Infosys finalises joint venture in Japan with Hitachi and Panasonic

02 April 2019 Consultancy.asia

Infosys has stepped up its presence in Japan through a joint venture with local firms Hitachi, Panasonic and Pasona, with the new company to focus of procurement solutions.

Originally announced in December, Indian IT services and consulting giant Infosys has finalised the formation of a joint venture in Japan with local multinational names Hitachi, Pansonsic and human capital firm Pasona, with Shinichiro Nagagata appointed as chief executive. The new entity – named HiPUS – will provide end-to-end digital procurement solutions for Japanese corporations.

The venture comes as a result of Infosys picking up an 81 percent stake in Hitachi Procurement Service, a fully owned Hitachi subsidiary formed in 2002 which handles indirect materials purchasing functions for the Hitachi Group, with Panasonic and Pasona brought on board for 2 percent each. HiPUS will remain headquartered in Tokyo, and kick off with an initial headcount of 200-plus people.

Described as a coming together of complementary, iconic companies, the move is a strategic effort on behalf of Infosys to enhance its presence in Japan, and follows a similar agreement with state investment firm Temasek made in Singapore last year – where it is focusing on cloud computing, data analytics, AI and automation. The Japanese market, however, has shaped the firm’s latest country push.Infosys finalises joint venture in Japan with Hitachi and Panasonic“Procurement is a big focus area for manufacturing & hi-tech clients which Japan is known for,” said Infosys president Ravi Kumar. “All large corporations in Japan will go through significant procurement spend, and we believe this joint venture will deliver to the promise of transforming their procurement processes using next-generation digital platforms, as we bring together the combined power of deep procurement expertise, technology, global expertise and local skills.”

According to the firms, the complementary mix includes Infosys’ global expertise in procurement processes, consulting, analytics and digital technologies, such as artificial intelligence and robotic process automation, with Hitachi and Panasonic’s knowledge of their procurement functions and local teams and Pasona’s human capital and local business process management (BPM) networks.

In addition to BPM, HiPUS will introduce BPO (business process outsourcing) services to customers in areas such as procurement and purchasing operations, as well as provide training services in procurement and a broad range of further lines in consulting, reverse auctions and other purchasing schemes – with the aim of generating revenues upwards of $3.5 billion in 2021.

“We are delighted to build this new partnership, combining strengths and unlocking potential of Infosys, Panasonic, and Pasona,” said Masashi Murayama, Hitachi’s Chief Procurement Officer. “The procurement functions role is critical to Hitachi’s success, and this partnership will strengthen Hitachi Procurement’s global competitiveness with new operating models, and high quality delivery at speed enabled by digital technologies.”

Related: Infosys appoints heavyweight Mark Livingston as new head of consulting

Leading South Korean law firm Yulchon joins Taxand global network

19 April 2019 Consultancy.asia

Global tax specialists Taxand has admitted a new member firm in South Korea; Yulchon, pushing the network’s representation to 48 countries worldwide.

Born in 2005 in the wake of the Enron scandal as an alternative, independent tax-focused enterprise, Taxand has since grown to include member-firms on every continent, with a collective headcount of over 2,000 advisors worldwide. Adding to that list; Yulchon, a leading South Korean business law firm with more than 400 lawyers and 80 tax advisors of its own.

“Joining Taxand allows us to provide clients with the highest quality, cross border tax advice,” said Yulchon tax partner Kyu-Dong Kim. “Taxand’s international network provides a positive differentiation from other East Asian tax and legal firms. Its reputation for independent, specialist expertise fits well with Yulchon’s culture and we look forward to strengthening both our local and international tax services.”

A 2017 Chambers and Partners’ National Law Firm of the Year winner consistently recognised for its innovation, Yulchon was founded in Seoul in 1997 by five of South Korea’s leading attorneys to create “a village of lawyers”, with two decades of organic growth seeing the firm add international offices in Shanghai, Hanoi, Ho Chi Minh City, Moscow, Jakarta and Yangon.Leading South Korean law firm Yulchon joins Taxand global networkAccordingly, with the admission of Yulchon to its network, Taxand has now significantly expanded its Asia presence – its coverage in ten key Asia Pacific economies (including Japan, Singapore, Malaysia, Australia and India) among the organisation’s representation in over 50 countries stretching to every corner of the globe, from Oslo to Melbourne and from Buenos Aires to Mauritius with the US and just about every European nation in between.

“Yulchon is a welcome new addition to the Taxand family, bolstering our strength in East Asia,” said Taxand Chairman Frederic Donnedieu de Vabres, a former Arthur Andersen consultant. “The firm will give our clients a broader scope of specialised tax expertise across the region. Our network has grown significantly in recent years and we look forward to working with our new colleagues and their clients.”

Be it in the areas of compensation, financial, energy, mergers & acquisition, real estate, disputes, or others, Taxand describes itself as entirely focussed on the tax aspects – “we do tax, and only tax. No audit or attest issues” – leveraging its global network to serve clients with their both local and international and cross-border tax advisory needs. In the US and UK the network is represented by Alvarez & Marsal affiliate A&M Taxand.