India’s leading software service provider, Infosys, received a contract worth $1.2 billion from the UK’s National Health Service Business Services Authority to break the existing payroll system, said Infosys on Tuesday.
This 15-year agreement marks a significant milestone for India’s second-largest IT company, which comes amid a challenging period for the $283 billion industry, characterised by a sluggish global economy, trade conflicts, and shifting U.S. immigration policies.
To replace the NHS’s existing electronic staff record system, managing payroll for 1.9 million employees across England and Wales and processing more than 55 billion pounds annually, Infosys said it would build a new, data-driven workforce management platform.
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The company will release its report for the July-September quarter on October 16.
After disclosing the contract, its shares, which had been trading flat for most of the day, briefly rose 0.6% to 1,503 rupees and closed at 0.2%. With a 19% drop in the IT index, the stock has declined nearly 21% so far this year.
