New Financial Services Company adopts Infosys’ Finacle to revolutionize bill payments in Australia

Bangalore, May 16, 2006 Infosys Technologies today announced it has successfully completed a multi million dollar project for Acreis, a new generation financial services company, to deliver its flagship ‘Acreis Once’ bill payment product using the Finacle Universal Banking Solution. Scheduled for a major launch mid 2006, ‘Acreis Once’ will provide Australians with a new way of paying their household bills unlike anything else currently on the market.

‘Acreis Once’ was developed to help consumers better manage their household bill payments in line with their cash flow. Under the ‘Acreis Once’ bill payment service, Acreis will pay its customer’s major household bills (telephone, water, electricity etc) on time, every time via a linked credit facility and provide these customers with a single monthly statement to cover all costs.

Acreis is the first non-banking company to adopt Finacle in Australia (Finacle is also being used by the ANZ Group). It reviewed a number of other banking products before selecting Finacle as the engine behind ‘Acreis Once’ and also chose Infosys to undertake all the systems integration (SI) required for the project.

The project, which commenced in April 2005 and was delivered in January 2006, was completed on time and budget using Infosys’ global delivery model, which saw parts of the design and build completed offshore.

Gary Ebeyan, CEO of Infosys Technologies Australia, commented it was a collaborative effort. “Considerable planning was undertaken with Acreis from the outset to ensure all aspects of the roll-out were effectively managed. Our responsiveness combined with Finacle’s flexibility impressed Acreis,” Ebeyan said. “The beauty of the solution is that it has the scalability to support Acreis’ growth objectives far into the future.”

Ebeyan added that providing the Finacle solution as well as the SI services was instrumental to the project’s success. “This project could become the model for future end-to-end Finacle implementations in Australia” he said.

Stella Doumanis, Chief Operating Officer of Acreis, commented: “Our investment in building this business and this technology platform lays the foundation for Acreis to change the way bills are paid in Australia forever once we launch in ,mid 2006, which we see as enabling us to become a leading provider of retail financial services to Australian households.”

About Finacle Universal Banking Solution

Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging agile new generation technologies. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management requirements of retail corporate and universal banks worldwide. Finacle has been architected out of years of experience with global banks and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solutions in its class.

About Infosys Technologies Ltd. (NASDAQ: INFY)

Infosys Technologies Ltd. (NASDAQ: INFY) defines, designs and delivers IT enabled business solutions. These provide our customers strategic differentiation and operational superiority, thereby increasing business competitiveness. Each solution is delivered with a high degree of time and cost predictability that ensures peace of mind. With Infosys, you get a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch your IT budget by leveraging the Global Delivery Model that the company pioneered

Safe Harbor:

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results 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 fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2005 and our reports on Form 6-K. These filings are available at 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