Infosys loses $1.5 billion AI contract from global customer

Infosys loses AI contract

Infosys loses AI contract- Infosys has revealed that an undisclosed global company, previously engaged in a $1.5 billion artificial intelligence solutions agreement, has chosen to cancel the Memorandum of Understanding (MoU) with the prominent IT services firm.

Initially slated for a 15-year term and officially established in September 2023, the cancellation underscores a growing uncertainty in the technology budget landscape and the evolving demands of IT services clients. This development unfolded shortly after the unexpected departure of Infosys’ former CFO, Nilanjan Roy, in less than two weeks.

In an exchange filing, Infosys stated, “This is in continuation to the disclosure made by Infosys vide letter dated September 14, 2023, titled ‘Company update’ with respect to a Memorandum of Understanding with a global company which was subject to parties entering into a Master Agreement.”

“The global company has now elected to terminate the Memorandum of Understanding, and the parties will not be pursuing the Master Agreement,” the company added. The collaboration between Infosys and the undisclosed global corporation aimed to deliver digital experiences leveraging Infosys’ platform and AI solutions.

The Source of Information ( Infosys loses AI contract ) is Business Today

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