Vishal Sikka hopes to turn around Infosys arm Finacles fortunes with ex-SAP colleague at helm

Written by P P Thimmaya | Updated: Oct 17 2014, 16:40pm hrs
Vishal SikkaFinacle is now hoping to turn things around with the newly-appointed head. Reuters
Finacle, the banking product business division of Infosys, which reported a decline in revenue in the recently reported financial quarter, is now hoping to turn things around with the newly-appointed head, who comes from German software maker SAP.

Infosys CEO Vishal Sikka said, Our Finacle business did not have such a great quarter and posted a 5.4% decline on a quarter-on-quarter basis. We have taken action to elevate this. We have just announced a leadership change. Michael Reh has now taken over as the head of the Finacle business. He will be executing plans on several fronts to return this business to growth and success.

Michael Reh, who was appointed as senior vice-president and global head of Finacle at Infosys recently, has over 25 years of experience in various product management, technology innovation and leadership roles. He replaced M Haragopal, who was heading this role since 2007 and is now planning to turn an entrepreneur.

According to Infosys chief operating officer (COO) UB Pravin Rao, the growth in Finacle was impacted in the second quarter due to the delay in closure of some of the large deals. Markets for Finacle continue to remain soft due to its discretionary orientation and client preference being towards step changes rather than large transformations, he said.