Infosys Ties Up With Danske Bank For $454 Million To Boost Digital Transformation

Infosys will also acquire Danske Bank's IT centres in India, where more than 1,400 professionals are employed

Infosys expects the transactions to be completed before Q2FY24, subject to customary closing conditions.

Infosys, India's second-largest IT services company, on Monday said Danske Bank selected the firm as a partner to accelerate digital transformation. The deal is valued at $454 million for a period of five years with an option to renew for one additional year for a maximum of three times, Infosys said in a statement.

"This is backed by significant investments in digitalisation and technology, including plans to further develop our customer-facing digital solutions, and modernising our technology infrastructure to enable even better customer experiences and drive operational efficiency," said Frans Woelders, chief operating officer of Danske Bank, in a statement.

Infosys expects the transactions to be completed before Q2FY24, subject to customary closing conditions.

The lender provides banking services to individuals and businesses, as well as large corporations and institutions.

The partnership involves Infosys working with Danske to accelerate the bank's technological transformation. The IT giant will also acquire Danske Bank's IT centres in India, where more than 1,400 professionals are employed.

Salil Parekh, chief executive officer and managing director, Infosys, said, "We are delighted to bring our rich experience in financial services transformation to work for Danske Bank and help the bank accelerate its strategic growth agenda. Infosys will collaborate with Danske Bank to strengthen their core business with greater digital, cloud and data capabilities. This will help Danske Bank create more value for their customers using powerful advances in AI, including generative AI."

Headquartered in Denmark, Danske Bank provides banking services to personal and business customers, as well as large corporate and institutional customers. In a bid to accelerate the bank's technology transformation, optimise their access to talent and capabilities and improve productivity, Danske Bank chose Infosys as its strategic partner.

Frans Woelders said, "We have a strong starting point, and we want to further accelerate our digital and technology transformation. We have conducted a thorough process to find a partner that can help us achieve that. Infosys has the tools, experience, and expertise to support us in accelerating our transformation using cloud and AI technologies. Given Infosys' global presence and scale, this collaboration will also give us access to wider talent pools and capabilities."