Infosys Secures $454-million Deal from Danske Bank
Written by Sanjay Kumar
Infosys has announced a long-term collaboration with Danske Bank to propel the bank’s digital transformation ambitions with speed and scale. The agreement, valued at $454 million for a 5-year term, has the potential to be extended for an additional year, up to three times.
The objective of this collaboration, as stated in the company’s exchange filing, is to help Danske Bank achieve its strategic goals of improving client experiences, attaining operational excellence, and establishing a modernized technological environment supported by next-generation technologies.
As part of the agreement, Infosys will acquire Danske Bank’s IT center in India, which currently employs more than 1,400 individuals.
According to the exchange filing, the completion of these transactions is anticipated to take place by the second quarter of the fiscal year 2024, subject to customary closing conditions.
Salil Parekh, Chief Executive Officer & Managing Director of Infosys, expressed excitement about leveraging their extensive experience in financial services transformation to accelerate Danske Bank’s strategic growth agenda. He mentioned that Infosys would collaborate with the bank to reinforce its core business with advanced digital, cloud, and data capabilities. Parekh also highlighted the potential of AI, including generative AI, to create additional value for Danske Bank’s customers.
Danske Bank, headquartered in Denmark, offers banking services to individuals, businesses, and large corporations and institutions.
Frans Woelders, Chief Operating Officer of Danske Bank, emphasized the bank’s aspirations outlined in their Forward ’28 strategy to become a leading digital bank. He mentioned their investments in digitalization, technology, and the plans to enhance customer-facing digital solutions and modernize technology infrastructure. Woelders expressed the bank’s intention to accelerate their digital and technology transformation and their rigorous process in selecting a partner. He highlighted Infosys’ tools, experience, and expertise in cloud and AI technologies, along with their global presence and scale, which would provide access to broader talent pools and capabilities.
As of 11:09 IST, Infosys’ share price on the BSE had risen by 0.40% to INR 1,270.70 per share.
|Infosys (Information technology company)||Danske Bank (Banking company)|
|Founders: N. R. Narayana Murthy, Nandan Nilekani, MORE||Subsidiaries: Danske Bank, Danske Bank Lithuania, MORE|
|Founded: 2 July 1981, Pune||Founded: 5 October 1871|
|Number of employees: 3,35,186 (30 June 2022)||Number of employees: 22,376 (FTE, 2020)|
|Revenue: 1 lakh crore INR (2021)||Revenue: 4,258.4 crores DKK|
|CEO: Salil Parekh (2 Jan 2018–)||CEO: Carsten Rasch Egeriis (19 Apr 2021–)|
|Headquarters: Bengaluru||Headquarters: Copenhagen, Denmark|
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