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Infosys loses mega deal with AI firm following CFO's exit
AI Deal
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Infosys loses mega deal with AI firm following CFO's exit

| @indiablooms | 25 Dec 2023, 01:21 pm

Mumbai/IBNS: Narayan Murthy's Infosys has lost a mega deal with an undisclosed AI firm days after a sudden resignation by the company CFO Nilanjan Roy, media reports said.

The deal between the two worth $1.5 billion has been terminated, the company announced on Saturday.

The deal, which was intended to be for 15 years, was aimed at meeting the AI needs of the company.

Infosys says in its exchange filings as quoted by Hindustan Times, "This is in continuation to the disclosure made by Infosys vide letter dated September 14, 2023, titled 'Company update' with respect to a Memorandum of Understanding with a global company which was subject to parties entering into a Master Agreement."

The company added, "The global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the Master Agreement."

The Memorandum of Understanding (MoU) between the two companies was signed in September this year.

Roy resigned from the company citing personal reasons on December 12.

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