Infosys bags $1.6B deal from Liberty Global

Infosys, India’s second largest IT services exporter, has bagged a $1.64 billion deal from Liberty Global, a multinational communication company spread over an initial period of five years.

In a statement to stock exchanges, Infosys said it has entered into an initial five year agreement with an option to extend to eight years and beyond. The contract value for the first five years will be €1.5 billion ($1.64 billion) and €2.3 billion ($2.5 billion) if the contract is extended to 8 years.

This is the third such large deal that Infosys has bagged in the recent past. In June, it had announced that it had bagged a $454 million from Danske Bank of Denmark and in July it spoke of a $2 billion order from an existing client.

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According to Infosys, this partnership will enable Liberty Global to realise a run-rate savings in excess of €100 million ($109 million) per annum, inclusive of other savings and technology investments. Besides, more than 400 employees of Liberty Global will be joining Infosys.

This deal will see Infosys taking over the build and operations of Liberty Global's Horizon entertainment and connectivity platforms. In addition, Liberty Global is licensing these platforms to Infosys which will enable the latter to offer these services to new operators and markets outside the fold of the communication company.

Infosys will be leveraging its AI offering Topaz for the Liberty Global deal as the communication company looks to leverage various digital platforms to extend its reach in the market.

Liberty Global CEO Mike Fries said, "Strengthening and expanding our collaboration with Infosys gives our best-in-class solutions new scale with the ability to reach many more markets and bring positive experiences to more customers.”

Infosys CEO Salil Parekh said, “This will unveil a new chapter in our joint journey of innovation as we reimagine entertainment and the connectivity experience for millions of global consumers. The strength of our global operations will also help the business scale across markets.”