HCLTECH
Why Indian IT companies are moving into New Jersey
Top Indian IT companies are zeroing in on New Jersey as its hub, with their top executives and a majority of Indian-origin engineers who work in the US making the city their base. India is New Jersey’s second-largest foreign direct investor and a majority of New Jersey’s immigrant population hails from India.
IT firms chasing acquisitions to enhance their topline and skills
Indian information technology (IT) services are banking on acquisitions to fuel growth amid a dire need for investments in new capabilities, especially GenAI, as a slowdown in global demand keeps away opportunities for organic expansion.
Crorepati club at Infosys, Wipro shrinks post Covid-19
Infosys and Wipro, major players in the IT industry, have witnessed a significant decrease in the number of employees with annual compensation exceeding Rs 1 crore over the past two fiscal years. India’s IT company exporter TCS and third-largest HCLTech do not disclose the number of employees who are paid upwards of a crore.
Facing an unprecedented slowdown, IT companies are undergoing a shift. Here’s what’s changing
IT companies like TCS, HCLTech, Wipro and Tech Mahindra are reorganising their businesses to wade through disruptions and prepare for Gen AI. TCS, under new leadership, merged AI and cloud operations into a unified AI.Cloud unit, responding to growing demand in cloud migration and transformation services.
Why deal sizes are shrinking for top Indian IT companies
IT service providers are experiencing shrinking average deal sizes to as low as $25 million due to cost efficiencies, GenAI transformation, and shorter tenure projects amid uncertain macro-economic conditions. Despite an increase in large deal volume during FY23, industry analysts report a decrease in the average value of those deals. This comes even though Indian software exporters remain major players on the global stage.
HCLTech to set up two offices in North America
HCLTech announced setting up two new offices in North America with delivery centers, focusing on encouraging employees to return to the office. The offices will feature HCLTech’s Customer Experience Center (CEC) showcasing AI and Cloud Native Labs. Other key locations in North America include Dallas, Seattle, Raleigh-Durham, Toronto, and Vancouver.
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TCS expands partnership with Xerox for transformation programme
Tata Consultancy Services (TCS) has expanded its strategic partnership with Xerox to execute an end-to-end transformation program. Xerox also has an outsourcing deal with HCLTech, signed in 2019, and plans to reduce its workforce by 15 percent as part of a 'reinvention' strategy.
IT industry's competitive intensity to be at highest levels in FY25: HCLTech CEO C Vijayakumar
Despite a challenging economic environment, HCLTech has achieved remarkable annual growth and outpaced larger competitors. The third-largest software services firm, with annual revenues of $13.27 billion, reported growth that outpaced Tata Consultancy Services 4.1% and Infosys 1.4%. Smaller players such as Wipro and Tech Mahindra faced significant struggles.
After cutting onsite jobs IT companies start rebuilding headcount through acquisitions
Indian IT companies are expanding revenue streams and payrolls through acquisitions of smaller firms and engineering services, despite on-year shrinkage in headcount after quarterly earnings.
How IT companies are using acquisitions to build engineering prowess
IT companies like Cognizant are acquiring engineering services companies to expand their competencies and fend off competition from pure-play firms. Cognizant's recent $1.3 billion acquisition of Belcan marks its largest in this segment, signaling a trend in the industry.
HCLTech renews deal with German cooperative apoBank for $278 million
HCL Technologies expands partnership with apoBank in a USD 278 million deal over 7.5 years, offering a comprehensive range of services to enhance banking services for apoBank customers.
IT companies go startups way, appoint chief growth officers
Facing a cautious market and clients tightening their purse strings, IT companies are adopting a strategy from startups and web commerce: creating a new C-suite role – the chief growth officer (CGO).
Unpacking K Krithivasan's first year as TCS CEO
TCS CEO K Krithivasan completed a year in office this month. His term was marked by an unprecedented slowdown in tech demand. The veteran, however, has brought growth and stability for the bellwether. Under his leadership, TCS reached $29.1 billion in annual revenues in the year ending this March, growing at 4.1%.
D-Street almost recoups poll surprise losses
India's equity indices surged nearly 1% on Thursday, with markets expected to make fresh highs in the next few trading sessions despite foreign portfolio investors selling shares.
Consumer stocks have edge over capex-linked ones after shock poll verdict
Indian consumer-focussed companies are likely to shine, while capital spending-linked firms could suffer as the government shifts its policy focus to support lower-income segments, fund managers and analysts said on Wednesday, a day after a surprise result in the national elections.
HCLTech integrates its GenAI platform with Google Gemini
HCL Technologies announced the availability of its GenAI platform, HCLTech AI Force, on Google Cloud's Gemini models, integrating Google's large language model to drive innovation at scale.
HCLTech infuses GenAI into MRO solution to drive enterprises' asset utilisation
HCL Technologies enhances its MRO solution with GenAI capabilities, optimizing asset utilization and streamlining maintenance processes in SAP S/4HANA with a comprehensive natural language inspection and repair findings report.
Indian IT sees deal tenures shrinking in rich neighbourhoods
At least two companies – HCLTech and Birlasoft – have gone on record to say that from the usual 10-12 year deals earlier, long-term arrangements are now ending in four years. Earlier, the tenures ranged between 10-12 years.
HCLTech, Arm collaborate to work on custom silicon chips for AI-led biz
The partnership will enable semiconductor manufacturers, system OEMs (original equipment manufacturers) and cloud services providers to enhance the computing efficiency of their data centre environments, HCLTech said in a statement.
Google’s $350-million Flipkart bet; Canva CEO interview
Ecommerce major Flipkart has closed its nearly $1-billion funding round with Google coming on board. More on this in today’s ETtech Top 5.
HCLTech to buy Hewlett Packard’s communications tech assets for $225 million
As part of this agreement, HCLTech will also absorb around 1,500 employees and 700 contractors with experience of engineering services for telecom industry in countries including Spain, Italy, India, Japan, China, Americas and APAC region, HCLTech said in a regulatory filing on Thursday.
Forbes 30 Under 30: Statiq founders Akshit Bansal, Raghav Arora & TDC founder Bhagya Shree Jain find a spot
Forbes has released its ninth edition of the "30 Under 30 Asia" list, celebrating 300 young entrepreneurs, leaders, and trailblazers under 30 driving innovation and transforming industries across the Asia-Pacific region. The list includes India's Akshit Bansal and Raghav Arora, co-founders of Statiq, and Bhagya Shree Jain, Founder of The Disposal Company. Sharify Services, founded by Bansal and Arora, offers a nationwide network of charging stations for electric vehicles.
IT sweats to eke out margins on pricing squeeze, staff costs
Indian outsourcing companies face a margin squeeze in FY24 due to a triple threat: aggressive deal pricing, rising employee costs, and the pressure to boost revenue despite tight global budgets. Notably, Tata Consultancy Services (TCS), the industry leader, seems to be the only exception.
Midcaps up M&A game with winds of tech spends revival
Indian IT sector witnesses a surge in acquisitions by firms of all sizes, driven by the need to pivot to new technologies and business models. Smaller players innovate and acquire to become key innovation partners in digital areas.
HCLTech CEO C Vijayakumar sees headwinds affecting Q1 financial services revenue
We have a good mix of programs and rely on broad base growth, says HCLTech CEO Vijayakumar. The firm saw strong growth in its financial services vertical in a difficult environment, said Vijayakumar.
Deals, hiring show HCL Tech can tap expected IT bounce
Revenue in the major markets of the US and Europe grew sequentially by 4.2% and 2.3%, respectively, while major business verticals also showed higher revenue. But what sets HCLTech apart from peers is the fact that it continued to add headcount during the quarter.
HCLTech bucks trend again, headcount rises by 2,725 employees
For the full year as well, Noida-headquartered HCLTech added 1,537 employees from overall headcount of 225,944 in March end 2023. Similarly in FY23, HCLTech’s headcount had shown an increase by 3,674 employees.
Europe emerges as hotspot for Indian IT M&As, tops buy chart
Indian IT giants are on a European shopping spree, snapping up companies at a rapid clip. Europe's booming tech sector, outpacing North America, has fueled over a dozen acquisitions since the Covid pandemic.
Infosys to acquire engineering R&D services provider in-tech for $480 million
Infosys said in a statement that this investment will help strengthen Infosys’ engineering R&D capabilities and will help global clients to navigate their digital engineering journey.
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