Former SAP executive Michael Reh to head Infosys Finacle

BANGALORE: Former SAP executive VP Michael Reh, who joined Infosys on October 1 as senior vice president, has replaced Haragopal M as the global head of Finacle reporting to the new CEO Vishal Sikka.
Haragopal, who was the senior VP and head of the Finacle business, has quit the Bangalore-based IT firm to pursue an entrepreneurial venture. When TOI reached out to Infosys, the company said, “As a matter of policy we do not comment on the appointments or exits other than members of the Board or executive officers.”
TOI was the first to report that Reh was quitting SAP to join Infosys.
Haragopal was with Infosys for over 19 years and has partnered with leading banks around the globe for Finacle-led business initiatives. Finacle is a core banking product that enables all the branches of a bank to access applications from centralized data centres. This ensures, for instance, that the deposits you make are reflected instantly on the bank's servers and you can withdraw the deposited money from any of the bank's branches throughout the world. Finacle forms over 4% of Infosys's $8.2 billion revenue, with an estimated two-thirds share of commercial banks in India and significant shares in Africa and Asia.
But the product could not break into the US, the biggest banking market in the world, and that has impacted its growth in recent times. Last year, Infosys launched a whole new version of Finacle hoping to break into the older and bigger banks in the US.