Hexaware eyes $3 billion revenue by 2029, looks to capture SaaS market

IT services firm bets on AI-led transformation, West Asia expansion, growth in technology vertical and private equity partnerships to drive revenue

IT services firm Hexaware Technologies said it is going beyond traditional efficiency gains, positioning artificial intelligence (AI) to eliminate business friction and capture market share from traditional Software-as-a-Service (SaaS) providers.

 

Chief executive officer (CEO) R Srikrishna told Business Standard that the company expects to see revenues touch $3 billion by 2029 from around $1.5 billion now.

 

This will be driven by factors like AI-led transformation, West Asia expansion, growth in the technology vertical, and private equity partnerships.

 

“With AI, we can eliminate SaaS and that opens a new market for us,” he said.

 

The company said AI's primary value lies in creating completely new business capabilities. This will be by aiding clients in achieving “infinite momentum” in business by bringing in zero-friction enterprise and a delivery framework designed to address operational and technological resistance that slows performance. It is targeting six key operational friction points, including zero vulnerability, zero tech debt, zero backlog, zero tickets, zero defects, and zero licences.

 

 

“Zero licenses means eliminating reliance on SaaS products. SaaS is not just expensive, but you are also dependent on somebody else to change it. If you want a new feature, you have to wait for your SaaS provider's release cycle. It slows you down,” Srikrishna said.

 

He said SaaS companies’ stock prices have come down dramatically. “I think companies will do things differently, but ultimately they have to reduce prices as a defence,” he added.

 

The US market currently accounts for 73 per cent of the company's revenue.

 

It is prioritising growth in its Asia-Pacific footprint, particularly across West Asia, India, and Australia. “We have put an ambition of $3 billion revenue by calendar year 2029, including acquisitions. We are expecting the West Asia market to play a crucial role in this,” Srikrishna added.

 

He said AI will also bring in a fundamental shift in information technology (IT) budgets by enterprises.

 

“While enterprise budgets have traditionally been split across human labour, software licensing, and Cloud infrastructure, AI tokens are emerging as a critical fourth pillar. The biggest impact will be tokens; all customer IT budgets will have a new item called tokens,” he added.

 

Hexaware’s AI-led, human-intelligence-perfected delivery model is anchored by Zerovity, its AI delivery layer for governed coordination across the estate.

 

From migration and modernisation to agentic software development, AIOps, release, Cloud operations, and enterprise workflows, Zerovity creates a single pane across areas that often operate in silos.

 

The zero-friction enterprise gives clients a unified way to address constraints often handled through separate initiatives, helping them focus on core priorities and turn zero friction into infinite momentum.

 

“Our vision is to help every customer become a zero-friction enterprise. That begins with understanding each customer closely enough for them to feel like they are our only customer. We can then identify the constraints slowing progress across their business and technology estate and address them with the right combination of AI, expertise, and judgement,” he said.