Infosys has signed a strategic deal with Danske Bank, a leading Nordic bank, to accelerate the bank’s digital transformation initiatives with speed and scale. The deal is estimated at $454 million for a period of 5 years with an option to renew for one additional year for a maximum of three times. The acquisition is expected to be completed before Q2FY24.
Headquartered in Denmark, Danske Bank provides banking services to personal and business customers, as well as large corporate and institutional customers. “The 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 in a statement.
As part of this collaboration, Infosys will also acquire Danske Bank’s IT centre in India for DKK 13.6 million (about $2 million), where over 1,400 professionals are employed. Infosys said it would 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 built on generative AI.
Incorporated in 2012, and headquartered in Bengaluru, Danske IT and Support Services India Private Limited (DIT), is a wholly-owned subsidiary of Danske Bank.
Frans Woelders, Chief Operating Officer of Danske Bank, said, “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.”
Infosys will collaborate with Danske Bank to strengthen their core business with greater digital, cloud and data capabilities, said Salil Parekh, Chief Executive Officer and MD, Infosys. “This will help Danske Bank create more value for their customers using powerful advances in AI, including generative AI.”
Nordics is a strategic market for Infosys, and this collaboration is expected to further strengthen its localisation strategy in the region. Infosys acquired BASE Life Science in Denmark in 2022 and Fluido in Finland in 2018 and recently opened a new proximity centre in Gothenburg, Sweden and Oslo, Norway.