Infosys Loses Ten-Year, $1.5 Billion AI Contract

Infosys has lost a ten-year, $1.5 billion deal it announced just three months ago in September 2023. From a report: The Indian services giant advised investors of the deal on September 14th, describing it as "a Memorandum of Understanding with a global company to provide enhanced digital experiences, along with modernization and business operations services, leveraging Infosys platforms & AI solutions" with a total client target spend of $1.5 billion over 15 years. That announcement included the caveat that Infosys and the unnamed company would have to conclude a Master Agreement to seal the deal. A December 23rd filing revealed that didn't happen. "The global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the Master Agreement," the statement revealed. Infosys's annual revenue topped $18 billion last year, so losing this deal won't cause massive pain.

Read more of this story at Slashdot.