Infosys (Rebuild) - Rhode Island Commerce

The Company

Infosys Limited (NYSE: INFY) is a global leader in technology services and consulting. Founded in 1981, Infosys employs approximately 198,000 employees worldwide and currently has 540 full-time employees working in Rhode Island or remotely for the Rhode Island office. Infosys successfully defines, designs, and delivers business value to global corporations across industries such as financial services, insurance, retail, logistics, healthcare, life sciences, energy, and many more across the world. Through their focus on executing strategies for their digital transformation It has grown into a $13 billion company with a market capitalization of $79.5 billion.

Approved Incentive

The Sponsor has been approved for up to a maximum of $750,000 in Rebuild Rhode Island Tax Credits and the sales and use tax exemption under the Act for eligible construction and build out costs for $100,000. The Commerce Corporation is also recommending awarding an estimated $12.9 million in Qualified Jobs Incentive Tax Credits and up to $500,000 of grant funding under the First Wave Closing Fund Program. The total estimated value of the combined incentives is $14.2 million.

Explanation

The Applicant Infosys Limited has developed and is and is operating a new, Innovation & Design Center (the “Project”) in Providence. The two-phase 50,000-square foot Center will focus on cutting edge technology areas, including artificial intelligence, machine learning, user experience, emerging digital technologies, cloud, and big data. This initiative by the Company falls within their plan to hire 10,000 American workers over the next two years. The Applicant has committed to hire 1,000 new full-time employees for technology and software engineers/design staff.

 

Media Coverage

Providence Journal: R.I. Commerce board OKs $14.95M in incentives for three business projects
Providence Business News: Commerce RI approves incentives for Infosys, new hotel, additional projects

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