Infosys and Danske Bank have entered into a long-term collaboration aimed at accelerating the bank’s digital transformation goals. The collaboration, valued at $454 million for an initial 5-year period, with the potential for three one-year extensions, is intended to support Danske Bank in achieving its strategic objectives of improving client experiences, operational efficiency, and implementing advanced technologies for a modernized technological environment. This collaboration is expected to bring speed and scalability to Danske Bank’s digital transformation journey.
As a component of their collaboration
- Infosys will purchase Danske Bank’s IT center in India for Danish Kroner (DKK) 13.6 million (approximately $2 million). The IT center currently employs more than 1,400 professionals. Infosys plans to bolster the bank’s digital strategy by greatly improving its IT operations and capabilities. This enhancement will be facilitated by Infosys Topaz, a suite of services, solutions, and platforms that leverage generative AI technology.
- Based on the information disclosed in the exchange filing, Infosys anticipates that the transactions will be finalized by the second quarter of fiscal year 2024, pending the fulfillment of customary closing conditions. Danske Bank, which is based in Denmark, offers banking services to individuals, businesses, as well as large corporations and institutions.
- Salil Parekh, Chief Executive Officer and MD of Infosys, stated that the collaboration with Danske Bank aims to enhance their core business by leveraging digital, cloud, and data capabilities. The objective is to enable Danske Bank to deliver increased value to its customers through the utilization of advanced AI technologies, including generative AI.
Important takeaways for all competitive exams:
- Infosys Founders: N. R. Narayana Murthy, Nandan Nilekani;
- Infosys CEO: Salil Parekh (2 Jan 2018–);
- Infosys Revenue: 1 lakh crore INR (2021);
- Infosys Founded: 2 July 1981, Pune;
- Infosys Headquarters: Bengaluru;
- Danske Bank CEO: Carsten Rasch Egeriis;
- Danske Bank Headquarters: Copenhagen, Denmark;
- Danske Bank Founded: 5 October 1871.