On Saturday, December 23, infosys news , a leading provider of information technology (IT) solutions, announced that it had ended its $1.5 billion contract with an unidentified international firm that specialized in artificial intelligence (AI) solutions and had signed it in September.

As per a report by the business daily Economic Times, the IT services giant had declared the $1.5 billion deal, which would be signed on September 14, 2023, for a 1infosys news provides letters to workers revising their salaries, with an average increase of less than 10%: Article

This is a follow-up to the information disclosed by Infosys in a September 14, 2023, letter titled Company Update regarding a Memorandum of Understanding with a multinational company that was contingent upon the parties entering into a Master Agreement,the Salil Parekh-led company stated in a regulatory filing to the stock exchanges.

As per reports, on September 14, 2023, the IT services giant announced that it had signed a $1.5 billion contract for a 15-year duration.

FILE PHOTO: In Toronto, Ontario, Canada, during the SIBOS banking and financial conference, the Infosys logo is visible. Chris Helgren/File Photo for REUTERS

On Saturday, December 23, infosys news , a leading provider of information technology (IT) solutions, announced that it had ended its $1.5 billion contract with an unidentified international firm that specialized in artificial intelligence (AI) solutions and had signed it in September.

As per a report by the business daily Economic Times, the IT services giant had declared the $1.5 billion deal, which would be signed on September 14, 2023, for a 15-year duration.

infosys news stated that the parties will not be pursuing the Master Agreement as the global company has chosen to terminate the Memorandum of Understanding.

‘Enhance digital experiences leveraging Infosys platforms and AI solutions’ was the stated goal of the Memorandum of Understanding that Infosys and the multinational group had signed. It was intended for the $1.5 billion potential target spend to be distributed over 15 years. The project was canceled, but the company did not give a reason.

The deal was terminated less than two weeks after the chief financial officer (CFO) of the Bengaluru-based company, Nilanjan Roy, abruptly resigned after approximately six years in the role. The deal loss, however, suggests that Infosys and other Indian IT firms are under even more pressure to stray from the quiet business of the previous three to four quarters.

Major information technology (IT) provider infosys news said on Saturday, December 23, that it had ended its $1.5 billion contract, which was signed in September, with an unnamed international company specializing in artificial intelligence (AI) solutions.

The deal was terminated less than two weeks after the chief financial officer (CFO) of the Bengaluru-based company, Nilanjan Roy, abruptly resigned after approximately six years in the role. The deal loss, however, suggests that Infosys and other Indian IT firms are under even more pressure to stray from the quiet business of the previous three to four quarters.

In the current fiscal year’s July-September quarter, Infosys’ net profit increased by 3.17 per cent to ₹6,212 crore, from ₹6,012 crore during the same period the previous year. The IT major reduced the upper end of its revenue growth guidance for the entire year to 1-2.5%. Infosys secured its largest-ever deals during the September quarter, totaling $7.7 billion.

The distributor of auto parts, LKQ Europe, awarded Infosys a five-year contract, which it announced last week. One of its other recent major agreements was a $1.64 billion five-year contract with Liberty Global, based in London. January 11, 2024 will mark Infosys’s announcement of its October-December quarter earnings.

Infosys shares closed 1.68 percent higher at ₹1,562 apiece on the BSE during the previous session.