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Infosys Inks AI Deal With Estimated $2 Billion Target Spend Over Five Years: Details

India's second-largest software services exporter Infosys said on Monday it has signed a deal with an existing client to provide artificial intelligence (AI) and automation services that will span over five years, with a target spend estimated at $2 billion (roughly Rs. 16,400 crore).

AI and automation-related development, modernization, and maintenance services are included in the agreement, the company said in an exchange filing.

The company did not disclose the client's name.

As Microsoft-backed OpenAI's generative chatbot, ChatGPT took the world by storm in late 2022, companies around the world have doubled down on investing in AI.

Infosys' move comes after rival Tata Consultancy Services said it planned to train 25,000 engineers to get them certified on Microsoft's Azure Open AI. Another rival Wipro has plans to invest $1 billion (roughly Rs. 8,200 crore) into artificial intelligence (AI) over the next three years.

Bengaluru-based Infosys launched a platform called Infosys Topaz for generative artificial intelligence (AI) in late May.

The company is expected to report its first-quarter results on July 20.

Last week, Wipro announced a plan to spend $1 billion (roughly Rs. 8,200 crore) as part of the company's goal to upskill its workforce to utilise AI and infuse the firm's product offerings with the technology. As part of the firm's plans, 2.5 lakh employees will be trained in to use AI, and the country's third-largest software services company plans to bring 30,000 employees from its cloud, data analytics, consulting, and engineering teams to integrate AI with its products and services. 

© Thomson Reuters 2023

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