Recently, IT services giant Infosys has said that a $1.5 billion agreement with an unidentified global company has been terminated. The deal focuses on artificial intelligence (AI)
The preliminary agreement that came into force in September was contingent on the parties entering into a master agreement. Later, both companies decided not to proceed with the master agreement.
Infosys planned to work with this company for 15 years and make significant progress in AI. But the closing of the deal aims at Infosys providing digital experiences in its platform.
Despite this setback, Infosys recently shared the news of signing a US$1.64 billion deal with London-based company Liberty Global, which will be in existence for five years.
Infosys also signed a $2 billion deal in July with a client they already worked with. Infosys had a bullish September quarter and won the highest value mega deals, totaling $7.7 billion.
The Infosys incident highlights the unpredictability of the tech sector. Even solid deals can collapse, now how does Infosys react to this setback and what are its future endeavors in AI.