Mid-tier IT player Coforge on Friday announced a five-year contract worth over $230 million for an AI-led transformation engagement with a major client in Europe.
The Noida-headquartered company did not disclose the name of the client but claims the deal to be one of the largest AI-led transformation programs that Coforge secured in the European region.
“The program will combine modern Low-Code/No-Code platforms with AI-powered automation and accelerated, AI-infused software development practices to transform business operations for the client. The engagement is expected to improve decision-making, increase productivity, reduce manual effort, and enable faster delivery of outcomes at scale,” said Coforge said in a regulatory filing.
After the announcement, Coforge shares rose over 3% to end at Rs 1484.70 apiece on the BSE, which closed a tad weaker by 0.4% on Friday.
Coforge, which will announce its first quarter earnings on Monday July 27, has scaled up its large deal momentum and started reporting its deals sized $100 million and above over the past two quarters.
Over the past one year, it won two other large deals including $1.56 billion contract with Sabre Corp and a 5-year $158 million contract with a UK client.
With a revenue size of $2.5 billion (including the recent acquisition of Encora completed in May), Coforge is among the faster growing players in the industry, which is witnessing an AI-led disruption impacting the core software services business model and macro-economic slowdown denting business growth.
Organisations are increasingly looking to move beyond isolated AI initiatives and embed automation into their core operations.
“This engagement is a significant milestone for our European business and reflects the growing demand for AI-led transformation programs that deliver measurable business value,” said John Speight, president and Europe business leader, Coforge.
“The pipeline of material AI-led transformation conversations across our markets continues to expand rapidly, as clients seek partners who can move from experimentation to enterprise-scale execution, he added.
