Times of India — BENGALURU: India’s largest homegrown multi-billion-dollar IT services firms are set for a reality check with revenues likely to grow at the slowest pace since the global financial meltdown following the 2008 Lehman Brothers crisis. At least half-a-dozen analysts ET spoke to estimate that revenues of India’s top five IT companies — TCS, Infosys, Wipro, HCL Tech and Tech Mahindra — will grow at single-digit rates (5-9%) in 2015-16.
Times of India — NEW DELHI: Telecom services provider Aircel said it has partnered with IT firm Tech Mahindra to roll out a comprehensive set of Internet of Things (IoT) service offerings. Tech Mahindra will provide the IoT services in association with Aeris Communications, a Silicon Valley-based IoT specialist, a statement said. No financial details were disclosed.
Times of India — NEW DELHI: India’s fifth largest software services firm Tech Mahindra has bagged a contract from Bombardier to develop an aircraft ground support system (AGSS). Under the agreement, Tech Mahindra will develop the AGSS for Bombardier’s Aircraft Health Management System (AHMS) for the C Series family of aircraft, a statement said. The financial details were not disclosed.
Channel News Asia — MUMBAI: IT firm Tech Mahindra Ltd is setting up a new unit to sharpen its focus on winning contracts in the healthcare industry, one of the fast-growing segments for the outsourcing services providers, a senior executive said on Wednesday. The unit, to be called nth dimension, has won an IT services project worth about 60 million pounds (US$94.48 million) from Britain-based healthcare company CircleHealth, Tech Mahindra’s Rajib Bhattacharya, who will lead the new subsidiary, told Reuters.
MUMBAI: Tech Mahindra, India’s fifth largest IT services company, expects digital revenue to cross $500 million (about Rs 3,100 crore) by the end of 2015, helping the company move towards its $5 billion topline target. TechM’s had assumed that a tenth of that would come from new digital technologies, but growth has exceeded expectations. ‘Digital is growing faster than we had anticipated and faster than the rest of the business,” TechM chief executive officer CP Gurnani told ET. “We will end the year with much more than $500 million in digital revenue.”
While the Indian IT firms are getting aggressive in buying smaller ticket size companies in the US, sources with direct knowledge share that one such candidate, Sierra-Cedar with HQ in Georgia, US is close to launching a sale process soon. Valuation expectation for a complete sale of Sierra-Cedar is pegged at around $350 million, a source said.
Tech Mahindra is bringing jobs and IT expertise across the region by opening its Vietnam sales office in Hanoi. Tech Mahindra is present in Vietnam since 2012 and has experienced an increase in the number of customers especially in the banking sector in the country. It has come a long way since 2012 and today it boasts a strong ecosystem in Vietnam comprising established product vendors and local partners.
NEW DELHI: Tech Mahindra plans to invest $150 million (Rs 933 crore) over the next three to four years in creating innovative solutions, both in-house and with other partners, as well as to fund acquisitions, as the company focuses on developing next-generation technologies. The IT business of the agribusiness-to-automobiles Mahindra Group has recently formed a unit, Global Strategy & Growth Factories, under former mobility services head Jagdish Mitra to push newer technologies and engagement with startups.
MUMBAI: Tech Mahindra Ltd will build more technology development facilities in the United States and Canada and boost local hiring to tap new business opportunities linked to digital technologies, its chief executive officer said on Wednesday. “We are investing heavily in building local delivery centres in the United States and in Canada. We’ve opened two in Canada and six in the United States over a period of the past six or seven months,” C.P. Gurnani told Reuters in an interview.
DAVOS: Committed to a diversified global workforce, IT major Tech Mahindra chief C P Gurnani has said employees in the IT industry will have to continuously re-skill themselves as 10-15 per cent technology jobs will become obsolete every year. “We will have a diversified global workforce, but I can’t give any numbers as in our business numbers can be translated into revenue and I’m in a quiet period.
Tech Mahindra has announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages. The platform is flexible to fit to the growing needs of global insurance enterprises, where the market is expected to grow $100 billion plus by the end of the decade.
MUMBAI: Tech Mahindra said it bought US-based network services provider Lightbridge Communications Corp for an enterprise value of $240 million, as the information technology arm of the Mahindra Group looks to reach its stretch target of $5 billion in revenue in 2015. The company had earlier said that it would be hard for it to reach that level without large acquisitions. LCC, which was started in 1983, also fits in with TechM’s goal of becoming a serious player in network services.