Latest news with #PhaneeshMurthy
Hans India
25-06-2025
- Business
- Hans India
IT Services Titan Phaneesh Murthy Bets on a New Horse, Joins AI Challenger Covasant to Build the AI-Services Future
In a move that signals a potential shift in the enterprise technology landscape, Covasant Technologies, an emerging leader in Enterprise AI and Agentic AI-led services as software, today announced that tech industry icon Phaneesh Murthy has joined its Advisory Board and will serve as a Non-Executive Director. This appointment reinforces Covasant's ambition to lead the enterprise AI era through breakthrough technology, guided by seasoned strategic leadership to scale responsibly and globally. Murthy, renowned for scaling both Infosys and iGate into billion-dollar powerhouses, is making a deliberate bet on Covasant's vision for Agentic AI as a new frontier where AI doesn't just assist humans, but acts as an autonomous agent to reimagine and run complex business processes and workflows. His appointment is a significant endorsement of Covasant's ambition to challenge the traditional IT services model and define the future of enterprise automation. "For decades, the IT industry's brilliance was in its ability to scale human expertise. We've now reached a turning point. The goal today is to empower that expertise with true efficiency and autonomy, powered by AI," said C V Subramanyam, Chairman and Managing Director of Covasant. "Phaneesh joining us is a landmark moment because he's one of the architects of that first IT wave, he sees clearly where the next one is headed and it signals a fundamental shift in how value will be created in this industry for the next decade. We're thrilled to have him and are certain that his business acumen, and his wealth of experience will be instrumental in shaping our strategic direction, driving innovation, and solidifying our position as a trusted leader in Agentic AI that delivers tangible business impact for enterprises.' Murthy's career has been defined by identifying and capitalising on the "next big thing" in technology services. His decision to join a nimble, specialized firm like Covasant is seen as a leading indicator of where enterprise value will be created next. He will be instrumental in shaping Covasant's global expansion, particularly in key verticals like healthcare, BFSI, and manufacturing. "The industry is flooded with AI hype. Everyone has a chatbot!," said Phaneesh Murthy. "But very few are building what Covasant is: autonomous AI agents with human in the loop, that can actually run a supply chain, manage a financial audit, or solve other real-business challenges across domains, flawlessly. They're not just building better tools; they're building a new kind of workforce, with guardrails to ensure AI stays compliant while delivering value. The 'Services-as-Software' model is the most logical evolution of the global services industry. I'm here because I believe Covasant has the vision and the DNA to lead it. This is about building the next great enterprise technology company, not just another services firm."
India.com
15-05-2025
- Business
- India.com
Meet Phaneesh Murthy, was earning Rs 45 Crores salary, got fired from Narayana Murthy's Infosys due to…,he currently leads…
Phaneesh Murthy is a businessman who made a significant impact on the IT industry but also caught in several controversies over the years. He was born into a middle-class family in Bengaluru. He did a in Mechanical Engineering from IIT Madras and a PGDM from IIM Ahmedabad. In 1987 he started working at Sonata Software, where he became an expert in sales and marketing. In the early 1990s, he joined Infosys and became the company's Global Sales Head. During his tenure Infosys grew faster and earned revenue from USD 2 million to around USD 700 million. He was considered as a strong candidate who can succeed Infosys co-founder N.R. Narayana Murthy. However, Phaneesh's career at Infosys came to an end in 2002 due to allegations against him of sexual harassment. His executive secretary, Reka Maximovitch filed a lawsuit accusing him of sexual harassment and wrongful termination. After the controversy he resigned in 2003 and Infosys paid him USD 570,000 as part of a settlement. According to media reports, the company also paid USD 3 million (around INR 15 crore at the time) for an out-of-court settlement related to the case. After Infosys, Phaneesh started a new journey and founded Quintant Services. The company was acquired by iGATE Global Solutions in 2003. After the acquisition, Phaneesh became the CEO and President of iGATE. The company acquired Patni Computer Systems for USD 1.22 billion after which iGATE was considered as top IT firms inIndia. However once again Phaneesh's career at iGATE ended in controversy. In 2013, he was dismissed from the company after another sexual harassment lawsuit. Since then, he has been working on entrepreneurship and consulting. He now leads Primentor which is a consulting firm that advises senior executives.
