Infosys Signs $2 Billion Deal With Existing Client To Provide AI Services

Infosys Signs $2 Billion Deal With Existing Client To Provide AI Services

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Infosys has entered into a framework agreement with one of its existing strategic clients to provide artificial intelligence (AI) and automation-led development, modernisation, and maintenance services, the IT major said on Friday. According to its exchange filing, the total client target spent over 5 years is estimated at $2 billion. 

“Infosys has entered into framework agreement with one of its existing strategic clients to provide AI and automation led development, modernization and maintenance services. The total client target spend over 5 years is estimated at $2 Bn,” the exchange filing said. 

The announcement comes days before the IT service giant is set to report its first-quarter earnings. Infosys did not share details on the client or the agreement. 

In April, Infosys reported a 7.8 per cent year-on-year (YoY) rise in consolidated net profit at Rs 6,128 crore in the March quarter (Q4) of FY23, and gave a 4-7 per cent revenue growth forecast for FY24 amid macro-economic uncertainties. 

This is the third major deal the company has announced in the last few months. Earlier, India’s second-largest IT services company had announced deals worth $1.5 billion with British oil and gas company bp and a $454 million deal with Danske Bank.

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India’s IT giants have been in the process of ramping up their efforts in the AI space. Infosys in May launched Infosys Topaz, an artificial intelligence-first set of services, solutions, and platforms using generative AI technologies.

Wipro Ltd is set to invest $1 billion in artificial intelligence (AI) over the next three years. The company has launched a service, Wipro ai360, an AI-first innovation ecosystem. It would train all of its about 250,000 employees on AI over the next 12 months.

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