Infosys Faces Setback: Loses $1.5 Billion AI Contract

Infosys said on December 23 that the privately held global company, which has a $1.5 billion deal focused on artificial intelligence solutions, has decided to terminate its memorandum of understanding with the IT services giant.

The 15-year deal is expected to be signed in September 2023, reflecting further uncertainty about customer demands for IT services and technology budgets.

Interestingly, this is happening less than two weeks after the sudden resignation of the former Chief Financial Officer (CFO) Niranjan Roy.

“This is a continuation of the disclosure made by Infosys in its video letter dated September 14, 2023 titled ‘Company Update’ regarding a memorandum of understanding with a global company, subject to the parties entering into a master contract. Yes. Infosys said. Exchange request.

“The global company has now decided to terminate the memorandum of understanding and the parties will not follow the original agreement,” the company added. No other reason for the dismissal was disclosed, nor was the name of the global company.

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