An established client has awarded the IT giant Infosys a $2 billion agreement stretched over five years. According to its report to the stock markets made late Monday, the arrangement intends to deliver artificial intelligence (AI) and automation-based modernization and maintenance services.

The company, which has its headquarters in Bengaluru, declined to give the client’s identity. “Infosys and one of its current key clients have signed into a framework agreement for the provision of AI and automation led development, modernization, and maintenance services. Estimated customer goal spending for the next five years is $2 billion, according to the document.Infosys estimated its FY24 growth to be between 4-7%, which would be its weakest rate of revenue growth in six years. This comes a few days before its first quarter results, which are expected to be released on Thursday.

A few brokerages anticipate that the weak macros will also cause the top end of the guidance to be cut. Over the past few weeks, the big IT services companies have been constantly announcing significant transactions. Infosys signed a five-year, $454 million contract for digital transformation with Nordic-based Danske Bank last month.

The lender’s 1,400-person Bengaluru IT center will be acquired by the software exporter with headquarters there. The agreement, which has a three-year extension option, aims to significantly speed up the Nordic bank’s digital transformation activities.Also in June, Tata Consultancy Services said that the UK workplace pension plan NEST had awarded them a $1.9 billion contract to digitally revamp its scheme administration services. Infosys was awarded a five-year, $1.5 billion contract by the world’s largest energy company, BP, in May. It said that the agreement was the biggest one it had secured in the previous three years.The top software exporter in India, TCS, surpassed expectations while reporting a 16.7% year-over-year increase in net profit to Rs 11,074 crore for the fiscal first quarter. However, TCS cautioned that the near-term demand outlook remained “soft and uncertain” due to clients delaying spending on discretionary and non-critical projects.