SALT
LAKE CITY and BENGALURU, India, March 1,
2024 /PRNewswire/ -- PROG Holdings, Inc.
(NYSE: PRG), the fintech holding company for Progressive
Leasing, Vive Financial, Four Technologies, and Build, and
Infosys (NSE : INFY), (BSE : INFY), (NYSE: INFY), a global
leader in next-generation digital services and consulting, today
announced an agreement that is expected to evolve and scale PROG
Holdings' technology operations as an integral part of the
Company's ongoing cloud- and AI-focused technology modernization
and innovation efforts.
The collaboration will enable PROG Holdings to take advantage of
Infosys' digital services, including cutting-edge technologies,
which PROG Holdings believes will help it realize operational
efficiencies, accelerate technology enhancements, and improve speed
to market. The relationship is also expected to enhance and
innovate key PROG Holdings' customer-and partner-facing
technologies and systems, helping to widen its leadership gap
within the virtual lease-to-own market.
PROG Holdings selected Infosys to assist on its technology
evolution and efficiency efforts, including AI initiatives, due to
Infosys' ability to provide global access to top talent and
technology infrastructure that supports and augments the innovation
and efforts of PROG Holding's internal technology teams.
Steve Michaels, President and
CEO of PROG Holdings, said, "We look forward to working with
Infosys to develop and enhance key systems that positively impact
the speed to market, agility, and scalability of key PROG Holdings
technologies and platforms. We expect our collaboration with
Infosys will reduce friction for both our customers and retail
partners, further solidifying PROG Holdings' position atop the
virtual lease-to-own industry we helped create twenty-five years
ago."
Dennis Gada, Executive Vice
President and Global Head of Banking & Financial Services at
Infosys, said, "We are excited to bring robust domain
knowledge along with transformative AI capabilities using Infosys
AI solutions like Infosys Topaz and a cloud-first digital
foundation to help PROG Holdings increase market share of the
virtual lease-to-own market. Our collaboration will focus on
accelerating the development and deployment of technologies that
offer operational excellence, agile innovation, and improved
services for new and existing retail partners and customers.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE: PRG) is a fintech holding
company headquartered in Salt Lake City, UT, that provides
transparent and competitive payment options to consumers. The
Company owns Progressive Leasing, a leading provider of
e-commerce, app-based, and in-store point-of-sale lease-to-own
solutions, Vive Financial, an omnichannel provider of second-look
revolving credit products, Four Technologies, a provider of Buy
Now, Pay Later payment options through its platform, Four, and
Build, provider of personal credit building products. More
information on PROG Holdings and its companies can be
found at https://investor.progholdings.com/.
Forward Looking Statements
Statements in this news release that are not historical facts
are "forward-looking statements" that involve risks and
uncertainties which could cause actual results to differ materially
from those contained in the forward-looking statements. Such
forward-looking statements generally can be identified by the use
of forward-looking terminology such as "expected", "believes",
"will" and similar forward-looking terminology. These statements
include, but are not limited to, statements regarding the expected
benefits to PROG Holdings of its strategic collaboration with
Infosys, such as its realization of operating efficiencies,
accelerated technology modernization and improved speed to market.
The Company has based these forward-looking statements on current
expectations and assumptions regarding the strategic collaboration,
which are subject to risks and uncertainties, including, but not
limited to, the risks that the strategic collaboration may not
achieve its expected benefits or may otherwise negatively impact,
disrupt or have a material adverse impact on PROG Holdings'
business operations, and other risks and uncertainties outside of
our control. Additional risks and uncertainties that may cause
actual results to differ materially include those listed in the
Company's filings with the Securities and Exchange Commission
("SEC"), including the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2023,
filed with the SEC on February 21,
2024. In providing forward-looking statements, the Company
is not undertaking any duty or obligation to update these
statements publicly as a result of new information, future events
or otherwise, except as required by law.
About Infosys
Infosys is a global leader in next-generation digital services
and consulting. Over 300,000 of our people work to amplify human
potential and create the next opportunity for people, businesses
and communities. We enable clients in more than 56 countries to
navigate their digital transformation. With over four decades of
experience in managing the systems and workings of global
enterprises, we expertly steer clients, as they navigate their
digital transformation powered by cloud and AI. We enable them with
an AI-first core, empower the business with agile digital at scale
and drive continuous improvement with always-on learning through
the transfer of digital skills, expertise, and ideas from our
innovation ecosystem. We are deeply committed to being a
well-governed, environmentally sustainable organization where
diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE,
NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth
prospects, or our future financial or operating performance, are
forward-looking statements intended to qualify for the 'safe
harbor' under the Private Securities Litigation Reform Act of 1995,
which involve a number of risks and uncertainties that could cause
actual results or outcomes to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and
uncertainties regarding the execution of our business strategy, our
ability to attract and retain personnel, our transition to hybrid
work model, economic uncertainties, technological innovations such
as Generative AI, the complex and evolving regulatory landscape
including immigration regulation changes, our ESG vision, our
capital allocation policy and expectations concerning our market
position, future operations, margins, profitability, liquidity,
capital resources, our corporate actions including acquisitions,
and cybersecurity matters. Important factors that may cause actual
results or outcomes to differ from those implied by the
forward-looking statements are discussed in more detail in our US
Securities and Exchange Commission filings including our Annual
Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available
at www.sec.gov. Infosys may, from time to time, make
additional written and oral forward-looking statements, including
statements contained in the Company's filings with the Securities
and Exchange Commission and our reports to shareholders. The
Company does not undertake to update any forward-looking statements
that may be made from time to time by or on behalf of the Company
unless it is required by law.
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SOURCE Infosys