Indian IT giant Infosys Ltd. has reportedly secured a substantial $454 million deal for the digital transformation of Danske Bank.

The agreement spans a period of five years and has the potential to reach $900 million. Additionally, there is an option to extend it for another three years, as stated in an exchange filing by Infosys.

Salil Parekh, CEO of Infosys, reportedly stated that the collaboration between Infosys and Denmark’s Danske Bank aims to enhance the bank's core business by leveraging digital, cloud, and data capabilities. The integration of advanced technologies, including generative AI, will enable Danske Bank to deliver greater value to its customers, Parekh added.

Infosys managed to secure the Danske deal over Accenture and, as part of the agreement, will also acquire Danske Bank's IT center in Bengaluru, which currently employs 1,400 professionals.

Danske Bank, in a statement, highlighted that partnering with Infosys would support its strategic objectives related to customer experience and operational excellence. The collaboration with Infosys will help the bank in technology transformation, talent and capability optimization, and productivity improvement.

To accelerate the bank's digital agenda, Infosys will leverage its recently announced AI-first offering, Infosys Topaz, enhancing the bank's IT operations and capabilities. The transaction is expected to be finalized before the second quarter of the fiscal year 2024, according to Infosys.

Frans Woelders, Chief Operating Officer of Danske Bank, emphasized the bank's commitment to becoming a leading institution in the digital age through investments in digitalization and technology. Woelders stated that the bank's plans include the development of customer-facing digital solutions, as well as the modernization of technology infrastructure to improve customer experiences and operational efficiency.

Woelders addressed the deal as a strong starting point for the bank's digital and technology transformation and a desire to further accelerate these efforts.

Source credit: https://www.moneycontrol.com/news/business/infosys-wins-454-million-deal-from-danske-bank-10855881.html