Infosys, led by Narayana Murthy, has announced the termination of a deal with an unnamed global company, as disclosed in company filings. The deal, reported to be valued at $1.5 billion, aimed at developing artificial intelligence solutions to address current industry needs.
On Saturday, Infosys revealed the cancellation of the Memorandum of Understanding (MoU) with the undisclosed global company. The commitment, intended to span 15 years, was initiated through the MoU signed in September 2023, a mere two weeks before the abrupt departure of CFO Nilanjan Roy.
Continuing from a previous disclosure on September 14, 2023, Infosys shared that the global company chose to terminate the MoU, signaling an end to the pursuit of the Master Agreement initially anticipated.
The MoU, signed in September, outlined collaborative efforts between Infosys and the global company to enhance digital experiences, modernize operations, and provide business services, leveraging Infosys platforms and AI solutions.
The resignation of CFO Nilanjan Roy on December 12 had a significant impact on Infosys’ share prices. Roy cited personal aspirations as the reason for stepping down, with his last day in the CFO role set for March 31, 2024. Jayesh Sanghrajka, Infosys’ current executive vice president and deputy CFO, is slated to take over the role, with CEO Salil Parekh expressing confidence in Sanghrajka’s experience and expertise.
