EdgeVerve, a subsidiary of Infosys that builds software products and platforms, is hopeful of sustaining its high growth rate, given that clients are seen spending aggressively on emerging technologies such as automation, artificial intelligence (AI), and Cloud.
According to Atul Soneja, global head of Edge Products and Nia at Infosys, the company is seeing strong demand for its products and platform across enterprises, and the deal pipeline continues to stay robust.
“The robotic process automation (RPA) industry is growing at more than 60-70 per cent CAGR (compound annual growth rate). When we look at our traction in the market and wins in the last year or so, this (our growth rate) is pretty much aligned to market growth rates,” said Soneja.
“The RPA and cognitive automation are very interesting and are hot spaces as of now with a lot of demand. We are seeing good progress in terms of our pipeline and growth curve.”
Infosys’ EdgeVerve provides RPA solutions under its ‘AssistEdge’ platform, while its AI-based solutions are offered under ‘Infosys Nia’. The company’s banking solutions include its core banking platform ‘Finacle’.
At present, AssistEdge and Infosys Nia have more than 300 clients across business portfolios with 100,000 live bots working on various processes.
The services provided by AssistEdge and Nia are also widely used by Infosys internally, for automating processes in the human resources, legal, finance and procurement departments.
“The major users of our AssistEdge is Infosys’ business process management (BPM) unit and we work on a lot of common deals,” said Soneja.
With increasing demand for automation, pure play automation companies such as UiPath and Automation Anywhere, among others, are witnessing sky high valuations. However, intense competition has also led to pricing pressure in this segment.
“Though there is pricing pressure, we have been able to balance it. Whenever cognitive elements come into play, there is a differential price point as compared to pure-play RPA,” Soneja said.
According to Infosys’ annual report, EdgeVerve Systems reported a turnover of Rs 2,538 crore in the last financial year ended March, while its net profit stood at Rs 405 crore.
Currently, a team of close to 400 engineers based out of Bengaluru, Pune, and Chennai are engaged in the product development activities for Infosys EdgeVerve.