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01 October 2023

India's Infosys enters into $454-mln deal with Danske Bank

By Reuters

India's second-largest IT services firm Infosys (INFY.NS) said on Monday it was selected by Denmark-based Danske Bank as a partner to accelerate the lender's digital transformation.

The deal is valued at $454 million for five years with an option to renew for one additional year for a maximum of three times, Infosys said in a statement.

"This is backed by significant investments in digitalisation and technology, including plans to further develop our customer-facing digital solutions, and modernising our technology infrastructure to enable even better customer experiences and drive operational efficiency," said Frans Woelders, chief operating officer of Danske Bank, in a statement.

The lender provides banking services to individuals and businesses, as well as large corporations and institutions.

The partnership involves Infosys working with Danske to accelerate the bank's technological transformation. The IT giant will also acquire Danske Bank's IT centre in India, where more than 1,400 professionals are employed.