It’s the XaaS Conf 2019, and Phaneesh Murthy, a visionary in the tech industry is getting ready to make his keynote address to a hall filled with tech executives. With a chuckle, he muses about the dire need for a “road as a service” while navigating the notorious traffic of Bangalore. As the audience settles in, he takes them on a journey through his career, one that has been defined by a deep appreciation for challenges and a keen eye for innovation – whilst envisioning the future of software, the all-encompassing XaaS (‘Anything as service).
The Rise of Phaneesh Murthy
Going back to the early 90s, Murthy had just graduated from the India Institute of Management in Ahmedabad and was entering the world of technology at a time when India was searching for answers to its economic woes. In 1992, Murthy joined Infosys – which at the time was an up-and-coming IT company providing business consulting, information technology, and outsourcing services. As the Worldwide Head of Sales & Marketing, Murthy helped bring US business back to India and transformed Infosys – growing their revenue from $2 million in 1992 to $750 million in 2002.
His trajectory took a transformative turn when his 6-month-old startup, Quintant was acquired by iGATE, appointing Phaneesh Murthy as the CEO of a company that would not only reshape the IT landscape but also redefine how services were delivered. Murthy’s vision was revolutionary – instead of the traditional per-hour billing model, he sought to align services with a business outcomes model in which customers only paid for the outcomes achieved. As he recollected, “The challenge is always identifying a business outcome which everybody’s aligned with, and that you have significant influence over.” This approach, coupled with the acquisition of Patni Computers (a company three times the size of iGATE), struck a chord with clients, propelling iGATE’s staggering growth. As a result of his efforts, the enterprise value of iGATE rose to $4.8 Billion (from $70 Million) over a period of 11 years.
XaaS: Unveiling the Future of Innovation
As the technology landscape evolved, so did Murthy’s thinking. He recognized the paradigm shift from legacy software to the revolutionary Software as a Service (SaaS) model. In his speech at the XaaS Conf 2019, he drew insights from his experiences, underscoring the impact of pioneers like Corio in the late ’90s. They paved the way for SaaS by offering applications as a service, triggering a seismic transformation that accelerated time-to-market and revenue generation. With a keen eye for trends, Murthy proclaimed, “Today, genuinely I think everything is starting to move as a service. I’m consulting with a couple of banks and insurance companies, and these are banks and insurance companies who probably five years ago would have said, “We’re sorry, we’re just not going to go to the cloud.”
The transition from SaaS to Everything as a Service (XaaS) marked the next phase of Murthy’s visionary journey. He articulated the convergence of microservices, cloud platforms, and interconnectedness, driving XaaS to the forefront. In this landscape, he recognized that the power of XaaS extended beyond software – it encompassed a plethora of services that could redefine business models and reshape industries. “If you have a good idea, to produce software or to produce a microservice which a Fortune 500 company can use comfortably, it is relatively little effort in today’s day and age,” he remarked, highlighting the newfound potential for innovation.
“I believe that I can build something really cool because I know that in disability fraud in insurance, I have some specific expertise. To convert that to a service which is usable by a Fortune 500 company today is actually relatively easy, because I can put together so many microservices available on these platforms and actually make my service a full service without having to build and write a whole lot of code, and that’s the magic. The whole principle was that when the internet came, we would be able to put out our stories, whatever we wanted, we could publish anything, we could broadcast anything. Any person with a cell phone today is actually a broadcaster and a producer of a movie and so on and so forth”
Today, these technological advancements continue to democratize the landscape, allowing entrepreneurs and developers to leverage a plethora of microservices offered by industry giants like Google, Microsoft, and Amazon.
“I actually think you should fasten your seatbelts,” said Murthy. “Because for the next 10 years you’re going to have the complete ride of your life if you’re in any way connected to technology. It’s just a fascinating time.”
Advisory Services
Since 2013, while serving as the CEO of Primentor Inc, Murthy’s advisory expertise has been sought after by several large corporations. His sage advice on adopting value networks, optimizing business impact through tech-ops footprint, and harnessing emerging technologies for disruption and value creation has proven instrumental.
His advisory role has extended to transforming a staffing-focused Silicon Valley company into a tech services powerhouse specializing in Digital Web Engineering. The strategic shift towards Agile Scrum methodologies, on-site delivery, and refined account management processes, with Murthy’s guidance, led to a remarkable 6-fold increase in EBITDA margins and an upsurge in enterprise value from $40 million to $160 million.
Murthy’s versatile influence also extended to a Bangalore-based product engineering company, where he helped orchestrate its transformation into a technology solution provider in the Wireless and IoT space. His strategic guidance catalyzed a substantial increase in enterprise value, resulting in a significant exit for early investors when the company was acquired for nearly $72 million by a renowned Paris-headquartered engineering consulting firm.
Philanthropic Endeavors
While Phaneesh Murthy is known for his impactful role in reshaping the tech landscape, his legacy extends beyond boardrooms. His dedication to conservation and philanthropy is equally admirable. Murthy’s involvement in protecting endangered tigers in India reflects his commitment to societal well-being. Through The Kabini Foundation, he has focused on creating alternative livelihoods for local villagers, reducing their dependence on the tiger’s natural habitat.
Murthy’s commitment to safeguarding tigers has also extended to the Nagarahole Tiger Reserve in Karnataka. To aid in conservation efforts, he has donated Q4i thermal drones and 900 tracking cameras, essential for detecting poachers and supporting legal actions. His contributions, which include charity golf tournaments and raising awareness, have helped increase tiger populations and preserve their habitat.
