BENGALURU: IT services company Infosys on Monday said that it has bagged a $454 million deal from Danske Bank to accelerate the bank’s digital transformation initiatives.
The deal is for five years with an option to renew for one additional year for a maximum of three times.
Headquartered in Denmark, Danske Bank provides banking services to personal and business customers, as well as large corporate and institutional customers. As part of the partnership, Infosys will also acquire Danske Bank’s IT centre in India, where over 1,400 people are employed.
The company said it will accelerate the bank’s digital agenda by significantly enhancing its IT operations and capabilities, powered by Infosys Topaz, an AI-first set of services.
Salil Parekh, Chief Executive Officer and Managing Director, Infosys, said, “Infosys will collaborate with Danske Bank to strengthen their core business with greater digital, cloud and data capabilities. This will help Danske Bank create more value for their customers using powerful advances in AI, including generative AI.”
Infosys expects the transactions to be completed before the second quarter of FY2024. Amid a slowdown, many IT services companies are now bagging contracts for clients’ digital transformation. TCS and UK’s largest workplace pension scheme Nest recently announced the expansion of their partnership to focus on digitally transforming Nest’s scheme administration services.
TCS has signed a contract worth $1.1 billion for an initial tenure of 10 years. On Monday, TCS entered into a strategic partnership with Standard Life International DAC (SLIDAC), a wholly-owned subsidiary of the Phoenix Group, to transform its operating model and enhance the customer experience for its policyholders in Europe.
Last month, Wipro announced a five-year business partnership with ServiceNow to invest in and bring new offerings to the market that will empower clients to drive business transformation. The agreement expands on the two companies existing partnership and is expected to help accelerate Wipro’s goal of building a $1 billion business with Service Now by the end of 2026.