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Infosys Signs Five-Year AI Deal With $2 Billion Target Spend The announcement comes days before the IT service giant is set to report its first-quarter earnings

By Teena Jose

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Infosys has entered into a framework agreement with one of its existing strategic clients to provide artificial intelligence (AI) and automation-led development, modernisation, and maintenance services. According to an official statement, the total client target spent over 5 years is estimated at $2 billion.

The announcement comes days before the IT service giant is set to report its first-quarter earnings. Reportedly, in April, Infosys reported a 7.8% year-on-year (YoY) rise in consolidated net profit at INR 6,128 crore in the March quarter (Q4) of FY23, and gave a 4-7% revenue growth forecast for FY24 amid macro-economic uncertainties.

Infosys did not share details on the client or the agreement.

Also, the move comes after Tata Consultancy Services said it planned to train 25,000 engineers to get them certified on MicrosoftAzure OpenAI.

Similarly, Wipro also announced its plans to invest $1 billion into artificial intelligence over next three years, whereas Tech Mahindra has also unveiled its gen AI studio to help enterprises bootstrap generative AI in April 2023.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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