Infosys' Vanguard deal may be valued at $1.5 billion: Report

Infosys' contract with investment firm Vanguard could be worth $1.5 billion, which will make it the largest deal ever signed by the software major.

The partnership could be extended up to 10 years, which would raise the contract value to $2 billion, sources told The Times of India.

Moneycontrol could not independently verify the story.

Infosys declined to comment on the value of the deal when contacted by the newspaper.

Also read: Infosys reinstates growth guidance even when its peers haven't. What’s behind this confidence?

Infosys and Vanguard announced a strategic partnership on July 14,  which will the Bengaluru-based company assume day-to-day operations supporting Vanguard's DC record-keeping business.

"Approximately 1,300 Vanguard roles currently supporting the full-service recordkeeping client administration, operations, and technology functions will transition to Infosys," the companies said in a joint statement, without specifying the deal size.

Amid the COVID-19 outbreak, Infosys signed large deals worth $1.74 billion for Q1 FY21 compared to $1.65 billion during the previous quarter.

The size of Infosys' contract with Verizon rose to $1 billion in 2019, the report said.