An established client has awarded the IT giant Infosys a $2 billion agreement stretched over five years. According to its registration with the stock exchanges, the arrangement intends to deliver artificial intelligence (AI) and automation-based modernization and maintenance services.
The company, which has its headquarters in Bengaluru, declined to give the client's identity. "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 billion," the filing said.
This comes a few days before Infosys is expected to release its first quarter results. Infosys estimated its FY24 growth to be between 4-7%, which would be its weakest revenue increase in six years. A few brokerages anticipate that the weak macros will also cause the top end of the guidance to be cut. Over the past few weeks, the large IT services companies have been constantly announcing significant transactions. Infosys signed a five-year, $454 million contract for digital transformation with Nordic-based Danske Bank last month.
The lender's 1,400-person Bengaluru IT center will be acquired by the software exporter with headquarters there. The agreement, which has a three-year extension option, aims to significantly speed up the Nordic bank's digital transformation activities.
Also in June, Tata Consultancy Services revealed that the UK workplace pension scheme NEST had awarded them a $1.9 billion contract to digitally revamp its scheme administration services. Infosys was awarded a five-year, $1.5 billion contract by the world's largest energy company, BP, in May. It said that the agreement was the biggest one it had secured in the previous three years.
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