Infosys Danske Bank deal: Infosys has bagged a digital transformation deal with Denmark-based Danske Bank valued at USD 454 million for a period of five years, the company said on Monday. As part of the strategic collaboration, Infosys will also acquire Danske Bank’s IT centre in India which employs 1400 digitally skilled professionals.
"Danske Bank, a leading Nordic bank, has selected Infosys as Strategic Partner to accelerate the bank’s digital transformation initiatives with speed and scale. This collaboration will help Danske Bank achieve its strategic priorities towards better customer experiences, operational excellence, and a modernised technology landscape, powered by next-gen solutions," Infosys said.
Estimated deal value is USD 454 million
Nordics is a strategic market for Infosys and this collaboration further enhances our commitment to the region. "The estimated deal value is USD 454 million for a period of 5 years with an option to renew for one additional year for a maximum of three times," the company said.
With its global expertise and industry solutions, Infosys will accelerate the bank’s digital agenda by significantly enhancing its IT operations and capabilities, powered by Infosys Topaz, an AI-first set of services, solutions and platforms, experience design, and services that support operations.
Infosys will acquire a 100% stake
Infosys said that it will acquire a 100 per cent stake in Danske Bank's IT centre in India in an all-cash deal for about Rs 16 crore, according to a regulatory filing news agency PTI reported. "We expect the transactions to be completed before the second quarter of the financial year 2024, subject to customary closing conditions," Infosys said in the filing.
Infosys Chief Executive Officer and Managing Director Salil Parekh said the company's rich experience in financial services transformation to work for Danske Bank and help the bank accelerate its strategic growth agenda.
“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," Parekh said.
About Danske Bank
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 its access to talent and capabilities and improve productivity, Danske Bank chose Infosys as its strategic partner.
Frans Woelders, Chief Operating Officer, Danske Bank, said that this is backed by significant investments in digitalisation and technology, including plans to further develop our customer-facing digital solutions.
“Our Forward ’28 strategy sets clear ambitions for Danske Bank to be a leading bank in a digital age. 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. We have a strong starting point, and we want to further accelerate our digital and technology transformation,” said Woelders.
“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,” he added.
Danske Bank, Infosys enhanced localization strategy in Nordics
Infosys has acquired BASE Life Science in Denmark and Fluido in Finland and recently opened a new proximity center in Gothenburg, Sweden and Oslo, Norway. With this relationship with Danske Bank, Infosys has further enhanced its localization strategy in the Nordics. Infosys expects the transactions to be completed before Q2’FY2024, subject to customary closing conditions.
