Infosys Secures $454 Million Digital Transformation Deal with Danske Bank

Indian IT giant Infosys has won a digital transformation contract worth $454 million from Nordic-based Danske Bank, spanning a period of five years. As part of the deal, Infosys will also acquire Danske Bank’s IT center in Bengaluru, which employs 1,400 professionals. The agreement has the potential to be extended for an additional three years and aims to accelerate the bank’s digital transformation efforts and enhance customer experiences through technology modernization.

This announcement follows TCS’s recent $1.9 billion deal with UK pension scheme NEST to drive digital transformation in its scheme administration services. Last month, Infosys secured a five-year, $1.5 billion deal from global energy company BP, marking its largest contract win in the past three years.

Infosys will utilize its AI-first services, solutions, and platforms called Infosys Topaz to support Danske Bank’s digital agenda and strengthen its IT operations and capabilities. The collaboration will focus on leveraging advancements in artificial intelligence, including generative AI, to deliver enhanced value for Danske Bank’s customers.

The acquisition of Danske Bank’s IT center in Bengaluru is the first of its kind since the Silicon Valley Bank crisis earlier this year, presenting Indian IT companies with opportunities to acquire technology units of banking and financial firms. This move underscores Infosys’ commitment to expanding its digital capabilities and bolstering its presence in the banking sector.