The money would be spent by Smart for the development, commercialisation and export of Australian intellectual property, while Infosys would find new ways to generate market-driven IP and further augment its competitive positioning, Infosys and Smart said in a joint statement.
The MoU was signed between Infosys chairman and chief mentor N R Narayana Murthy and Smart Internet chairman Neville Roach in the presence of New South Wales premier Bob Carr at New Delhi recently.
"Infosys is the first Indian IT firm to undertake research and development with an Australian research organisation. It sets a great example of the substantial bilateral benefits that will flow from greater cooperation between the ICT industries of India and Australia," Smart Internet CEO Darrell Williamson said.
The initial focus areas of this collaborative effort will be banking, commerce, health and entertainment industry segments.
"Smart Internet will work directly with the Software Engineering and Technology Labs (SETLabs) of Infosys in Bangalore for research in mobility, pervasive computing, agent technologies, security and digital rights management," Infosys Australia chief executive officer Gary Ebayan said.
