Page 20 - It Services

Cyient gets Australia's FIRB clearance, acquisition of IG Partners done

Cyient on Friday said it has received nod from the Foreign Investment Review Board (FIRB) of Australia, and has completed the acquisition of Australian consulting firm IG Partners.

Wipro signs agreement to acquire Encore Theme Technologies for Rs 95 crore

IT services firm Wipro on Wednesday said it has signed a definitive agreement to acquire Encore Theme Technologies- for up to Rs 95 crore.

L&T Technology Services reports strong revenue and profit growth in Q2FY21

L & T Technology Services Limited, India's leading pure-play engineering services company, announced its results for the second quarter ended September 30, 2020.Highlights for Q2FY21 include:USD Revenue at $178 million; growth of 4.1 per cent QoQRevenue at Rs 13,138 million; growth of 1.5 per cent QoQEBIT margin at 13.7 per cent; up 160 bps QoQNet profit at Rs 1,655 million; growth of 41 per cent QoQInterim Dividend of Rs 7.5 per share; Record date October 27, 2020During the quarter, LTTS won 8 multi-million dollar deals across all industry segments including 3 deals with TCV of USD15mn plus and another 3 deals with TCV of USD10mn plus. Revenues from digital and leading-edge technologies stood at 49 per cent during the quarter."We had a strong quarter with broad based revenue growth and an improvement in operating margin performance, in line with what we had guided. Steady order bookings and a healthy pipeline across all segments gives us confidence that the growth momentum will ..

Sykes sets up centre in Hyderabad, to hire 150 people by year-end

Digital marketing and customer service firm Sykes on Monday said it has opened a new facility in Hyderabad - its third in the city - and will hire about 150 people for the centre by the year-end

Saw a 30% bump in internet traffic during pandemic: VP, Tata Communications

Hard to predict if this growth will sustain but don't expect a lot of this increased traffic to decline, says Song Toh, VP, Tata Communications

TCS to recruit 10,000 staff in US by 2022 after demand for services surges

The Mumbai-based company has hired over 21,500 employees in the past five years in the US

Wipro board approves Rs 9,500-crore share buyback; revenue up 1.4%

The company is looking at buying 237.5 million equity shares, or 4.16 per cent of its paid-up capital, though the date of the programme has not been fixed.

IBM to break up 109-year old firm to focus on high-margin cloud computing

IBM will list its IT infrastructure services unit, which provides services including technical support for data centers, as a separate company with a new name by the end of 2021

TCS surpasses Accenture to become most-valuable IT services firm globally

At the last closing price of Rs 2,825, TCS was valued at $144.73 billion, (Rs 10.6 trillion), while Accenture is currently at $142.4 billion

IT services growth to return in 2021, Covid to fuel digital spends: Fitch

Most companies have reported robust deal wins that should support growth in 2021-2022, despite the revenue decline in the second quarter of 2020, said the report

Tech Mahindra sells stake in Altiostar Networks for $45 mn to Rakuten

In a regulatory filing, Tech Mahindra said its subsidiary Tech Mahindra (Americas) Inc has divested its holding of 18,518,518 C1 preferred shares in Altiostar Networks.

Morrisons expands strategic partnership with Tata Consultancy Services

IT services firm Tata Consultancy Services (TCS) on Tuesday said its partnership with UK-based supermarket chain Morrisons has been expanded through a five-year contract. TCS has expanded its partnership with Morrisons through a five-year contract for application management services, data services and cyber security services, a statement said. The partnership will help accelerate Morrisons's plan to simplify and modernise its technology to improve the shopping trip, eliminate wasted effort and become more popular and accessible to its customers, it added. Morrisons selected TCS as its Application Managed Services partner in 2016 to improve the customer and employee experience. Since then, TCS has worked closely with the retailer to help drive its growth and modernisation agenda across various lines of business, leveraging its comprehensive portfolio of business and technology services and solutions. "As part of the expanded partnership, TCS will harness the power of artificial ...

HCL Technologies to acquire Australia-based firm DWS for $116 million

The transaction is expected to close in December 2020, subject to closing conditions, including regulatory approvals

HCL Technologies to acquire Australia-based firm DWS for $116 million

The transaction is expected to close in December 2020, subject to closing conditions, including regulatory approvals

IT services firms look to change staff mix by hiring more freshers

The growing share of mid-level employees is said to be one of the major reasons why these companies are facing margin pressure

IT services to remain significant to India's job environment: TCS CEO

He added that this is on account of the demand for talent and services, which is "only going to explode given the role that technology is playing today and in future"

Infosys to acquire US-based firm Kaleidoscope Innovation for $42 million

Will pick up 100% stake in a deal that is expected to close during the second quarter of fiscal 2021

Aug services PMI jumps to 41.8 vs 34.2 in July; still in contraction zone

August was the sixth straight month the index was sub-50, the longest such stretch since a 10-month run to April 2014

NIIT Tech targets $1 bn revenue a year, plans to expand into healthcare

Current revenue at $600 mn; firm offers no timeline for $1 bn goal but says it will be achieved organically without any acquisitions

No material changes planned in strategy, vision: Sudhir Singh, NIIT Tech

We believe that we will see a very significant uptick in both revenues and margins on a sequential basis, says CEO SIngh