Infosys reports termination of $1.5B AI deal

In a December 23 exchange filing, Infosys said, “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 global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the Master Agreement.” On September 14, the company had said, “Infosys has entered into 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. The total client target spend over 15 years is estimated at $1.5B. This is subject to parties entering into a Master Agreement.”