Digitate clocks triple-digit annual growth in customer acquisition, revenue

Digitate, a venture of Tata Consultancy Services (TCS), on Wednesday announced triple-digit annual growth in both customer acquisition and revenue, buoyed by greater adoption of its cognitive automation product, ignio.

Indigenously developed at the TCS Research & Innovation Labs in 2015, ignio has over 75 patents filed in the AI, machine learning and intelligent automation space. Digitate recently launched an alliances and channel partner program and already has 10+ partners on board.

Ignio currently manages over 1.5 million technology resources autonomously for 50+ Fortune 500 clients and over 60 Fortune 1,000 clients. Ignio has generated $31 million worth of revenue since inception, largely from licensed contracts. The average revenue per customer per year is $550,000, said the management.

“Ignio is a standalone brand and it has been built potentially to be a standalone product company both in terms of business model and architecture,” said Rajesh Gopinathan, CEO & MD, TCS. He added that ignio currently manages over 1.5 million technology resources autonomously for 50+ clients. Customers have been delighted by ignio’s ability to deliver value within weeks of deployment and this has made Digitate among the best performing software product companies within the first three years.

Around 83 per cent of ignio’s revenue is generated from licensed contracts and the rest is contributed by services. Ignio clients are largely from retail (25 per cent), banking financial services and insurance verticals (22 per cent) followed by energy and utilities (14 per cent). Currently, 61 per cent of ignio revenue is generated from North America followed by the UK (17 per cent), Europe (12 per cent) and APAC (10 per cent).

“Ignio continues to gain traction in the market place, with 7 wins for ignio in Q1, and aspires to be one of the fastest software products to achieve $100M in revenue,” said Dr Harrick Vin, Vice President TCS and Global Head, Digitate. 

Ignio competes with the likes of IBM Watson and Wipro Holmes among others although the company said that Ignio offers a cross platform solution including cognitive reasoning as well as contextual automation solutions.

The company said that the sales team is heavily incentivised to offer ignio specific as well as automation based services to customers at a strategic level.