India's top IT services exporters buck the trend to land multi-year contracts
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India's $250-billion technology outsourcing industry on Tuesday reinforced its leadership credentials with multi-year deal announcements by top three exporters - Tata Consultancy Services (TCS), Wipro and Tech Mahindra - in both traditional Anglophone markets of the US and the UK and continental Europe.This comes despite the recent circumspect global commentary over demand and slowing organic revenue growth.TCS, India's biggest software service outsourcing company by market value, and UK-based airline Virgin Atlantic extended their technology partnership for another seven years, aiming to drive AI-led airline operations. The renewed agreement builds on the 20-year collaboration between the two companies.Separately, Wipro and Tech Mahindra also signed multi-year deals Wipro signed on US-based identity-centric security solutions provider Entrust, while Tech Mahindra in a deal with the Netherlands-based multi-service utility provider Hanab.Financial details of the deals were not disclosed, however.Several firms are witnessing a reduction in deal sizes owing to slower demand and AI-led efficiencies cutting down deal tenures and thereby passing productivity benefits to customers impacting margins.The above deal announcements include streamlining IT operations through AI and next-generation technologies.TCS said it will modernize Virgin Atlantic's core systems with a cloud-first, AI-led digital core along with a Technology Command Centre, co-developed by the two companies, that will serve as the operational brain of the airline. It aims to offer real-time insights to improve decision-making and enable frontline employees with contextual data.While Wipro will help Entrust to manage to reduce IT costs and scale its operations and accelerate growth by providing support for product development, infrastructure services, and application modernisation, Tech Mahindra will help modernise the IT infrastructure for Hanab.
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