Infosys Bags USD 1.6 Billion Deal with Telecom Firm Liberty Global By CIOTechOutlook Team

Infosys Bags USD 1.6 Billion Deal with Telecom Firm Liberty Global

CIOTechOutlook Team | Wednesday, 16 August 2023, 02:49 IST

With the European telecom and communications firm Liberty Global, Infosys, the second-largest IT business in India, has signed a five-year mega agreement that is valued at €1.5 billion for the initial engagement period. Their first agreement for cooperation, inked in February 2020, has been extended by this. The development and management of Liberty Global's Horizon entertainment and connectivity platforms will be handled by Infosys. In addition, the Bengaluru-based company intends to expand its Topaz AI offerings, per the exchange filing.

The agreement may be extended for a maximum of eight years. In the event that the contract is extended to eight years, the overall contract value will increase to €2.3 billion (or roughly $2.5 billion). In the recent months, Infosys has announced three sizable deals. In June, Nordic-based Danske Bank awarded Infosys a five-year, $454 million contract for the digital transformation of the bank. Technically, Liberty's agreement trumps Infosys' $1.5 billion, five-year contract with the world's largest energy company, which was the latter's largest deal in the previous three years. This comes after Verizon and HCLTech last week jointly announced a $2.2 billion transaction.

"We are excited to bring Infosys Topaz to enable transformative AI-first capabilities to complement the cloud-first digital foundation we have laid for Liberty Global using Infosys Cobalt. This will unveil a new chapter in our joint journey of innovation as we reimagine entertainment and the connectivity experience for millions of global consumers,” said Salil Parekh, chief executive at Infosys.

“The strength of our global operations will also help the business scale across markets. As we prepare to welcome new talent and teams of innovators to Infosys, we look forward to building on the trust that Liberty Global has in us." he added.