Infosys to invest $2 billion in AI services; to announce Q1FY24 results on July 20

Indian IT services major Infosys on Monday announced in the regulatory filing that has entered into a framework agreement with one of its existing strategic clients to provide AI and automation-led development, modernization and maintenance services. 

The total client target spent over 5 years is estimated at USD 2 billion.

For the current year, the company has announced winning two mega deals with the first deal worth $1.5 billion with British oil and gas company bp (British Petroleum). The second deal is worth $454 million with Danske Bank.

Today, the IT company has announced the completion of the foundation phase of a major digital program for Bendigo and Adelaide Bank, one of Australia's biggest banks. 

Delivered in collaboration with Microsoft, the program enabled Bendigo and Adelaide Bank to consolidate multiple legacy document management systems into a single enterprise document management system (EDMS) and deliver better customer service, the company said in the filing.

The new cloud-based platform also automated the entire data migration process, leading to a measurable reduction of operational overheads. Bankers at Bendigo and Adelaide Bank can now utilize modern user interfaces that are more accessible and enjoy a plethora of functionalities in the upgraded SharePoint experience. Consolidation of data involved retrieving 15 million documents from many disparate systems and significantly improved the privacy and security stance of document stores, it added.

Further, the IT major will announce results on July 20 for the first quarter ended June 30. 

Source: Media reports