 "IT spending growth")
Mid-sized information technology and business process management (BPM) services firms are witnessing a wave of consolidation in recent times as a decline in legacy business and the need to expand digital capabilities are prompting firms to seek scale in orders to stay competitive.
On the other hand, industry observers are of the opinion that given the attractive valuation of mid-tier IT companies, many promoters also want to cash in the gains by selling out stakes to interested parties.
"For most of the mid-tier IT services firms, the customer base is not very diverse, with high concentration with a few customers.
