Bank of America now giving out $300 million of annual business to Infosys

BENGALURU: Bank of America, which is one of the biggest technology customers of India’s $146-billion IT industry, is now again handing out business worth over $300 million to India’s second largest software exporter Infosys, after a brief drop in business volumes last year.

According to Infosys’s latest quarterly report, the company now has a customer that contributes about $300 million of annual revenues. While Infosys does not typically name its large customers, two people familiar with the development said that the $300-million customer is indeed Bank of America.

Last year for a couple of quarters, revenues from the Bank of America account -- one of Infosys’s oldest customers -- had fallen below the $300-million mark on an LTM basis.

According to two people familiar with the developments, after Sikka took over as CEO last year, he undertook a reshuffle at the flagship customer account and put a new team in place at the account, with a new account manager at its helm.

Bank of America, however, is not the only customer account where Infosys has undertaken a revamp -- Sikka has brought about major changes in the way the company’s top 200 customer accounts were being managed and has implemented a structure where senior consulting partners have been paired with sales leaders.

Under the new structure, India's second-largest software exporter will assign a `client partner' to its top 200 customer accounts, who will have equal responsibility along with the account managers of those accounts.

These measures already seem to be bearing fruit for Infosys -- during the June quarter, Infosys also gained more business from two customers who were handing out over $100 million of annual business to the company. Both these customer accounts are now meting out over $200 million of annual business to Infosys, according to its latest quarterly report.