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Infosys Loses Ten-Year, $1.5 Billion Contract
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Arthur T Knackerbracket has processed the following story [theregister.com]:
The Indian services giant advised [bseindia.com] [PDF] investors of the deal on September 14th, describing it as “a Memorandum of Understanding with a global company to provide enhanced digital experiences, along with modernization and business operations services, leveraging Infosys platforms & AI solutions” with a total client target spend of $1.5 billion over 15 years.
That announcement included the caveat that Infosys and the unnamed company would have to conclude a Master Agreement to seal the deal.
A December 23rd filing [bseindia.com] revealed that didn’t happen.
“The global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the Master Agreement,” the statement revealed.
Infosys’s annual revenue topped $18 billion last year, so losing this deal won’t cause massive pain.
However, in its results reporting, Infosys highlights its ability to win large deals, and their total contract value. Now it’s had to admit one such deal has slipped away.
