Infosys said on Wednesday (31st Jan 2024) that it has signed a seven-year strategic collaboration with Musgrave, an Irish food retail, wholesale, and food service company.
As part of this collaboration, Infosys will automate Musgrave’s IT operations by utilising AI and cloud offerings through Infosys Topaz - an AI-first set of services, solutions, and platforms - and Infosys Cobalt - a set of services, solutions, and platforms for enterprises to accelerate their cloud journey.
These Infosys offerings will enable Musgrave to transform its IT operations, build technical expertise, and help accelerate towards its goals of enhancing the experiences of its customers and retail partners.
Musgrave will also leverage Infosys’ expertise and resources to deliver innovative solutions to customers and retail partners, said Stephen Mckenna, chief technology officer, Musgrave.
We aim to enable Musgrave in transforming its IT operations, help enhance user experiences, and accelerate strategic initiatives. Our technological solutions enable Musgrave’s digital transformation agenda for the future. This collaboration will further strengthen our presence and propel our growth in Ireland,” said Karmesh Vaswani, global head retail, consumer goods & logistics, Infosys.
The collaboration also aligns with Infosys’ strategy as part of its growth expansion in Europe for opportunities around next-gen digital technologies. On December 21 the IT major entered a five-year collaboration with leading automotive parts distributor LKQ Europe to transform its business processes, in yet another long-tenure deal from the Europe region in the ongoing quarter. Earlier in October, Infosys had reported a five-year deal with electric vehicle (EV) maker smart Europe GmbH.
Meanwhile, Infosys reported a 7.3% year-on-year (YoY) decrease in net profit at Rs 6,106 crore in the third quarter of FY24. On a sequential basis, the company's bottomline declined by 1.7%, according to a regulatory filing on January 11. Infosys also narrowed its revenue growth guidance for the full year to 1.5-2% after previously lowering it to 1-2.5%. However, consolidated revenue for the quarter increased by 1.3% YoY to Rs 38,821 crore.
