IT major Infosys on Saturday announced that a global client has decided to terminate the Memorandum of Understanding (MoU) for a $1.5 billion deal focused on artificial intelligence (AI) solutions.
The 15-year deal was signed in September with the undisclosed global client.
No reason was given for the termination of the deal. The agreement in September was subject to the parties entering a Master Agreement.
Both the parties will not be pursuing the Master Agreement now.
“This is in continuation to the disclosure made by Infosys vide letter dated September 14, 2023, titled ‘Company update’ with respect to a Memorandum of Understanding with a global company which was subject to parties entering into a Master Agreement,” Infosys said in an exchange filing.
“The global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the Master Agreement,” the company added. Infosys was to provide enhanced digital experiences to the global client, leveraging its platforms and AI solutions.
The technology solutions provider recently signed a $1.64 billion deal with London-based Liberty Global for a five-year period.
Infosys, which will declare its December quarter earnings on January 11, won deals worth $7.7 billion in the September quarter.