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Infosys bags $1.6 billion deal from Liberty Global

Aug 16, 2023

By: BlinkX Research Team

In announcing its third major contract of the year on August 15, Infosys said it had secured a €1.5 billion ($1.6 billion) contract from Liberty Global to develop and scale the entertainment and connectivity platforms of the digital communications company.

This transaction takes place at a time when the company has lowered its revenue forecast for the current fiscal year due to a challenging macroeconomic climate.

"We are excited to bring Infosys Topaz to enable transformative AI-first capabilities to complement the cloud-first digital foundation we have laid for Liberty Global using Infosys Cobalt…," Infosys Chief Executive Officer Salil Parekh said in a statement.

Topaz is an AI-first set of services, solutions and platforms that used generative AI technologies.

According to the company's exchange filing, the agreement's initial term of five years can be extended to eight years, increasing the deal's worth to €2.3 billion ($2.5 billion).

According to Infosys, as part of the agreement, Liberty Global, a company that combines video, broadband, and communications, will be able to obtain run-rate savings of more than €100 million annually, including other savings and technological improvements.

Source: Media Reports