(Reuters) -Indian software services provider Infosys said on Tuesday it has received a contract worth 1.2 billion pounds ($1.59 billion) from UK’s National Health Services Business Services Authority to replace its existing payroll platform.
The 15-year deal marks a major win for India’s second-largest IT firm at a time when the $283-billion sector is grappling with a weak global economy, trade tensions and shifting U.S. immigration rules.
Infosys said it would build a new, data-driven workforce management platform to replace NHS’ existing electronic staff record system, managing payroll for 1.9 million employees across England and Wales and processing more than 55 billion pounds annually.
The company is set to report its results for the July-September quarter on October 16.
Its shares, which were trading flat for most of the day, briefly rose 0.6% to 1,503 rupees after the contract was disclosed. They closed 0.2% down.
The stock has declined nearly 21% so far this year, compared with an about 19% drop in the IT index.
($1 = 0.7541 pounds)
(Reporting by Haripriya Suresh and Kashish Tandon in Bengaluru; Editing by Shilpi Majumdar)
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