Infosys announced that the undisclosed global company, which had previously signed $1.5 billion agreement centered on artificial intelligence solutions, has opted to cancel the Memorandum of Understanding (MoU) with the IT services powerhouse.
This agreement was originally planned for a duration of 15 years, having been formalized in September 2023, indicating a rising level of uncertainty in the technology budgets and demands of IT services clients.
Coincidentally, this development occurred within a span of less than two weeks following the sudden resignation of the company’s former CFO, Nilanjan Roy. “This is in continuation to the disclosure made by Infosys vide letter dated September 14, 2023, titled “Company update” with respect to a Memorandum of Understanding with a global company which was subject to parties entering into a Master Agreement,” Infosys said in an exchange filing.
“The global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the Master Agreement,” the company added. Infosys had collaborated with the aforementioned global corporation to deliver digital experiences utilizing Infosys’ platform and AI solutions.