Infosys, one of India’s biggest tech firms, signed a $1.5 billion contract with a “global company” to use the company’s artificial intelligence (AI) solutions and platforms for a 15-year period. According to the deal, Infosys will leverage the company’s AI solutions to deliver world-class business services and digital experiences.
“Infosys has entered into a memorandum of understanding with a global company to provide enhanced digital experiences, along with modernization and business operations services, leveraging Infosys platforms and artificial intelligence (AI) solutions. This is subject to parties entering into a Master Agreement,” Infosys announced during an exchange filing. The $1.5 billion contract is the company’s fifth significant agreement this year.
Infosys signed another contract worth $1.5 billion in May, this time with the British oil and gas firm BP.
In July, Infosys, India’s second-largest software service exporter, made a $2 billion deal with an existing client for five years to supply AI and automation solutions. The company’s shares increased by 0.4%, reducing the stock losses to 0.1%. Infosys signed a second $454 million contract with Danske Bank the same month.
The company again made headlines in August after joining hands with Liberty Global, a London-based telecom. The $1.64 billion deal will enhance and scale Liberty Global’s entertainment and connectivity services and platforms for the first five years.
The contract was later extended to eight years. Under the revised collaboration agreement, Infosys will provide the telecom firm with $2.5 billion worth of services. The deal follows a multi-year collaboration between the two companies, according to which Infosys has supported Liberty Global’s platforms since February 2020.
Infosys’ $1.5 billion AI deal with the “global company” is similar to the company’s agreement with Liberty Global, which leverages Infosys’ AI platform ‘Topaz’ to enhance Liberty Global’s digital entertainment platforms with AI services.
Infosys also became the fourth Indian company to achieve a market valuation of $100 billion on August 24, 2021.
Tata Consultancy Services (TCS), Infosys’ contemporary, also bagged several agreements this year. Per last month’s announcement, TCS made a strategic partnership of £800 million (approximately $1 billion) with the digital department of Jaguar Land Rover (JLR) to modernize the carmaker’s IT infrastructure for the next five years.
US chip market Nvidia also announced AI collaborations with TCS and Indian firm Reliance Industries to deliver generative AI applications.
TCS also inked several contracts with various UK-based firms. In February 2023, TCS signed a deal valued at $723 million with UK’s Phoenix Group Holdings and a ten-year agreement with British multinational retailer Marks & Spencer.
In June, India’s largest IT services company got into a $1.9 billion partnership with the UK’s National Employment Savings Trust (Nest) for an 18-year period. TCS also signed a 10-year contract with the Department of Education to facilitate and improve the user experience for the Teacher’s Pension Scheme in Wales and England.