Heading towards improvement, IT major Infosys has signed a deal worth $700 million with US Telecom Verizon. This the third deal in the tenure of CEO Salil Parekh who joined earlier this year. The past two IT outsources deals were signed for ₹7000 crores.
The company supposedly sealed the agreement last week, when CEO Salil Parekh was travelling to the US for a 3-day annual meeting of the company. Media reports claim the Verizon deal to be the reason for absence on the first day at Confluence for the event.
The deal constitutes of services like the Business process and management (BPM) and Application Development and Management (ADM).
All impacted employees will receive comparable, competitive offers and are expected to transition to Infosys in the fourth quarter of 2018 to continue performing functions that will now be IT managed services for Verizon. We have an extremely talented team Verizon and are fortunate to continue to work with them in this new capacity, reported Verizon to Times of India.
Infosys has earlier this year managed to grab ₹2100 crores deal from Microsoft.
The Verizon is a US-based wireless service provider which has 7000 employees spread in Chennai, Hyderabad and Bengaluru. The company operates under fibre optics, wireless connections and global IT networks.