Page 7 - It Services

Services sector expected to grow at 28% in 2021-22, says SEPC

Services Export Promotion Council (SEPC) Chairman Maneck Davar said that in the first quarter of 2021, the exports stood at $54 billion.

FAITH urges national coordination among states for tourism sector revival

The Federation of Associations in Indian Tourism and Hospitality (FAITH) on Thursday has urged for immediate national coordination among states for revival of the tourism sector after the pandemic. During a virtual meeting held with the tourism secretaries of all states and Union territories, FAITH urged the states for a coordinated support for waiver of statutory obligations of power, utilities, parking, inter-state tax tariffs, state goods and service tax waiver and industry status, it said in a statement. The apex industry body requested for standardised harmonised travel protocols, quarantine-free travel among vaccinated, and open spaces for F&B (food and beverages), among others. FAITH urged states to pursue through the tourism ministry and the Union government for opening up inbound travel and issue of tourist e-visas for vaccinated travellers, and abolition of tax collected at source (TCS). It also urged for tourism demand revival campaigns, fast track registration of ...

Sonata Software to acquire Encore Software to boost cloud services

Sonata Software on Wednesday said it will acquire US-based IT services company Encore Software Services, a move that will enhance its capabilities in cloud engineering, application development and maintenance and data management. In a regulatory filing, Sonata Software said its wholly-owned subsidiary Sonata Software North America Inc (SSNA) has signed a definitive agreement with the shareholders of Encore Software Services, Inc. The cost of acquisition involves an upfront payment of USD 6.37 million (including adjustments for working capital, cash, and net debt) and deferred payout of USD 8.25 million payable over 3 years, it added. Encore Software Services, incorporated in 1998, is headquartered in San Jose, with development centre in Chennai. "This is a continuation of our M&A strategy focusing on strategic acquisitions aligned to our Platformation led digital transformation strategy, access to seasoned local leadership talent and entry into new industry verticals. "We are ...

Happiest Minds Technologies June quarter profit declines by 29%

IT firm Happiest Minds Technologies Ltd has reported a nearly 29 per cent decline in consolidated net profit to Rs 35.73 crore in the June 2021 quarter.

IT firm Capgemini raises 2021 targets on booming tech demand

French peer Dassault Systemes and U.S. rival Accenture also raised their 2021 forecasts

KPIT Technologies Q1 net up 2.5 times YoY to Rs 60 cr, revenue up 15%

Firm silent on attrition rate during the quarter, though it does see it rising before stabilising

Wipro sells entire shareholding in IntSights for $19.17 million

During 2016-19, Wipro acquired minority stake of less than 20 per cent in IntSights

Mindtree surges 9%, hits new high on healthy June quarter results

Strong Q1, healthy deal pipeline and employee addition indicate robust growth for Mindtree in FY22E, ICICI Direct said in a note

Mindtree Q1 net profit rises 61% to Rs 343 cr; revenue up 20%

In dollar terms, Mindtree's revenue grew 7.7% sequentially and profit was up by 7.5%

HCL Technologies bags IT modernisation deal from The Mosaic Company

IT company HCL Technologies on Friday announced the signing of a five-year global agreement to provide digital transformation and managed services to US-based The Mosaic Company.

Top headlines: TCS to hire over 40k freshers; $500 mn more invested in Ola

Business Standard brings you top news of the day

Detect Technologies raises $12mn from Accel, Elevation Capital, others

Industrial AI company Detect Technologies on Wednesday said it has raised USD 12 million (about Rs 89.1 crore) in funding, led by Accel. Existing investors Elevation Capital, Bharat Innovation Fund, BlueHill Capital, and Axilor Ventures also participated, a statement said. Stride Ventures participated as a venture debt partner, it added. The company will utilise the funding to further expand and strengthen its sales and operations teams across India and international markets in North and South America, Singapore, Indonesia, the Middle East, and Europe and to fulfill the accelerating demand for industrial automation, the statement said. Part of the funds will also be deployed for R&D and product innovation to strengthen Detect's lead in industrial AI and the Internet of Things. Detect said its client portfolio has grown to over 45 companies, and its solutions have been implemented in more than 100 individual sites globally. The company has also expanded into six new international

IDBI Intech ropes in UK-based Lemon Advisors for overseas foray

This association will help IDBI Intech access global markets where it aims to leverage the significant reach that Lemon Advisors brings on board, across the geographies in Southeast Asia, Japan, Austr

IT players to telco giants, a clutch of Indian firms gunning for 5G market

A clutch of Indian companies is readying to make products and solutions for state-of-the-art telecom networks in India and abroad

Covid-19 pandemic: Real-time cyber watch by enterprises on the rise

Pandemic has alerted the market to view cybersecurity as a necessary investment, not just an IT project: HCL Tech

Accenture Q3 revenue beats estimates on pandemic-driven demand

More businesses used its digital, cloud and security services to adapt to a hybrid work model in a post-pandemic world.

IT services major Wipro raises $750 million from overseas bond sale

The net proceeds of the notes are intended to be utilised for refinancing existing debt and general corporate purposes.

Non-IT leaders to build most of tech products by 2024, says report

Gartner anticipates that in 2023, $30 billion in revenue will be generated by products and services that did not exist pre-pandemic.

IT major Wipro appoints noted BFSI executive Anup Purohit as CIO

Purohit brings with him 21 years' experience in digital banking and other areas; was earlier with YES Bank, RBL, Barclays and JPMC in leadership roles

Virgin Atlantic partners with TCS to power recovery and transformation

Virgin is one of the UK's leading airlines