Monday, July 20, 2020
Infosys won a multi-year deal from US investment firm Vanguard worth $1.5 billion, say sources. This will perhaps make it the biggest deal Infosys has ever signed. The sources also say the scope of the work could be extended to 10 years, with the contract value rising to over $2 billion.
The mammoth deal explains a good part of the surge in the company’s share price on Wednesday and Thursday last week, and the confidence the company had in reinstating its revenue guidance for the year.
Infosys won the deal in a hotly contested battle with Wipro in the final lap. Other serious contenders in the race included TCS and Accenture. It combines BPM services and digital transformation work to take Vanguard’s record-keeping services onto a cloud-based platform. The company will initially have 300-400 people working out of the facility and it will ramp up gradually, based on the release timeline, sources said.
