Last Updated: June 26, 2023, 10:31 AM IST
IT major Infosys on Monday (June 26) said that it was selected by Denmark-based Danske Bank as a partner to accelerate the lender’s digital transformation.
The deal is for a period of five years, which could be ramped up to $900 million and also renewed for up to another three years, the company said in an exchange filing.
“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 Al, including generative Al,” Infosys Chief Executive Officer Salil Parekh said in a statement.
Infosys prevailed over Accenture to win the Danske deal, as part of which the Indian firm will also acquire Danske Bank’s IT centre in Bengaluru, which employs 1,400 people.
In May, Infosys said it won a $1.5-billion contract from BP, marking the biggest deal since the company signed Daimler in late 2020.
“This is backed by significant investments in digitalisation and technology, including plans to further develop our customer-facing digital solutions, and modernising our technology infrastructure to enable even better customer experiences and drive operational efficiency,” said Frans Woelders, chief operating officer of Danske Bank, in a statement.
The lender provides banking services to individuals and businesses, as well as large corporations and institutions.
It would accelerate the bank’s digital agenda by enhancing its IT operations and capabilities with Infosys Topaz, its recently announced AI-first offering, it said. Infosys expects the transactions to be completed before Q2FY24.
Danske Bank’s Chief Operating Officer Frans Woelders said the bank’s strategy to be a leading bank in a digital age was backed by investments in digitalisation and technology. It included “plans to further develop our customer-facing digital solutions, and modernising our technology infrastructure to enable even better customer experiences and drive operational efficiency. We have a strong starting point, and we want to further accelerate our digital and technology transformation”. Woelders said.
At 10:06 am, Infosys stock was trading 0.22 per cent higher from yesterday’s closing price of Rs 1265.65.