Issue”).The Issue witnessed strong interest from both foreign and Indian investors.

The overall allocation to foreign investors is approximately 62% of the Issue and to domestic investors is approximately 38% of the Issue, resulting in diversified representation from a high quality global investor base.

DSP Merrill Lynch Limited, Citigroup Global Markets India Private Limited, Morgan Stanley India Company Private Limited and Standard Chartered Securities (India) Limited acted as Global Co-ordinators and Book Running Lead Managers, and Axis Capital Limited acted as Book Running Lead Manager to the Issue (collectively, the “Lead Managers”).Amarchand & Mangaldas & Suresh A. Shroff & Coacted as the legal advisor to the Company as to Indian law, and AZB & Partners and Jones Day acted as legal advisors to theLead Managers as to Indian law and US law, respectively. Deloitte Haskins & Sells LLP, Chartered Accountants, are the statutory auditors to the Company.

The Company is proposing to undertake a private placement of 5.18 crore equity shares at Rs. 144.68 per equity share aggregating to Rs. 750 crores to a subsidiary of Axiata Group Berhad of Malayasia, an existing key shareholder of company, subject to shareholders’ and other necessary approvals.

Nasscom Welcomes New Government Pre-Budget Policies on ICT & ITes

NASSCOM and the IT industry welcomes the focus of the Union Government on leveraging ICT for economic growth, and maximize reach of its policies for national development agenda. NASSCOM will continue to work closely with the Government and play the role of catalyst in implementing its governance agenda.

The Indian IT industry is no longer a monolith. Instead, there are two distinct segments that have different asks.

* Large IT services companies contributing 80 per cent of the Industry revenue are characterized by upfront revenue streams, high number of employees, relatively low investments. This segment requires regulatory predictability, stability and clarity, removing distortions in implementation and minimizing litigation which deter growth.

* Technology Start-up and SMEs contribute the balance 20 per cent revenue and are characterized by higher upfront investment for software product (IP) development, non-bankable assets, without immediate revenue stream. These companies are drivers of innovation and require Government investment and support across all levels of growth.

As the new government sets itself to decide upon budget 2014-15, NASSCOM, on behalf of Indian IT-BPM industry recommends the following interventions to government.

* In order for the industry to contribute on its role as a transformation agent and participate in the governance of the government, it is vital for the government to remove the impediments for the Industry and encourage the adoption of IT in government. NASSCOM would request the Government to streamline procurement process for technology products and services including SME participation, settle long pending dues on projects executed for Central and State Govt. and provide incentives for adoption of IT across sectors.

* It is recommended to launch an India Technology Entrepreneurship Mission (ITEM) to provide a supportive framework to technology start-ups and SMEs. Under this mission, difficulties related to taxation, regulations and funding environment to be identified and allocations made to address them to ensure a framework for funding and investments in low asset base IP driven early and growth stage of start-ups, simple regulatory requirements, incentives for IP creation and employment generation, policy interventions to mitigate cumulative tax liability from TDS, Service Tax, VAT, and prevent depleting cash due to needless temporary cash outflows towards taxes.

* In order to induce predictability, clarity and stability of taxation regime, the government needs to induce confidence building measures for the industry on business environment, enhance job creation and making India a preferred destination, NASSCOM requests the Government to clarify the royalty implication on software (both retrospective and on services), eliminate MAT on SEZ, and take steps to minimize litigations.

* The Government should work towards addressing the challenges of negative list like taxation of testing services and transactions between head office and branch office, renegotiate tax treaties, ensure cross border transfer pricing adjustments, introduce consolidated Income tax filing for Indian MNCs for easing compliance for Industry and Government, revisit notified Safe harbors, and clarify to bring in certainty in transfer pricing assessments. This will lead to significant base enhancement in the long term perspective.

* Finally, in order to generate employment in tier-II/III cities, NASSCOM recommends incentivize expansion into such towns and cities aiming at spreading employment opportunity, ensuring balanced growth, drive urbanization across country and encourage overall competitiveness of the Industry.

FinTech Lab Among Top Financial Tech Innovators

A group of 10 leading financial institutions and Accenture today launched an Asia-Pacific-wide competitive search for the region’s top financial technology innovators.  Selected companies will participate in the FinTech Innovation Lab Asia-Pacific, a 12-week program that helps early- and growth-stage financial technology innovators accelerate product development and gain exposure to top-level financial industry executives. Further information is available at www.fintechinnovationlabapac.com and applications will be accepted between July 1, 2014 and July 31, 2014

Entrepreneurs developing potentially game-changing technologies for financial services – particularly in the areas of Big Data and analytics, mobile and wireless, payments, risk management, security, compliance, and social media and collaboration technologies – are invited to apply. Senior executives from Bank of America Merrill Lynch, Bank of China (Hong Kong), Barclays, China Construction Bank (Asia), DBS, HSBC, J.P. Morgan, Morgan Stanley, Ping An and UBS will select the winning applicants and provide mentoring to entrepreneurs from across Asia-Pacific who attend the program in Hong Kong.

“Hong Kong’s role as a regional hub for the banking industry and the gateway for China investment made it an ideal location to launch our new Asia-Pacific Lab,” said Sushil Saluja, senior managing director of Accenture’s Asia-Pacific Financial Services practice. “By fostering the development of the next generation of financial technology companies, the Lab will further strengthen Hong Kong’s status as one of the world’s leading financial capitals.”

The FinTech Innovation Lab Asia-Pacific is modeled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City in 2010. The New York Lab’s 18 alumni companies have raised more than $76 million in venture financing after participating in the program; one participant was acquired for $175 million.  In 2012, the FinTech Innovation Lab London was launched by Accenture and a dozen major banks in London, with support from the city’s mayor and other government bodies. The majority of the participants in the inaugural program have gone on to sign deals with banks and collectively they have raised $10 million in new financing since participating.

Global investment in fintech ventures has more than tripled from $928 million in 2008 to $2.97 billion in 2013, according to a recent report by Accenture. During the same period, investment in Asia-Pacific fintech ventures has increased nearly fourfold to $104 million in 2013.

How the Lab Works

Through a competitive process, banks will select up to seven startups to participate in the program, which begins at the end of September 2014. In cooperation with the Lab, Cyberport and Airbnb will provide work space and housing to participating entrepreneurs. Chosen entrepreneurs will be mentored for twelve weeks by leading financial services industry executives who will help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations. The program culminates in December with an Investor Day presentation by participants in front of an audience of financial industry executives and potential investors.

“Financial institutions recognize more clearly than ever the importance of technology innovation but often lack hands-on exposure and engagement with promising ventures,” said Accenture’s Saluja. “On the other hand, startups often lack the resources and capital to endure the typical two-to-three year sales cycle for selling solutions to financial institutions. This program helps close the gap through a proven accelerator program.”

“Innovation is a core value of Bank of China (Hong Kong) and we take great pleasure to be part of this meaningful program that shares the same belief,” said Alex Lee, chief operating officer, Bank of China (Hong Kong). “The FinTech program provides an effective platform for financial technology innovators to better understand our needs, which helps drive banking innovation to transform the customer experience. Financial services companies are the largest buyers of technology-enabled solutions and we are delighted to be at the forefront of innovation.”

“China Construction Bank (Asia) is excited to help lead the way in fintech innovation by being sponsors of the FinTech Innovation Lab Asia-Pacific,” said Arthur Wong, head of information technology at China Construction Bank (Asia). “We recognize that innovation is the way forward for the industry and it plays a key part in the growth journey of the bank, which is committed to keep on enhancing customer experience and bringing added values to our client.”

“DBS has been on an innovation journey to shape the future of banking,” said Neal Cross, DBS chief innovation officer. “Our support of the FinTech Innovation Lab Asia-Pacific brings together the ideas and agility of the start-up world and DBS’ network and experience across Asia, as part of our efforts to enhance the customer experience and better engage customers in the digital landscape.”

“The increasing role of technology in financial services, particularly in insurance, is driving the kind of cutting-edge services that our customers in China demand,” said Richard Lee, head of the strategic consulting department of Ping An technology. “The FinTech Innovation Lab Asia-Pacific is an important development in ensuring the industry stays in tune with what customers want and expect.”

“This provides a unique opportunity for entrepreneurs who are seeking guidance and mentorship from both potential clients and funders,” said Simon Lucocq, head of Asia-Pacific technology and operations at Bank of America Merrill Lynch. “We are pleased to be a part of a program that fosters innovation that will help the financial services industry across Asia-Pacific.”

“This program creates an opportunity for regional entrepreneurs to develop their ideas and receive the support necessary to make them happen here in Asia,” added Samson Chan, managing director, head of equities technology for Asia-Pacific at Barclays. “We recognize that the leading banks of the future need to be at the forefront of fintech in order to best service our clients.”

"HSBC has been part of the London FinTech program for the past two years and we are honored to be involved with the first program in Hong Kong this year,” said Raymond Cheng, chief operating officer, HSBC Asia-Pacific.  “Our involvement brings us into contact with a diverse, innovative group of companies that we can support, mentor and learn from. I believe programs like FinTech are essential for a healthy, thriving and developing financial services market and HSBC is committed to supporting the FinTech Innovation program as it expands into Asia.”

“J.P. Morgan is delighted to be a part of Asia-Pacific’s first FinTech Innovation Lab, an important initiative that we have supported in other regions around the world,” said Alan Goldstein, Asia-Pacific head of technology for J.P. Morgan’s corporate & investment bank. “As Asia continues to emerge as a source of business creativity and innovation, we’re excited to have an opportunity to work with some of the region’s newest entrepreneurs and businesses and help them find their own path to success.”

“Morgan Stanley already participates in The FinTech program globally and we are very happy that Hong Kong is being added. We have a significant technology footprint in Asia and a long history of working with our technology bankers in support of West Coast start-ups. It is very exciting that we can now bring some of those practices into Hong Kong,” said Jim McGill, Asia chief information officer for Morgan Stanley.

“Our clients demand access to state-of-the-art technology platforms so an initiative like the FinTech Innovation Lab Asia-Pacific not only gives us direct insight into the themes being pursued by technology innovators in the region, but is also an opportunity for UBS to provide hands-on mentoring to the companies which will help shape the industry's future,” said James Kennedy, chief technology officer for UBS in Asia Pacific.

“Cyberport is a creative digital community with a cluster of technology tenants and is committed to facilitating the local economy by nurturing IT industry start-ups and entrepreneurs,” said Herman Lam Heung-yeung, chief executive officer of the Hong Kong Cyberport Management Company, which is wholly owned by the Hong Kong SAR Government.  “The FinTech Innovation Lab Asia-Pacific at Cyberport will support the overall growth of the technology startup ecosystem in Asia-Pacific and increase innovation in the financial services industry, so we are excited to be working with Accenture and the consortium of financial services executives to drive this effort.”

“We are excited to see that the FinTech Innovation Lab now has a global footprint with this expansion to Asia-Pacific. The willingness of senior bank executives to mentor the next generation of fintech entrepreneurs speaks to their commitment to supporting innovation and growing tech jobs,” said Maria Gotsch, president and CEO of the Partnership Fund for New York City.

Vishal Sikka Named CEO of Infosys From August 1

Vishal Sikka named Infosys CEO; Murthy to quit as chairman As was being speculated recently, Indian technology major Infosys announced Thursday Vishal Sikka will take over as CEO and MD of the company with effect from August 1. 

As was being speculated recently, Indian technology major  Infosys announced Thursday Vishal Sikka will take over as CEO and MD of the company with effect from August 1. Sikka, who was earlier on the executive board of SAP AG, will take over from SD Shibulal, and said he was humbled to be leading an "iconic pioneer" in the IT industry. 

After completing his education, Sikka worked at Xerox's research Palo Alto Labs, but later ventured out on his own. He started his first company, iBrain, along with his brother, which was later acquired by PatternRX, Inc. His second startup Bodha.com was acquired by Peregrine Systems, where Sikka worked as Vice President for Platform Technologies, post the acquisition.

Sikka completed his schooling from Rosary High School, Baroda where his father worked as an officer in Indian Railways. After his Computer Engineering from MS University, Baroda, Sikka finished his BS in Computer Science from Syracuse University and his doctorate from Stanford University in artificial intelligence.

Sikka is a well known figure among the Silicon Valley elite and was the closest to Hasso Plattner, founder of SAP.

Murthy to step down on July 14

The company also announced a host of other top-level changes: founder NR Narayana Murthy, who returned from retirement to lead the company as executive chairman, will step down from June 14, and will be appointed Chairman-Emeritus. S Gopalakrisnan will step down as Executive Vice Chairman while KV Kamath will become the Non-Executive Vice Chairman of the Board. 

The company also elevated UB Pravin Rao as chief operating officer, while Murthy’s son Rohan Murty, who joined as executive assistant to his father, will leave the company on June 14. “I am pleased with the selection of Dr Vishal Sikka as our new CEO,” Murthy said in a press release. 

“Vishal brings valuable experience as a leader of a large global corporation. His illustrious track record and value system make him an ideal choice to lead Infosys.” Sikka will become the first non-founding member CEO of the company established in 1981 by Murthy, along with six colleagues, who were earlier working with Patni Computers.

 Infosys grew rapidly in the '90s to become the posterboy of the Indian IT industry, capitalising on a global services-outsourcing boom. But the company was left behind by its less-glamorous rival TCS in the latter part of the last decade, as changing industry dynamics coupled with internal challenges, witnessed the re-entry of Murthy last year and sparked a virtual exodus of top-level staff. 

Experts said Sikka’s appointment will put to rest the intense speculation surrounding the top post at the company and will likely bring stability to the top deck. Reacting to the news of the appointment, former CFO V Balakrishnan said he hopes Sikka will be able to meet the challenge of turning around Infosys. “Sikka has been a products man but the whole services business is changing too, and becoming more product-oriented with respect IP, etc.” On the news of Murthy stepping down as executive chairman, Balakrishnan said it was the right move as the new CEO would want to have his own executive team to implement his plans for the firm.