Sunday, November 17

Tag: IT

Infosys to roll out incentive scheme for staff with digital skills
News

Infosys to roll out incentive scheme for staff with digital skills

NEW DELHI: Infosys will roll out an incentive scheme this year for employees equipped with digital skills and will aggressively re-deploy staff on projects offering opportunities to work on new technologies as it looks to stem rising attrition in the face of stricter visa rules, a top executive has said. Infosys COO Pravin Rao, during a recent investor call, said Infosys' localization efforts have helped its business become "much more resilient and less susceptible to the visa regime than in the past". "This is an effort we need to continue till we get to the 50 per cent mark," he added. In January, Infosys had said it has already hired over 7,600 staff in the US - more than three-fourths of its target of recruiting 10,000 American workers. It had also spoken about making rec...
BPEA Acquires 30% Shares of NIIT Tech
ACQUISITION

BPEA Acquires 30% Shares of NIIT Tech

Baring Private Equity Asia ("BPEA") acquires 30% Stakes (18.85 million shares) of NIIT Technologies Limited from NIIT Limited. The cost of this deal is INR 1394 per share. The deal size is around $381 million. In a filing with the Securities and Exchange Board of India Regulations, BPEA will also make an offer to other shareholders of NIIT Technologies to purchase 26% additional shareholding at a price of INR 1394 per share value up to approximately $709 million based on ownership of approximately 56% stake(controlling stake). This transaction is conditional upon customary conditions, including receipt of required regulatory approvals, including anti-trust and competition clearances from Competition Commission of India. Rajendra Pawar, Chairman, NIIT Technologies Limited, sa...
NIIT Technologies Acquires 53% Stakes of WHISHWORKS
ACQUISITION

NIIT Technologies Acquires 53% Stakes of WHISHWORKS

NEW DELHI, April 7, 2019--  NIIT Technologies Limited, a leading global IT solutions organization, today announced that it has signed a definitive agreement with WHISHWORKS IT Consulting, an IT services and consulting company specializing in MuleSoft and Big Data technologies, to acquire a 53% stake initially, with the remaining equity to be acquired over the next two years through pay-outs linked to financial performance. The transaction closure is subject to fulfillment of certain government/regulatory approvals. A fast-growing company with a robust operating profile, WHISHWORKS currently has around 250 employees. Incorporated in 2010 and headquartered in Hyderabad, WHISHWORKS works with an ecosystem of global innovators, including MuleSoft, Salesforce, MapR, and Cloudera. It enjoys m...
IT Firm TCS Buys Out Consulting Company BridgePoint
ACQUISITION

IT Firm TCS Buys Out Consulting Company BridgePoint

The popular IT services company TCS has reportedly acquired a consulting firm specializing in retirement services known as BridgePoint Group. The financial details of the deal have not been disclosed. The company stated that the acquisition would boost its financial services and insurance domain knowledge, particularly in the area of US retirement services. “The US retirement business is complex, so BridgePoint’s deep industry expertise and team of highly experienced consultants will enable TCS to develop a robust customer-focused retirement services business,” Suresh Muthuswami, President & Global Head, BFSI Platform, TCS said in a statement. It was earlier this month that TCS acquired London-based W12 Studios which was its first digital acquisition. On the other hand, the acq...
IT Company Mphasis Acquires Virginia-based Stelligent Systems
ACQUISITION

IT Company Mphasis Acquires Virginia-based Stelligent Systems

IT services company Mphasis is making big investments and has acquired Virginia-based cloud technology services company Stelligent Systems LLC in an all-cash deal. This deal has been valued at $25 million. The acquired company has specialization in DevOps automation on Amazon Web Services (AWS), which means, as more enterprises move to the cloud, Stelligent helps them deploy applications on the cloud with greater speed, agility and security. “Together with Stelligent and its community heroes in the AWS ecosystem, we believe we are uniquely positioned to take advantage of (public cloud infrastructure and SaaS software) market opportunity,” said Nitin Rakesh, CEO and Executive Director, Mphasis. “This allows us to join forces with an equally technically-deep company, bringing innovative,...
Wipro Wins $1.5 Billion Digital Service Contract, The Biggest Contract Ever in The History of Wipro
BUSINESS

Wipro Wins $1.5 Billion Digital Service Contract, The Biggest Contract Ever in The History of Wipro

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading information technology, consulting and business process services company, today announced that it has won a 10-year engagement to provide a comprehensive suite of solutions and services to Lincolnshire, Illinois-based Alight Solutions LLC, a leader in technology-enabled health, wealth, HR and finance solutions. This deal will result in revenues of USD $1.5 to $1.6 billion for Wipro over the tenure. This is Wipro’s largest win to date. This engagement will enable the digital transformation of Alight’s offerings across health, wealth, HR and finance solutions, and enhance the employee experience of Alight’s clients by leveraging Wipro’s industry-leading strengths in digital technologies, cognitive automation and data analyti...
Shibulal’s Family Sells 1.6 Million Infosys Equity Shares
News

Shibulal’s Family Sells 1.6 Million Infosys Equity Shares

S D Shibulal, the former CEO and one of the co-founders of Infosys has announced that some of his family members have sold 1.6 million equity shares (representing 0.074% of the paid-up equity share capital) of Infosys on the stock exchanges. Earlier we published a report that some of the Infosys founders are planning to sell their equities worth Rs 13000. The shares were sold during the period August 8, 2018, to August 10, 2018, a release from Shibulal's office said. The sale was executed by Citigroup Global MarketsIndia Private Limited as the Sole Broker for the sale of shares. The release said the partial monetization was done to raise proceeds for personal reasons, including for the betterment of the society through various philanthropic activities. Even after this sale, the...
Tech Mahindra Will Hire 4,000 Freshers Globally on Demand Basis
News

Tech Mahindra Will Hire 4,000 Freshers Globally on Demand Basis

India's leading software development company Tech Mahindra looking to hire around 4,000 freshers in next 9 months. According to the company, the major focus on "demand-based" hiring instead of creating an inventory. Mumbai based IT company has already hired about 1,800 fresh graduates in the first quarter of the ongoing fiscal. The total headcount of the company is 1,13,552 people at the end of June 2018 quarter, an addition of 745 people over the preceding quarter. The software headcount was 72,462 people, while those in BPO were 34,700 and 6,390 people in sales and support function in the said quarter. Tech Mahindra CEO and MD C P Gurnani said trends suggest that hiring is no longer linear to the growth of companies. Also, fresher hiring is distributed ie a centre in Pl...
HCL Technologies Excels Wipro, Becomes No. 3 IT Company
News

HCL Technologies Excels Wipro, Becomes No. 3 IT Company

HCL Technologies Ltd excels Wipro Ltd to become India’s third-biggest software services provider in the three months to 30 June, marking the first change in the pecking order of the country’s $167 billion IT outsourcing industry in six years. The revenue of Noida-based HCL Technologies rose 0.8% to $2.06 billion in the quarter from the compared to the preceding three months, and 8.5% in comparison to the same period in the year 2017. It is the second-best performance of the company among the top Indian IT companies. The net profit of the company has increased from 3.4% to $356 million as compared to the preceding quarter, and 5.7% compared to the same period of 2017. Bengaluru-based Wipro’s dollar revenue declined 1.7% sequentially to $2.03 billion in the first quarter. Wipro’s fu...
HCL Acquires German IT Major H&D International Group
ACQUISITION

HCL Acquires German IT Major H&D International Group

IT Major, HCL Technologies has signed an agreement to acquire Germany based IT and engineering service provider H&D International Group to fuel its European expansion. In its official statement, HCL said, This landmark deal sees HCL attain significant in-country front office and delivery capabilities and will further enhance the company's domain expertise in the global automotive sector. Ashish Gupta, Corporate Vice President at HCL Technologies said, "Germany is a critical market for HCL as we continue to expand our business in Europe. We feel the German market is at an inflexion point and it is the right time for HCL to expand and make significant investments here." It is interesting to note that H&D is one of the leading IT majors in German automotive industry that operates...
Wipro Hikes CEO Salary Up 34.5% to Rs 182 mn
News

Wipro Hikes CEO Salary Up 34.5% to Rs 182 mn

Wipro chief executive Abidali Z Neemuchwala saw his pay package growing over 34 per cent to Rs 182.3 million (Rs 18.23 crore) during FY2017-18 compared to the previous financial year, as per the company's annual report. According to the report, Neemuchwala who was paid in US dollars received an equivalent of Rs 62.9 million (Rs 6.29 crore) in gross salary, Rs 17 million (Rs 1.70 crore) in variable pay, Rs 102 million (Rs 10.2 crore) in other annual compensation along with other perks, taking his total compensation to Rs 182.3 million (Rs 18.23 crore) for FY2017-18. Wipro's Chief Strategy Officer (CSO) and Azim Premji son Rishad A Premji's compensation also grew by more than 250 percent to Rs 58 million (Rs 5.8 crore) in the said financial year. Rashid Premji received Rs 9.3 millio...
Indian Economy Suffers a Loss of $3 bn due to Internet
INDIA

Indian Economy Suffers a Loss of $3 bn due to Internet

According to a study by Indian Council for Research on International Economic Relations (ICRIER), Indian economy is estimated to have suffered a loss of USD 3 billion due to internet shutdown from 2012-17. The study was conducted to observe the internet shutdown across various devices and ecosystems linked to them. Rajat Kathuria, director and chief executive at ICRIER said, A total of 16,315 hours of Internet shutdown in India cost the economy approximately USD 3.04 billion during the period 2012 to 2017. According to a detailed report on Anatomy of an Internet Blackout, 12,615 hours of mobile internet shutdowns in India costs economy approximately USD 2.37 billion while 3,700 hours of mobile and fixed internet shutdowns in India have resulted in a loss of USD 678.4 million during...