Main reason the $1.5 billion AI contract Infosys signed in September 2023 is no longer active.
Infosys on December 23 revealed that the global company, which had initially signed a $1.5 billion deal focused on artificial intelligence solutions, has opted to terminate the memorandum of understanding (MoU) with the IT services giant.
Originally scheduled as a 15-year agreement and finalized in September 2023, this development underlines the growing uncertainty in customer demand and technology budgets in the IT services sector.
“This letter continues Infosys' disclosure through a letter dated September 14, 2023, titled 'Company Update', in relation to an MOU with a global company which will enter into a master agreement as under the parties. The global company has now decided to terminate the MOU and the parties will no longer abide by the master agreement, the company said in an exchange filing on Saturday.
"The global company has now decided to terminate the MoU and the parties will no longer abide by the master agreement," Infosys said.
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On September 14, India's second-largest IT services provider announced an MoU with an international organization to "provide advanced digital experiences, as well as modernization and business operations services, leveraging Infosys platforms and AI solutions." .
Infosys has collaborated with the above global company to provide digital experiences through the use of Infosys' platform and AI technologies.
Infosys shares rose 1.68 per cent to Rs 1,562.00 per share on the BSE, while benchmark Sensex rose 0.34 per cent to 71,106.96.
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Generating 10X Revenue Through AI in the Digital World.
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