TCS is Setting Up A 37-Acre Campus in Kochi

Tata Consultancy Services (TCS) is setting up a 37-acre campus at the Kinfra electronics manufacturing cluster in Kochi. This new campus is expected to create around 10,000 jobs. TCS will invest Rs 690 crore in this project, which aims to focus on electronics R&D and IT/ITeS.

Additionally, TCS is also looking for office space at InfoPark in Kochi to meet its immediate need for 5,000 seats. The government is facilitating this expansion by helping TCS find suitable space across tech parks in Kochi, Thiruvananthapuram, and Koz2whikode.

The Kerala government is in talks with a few large developers in the tech hub to help the company find space early.

Tata Consultancy Services (TCS) has been expanding its presence in Kerala. The state government is actively facilitating TCS's expansion by helping the company find suitable space across tech parks in Kochi, Thiruvananthapuram, and Kozhikode.

The government is expanding the Smart City project in Kakkanad to provide more space for IT companies. There are ongoing discussions to acquire land for the expansion of a cyberpark in Kozhikode to meet the increasing demand from investors.

TCS has a major development center at Technopark, Thiruvananthapuram, which is one of the largest IT parks in India. This center focuses on various IT services, consulting, and business solutions.

In 2014, TCS has set up the world's largest corporate learning and development center in Thiruvananthapuram. This campus has a capacity to train 50,000 IT professionals annually and is spread over 97 acres.

The Kinfra Electronics Manufacturing Cluster (EMC) in Kochi is a premier industrial zone aimed at advancing India's electronics manufacturing capabilities.

Situated in Kakkanad, Kochi, the park benefits from proximity to Cochin International Airport, Cochin Port, and NH 544, ensuring excellent connectivity for logistics and supply chain efficiency. The park supports high-quality manufacturing of electronic goods, including smartphones, LED lights, communication devices, and other consumer electronics.

USD 9Bn Worth Software Firm Altair is Looking to Get Acquired

Altair Engineering, a prominent engineering software firm based in Troy, Michigan, is currently exploring a potential sale. The company, which has a market value of nearly $9 billion, has received acquisition interest and is working with investment bankers to gauge interest from potential suitors.

Some of the potential bidders include rival design software makers such as PTC and Cadence Design Systems. Altair's shares surged by over 14% following the news of the potential sale.

Founded in 1985, Altair provides a range of software solutions, including computer-aided engineering software that helps engineers design, analyze, and manufacture products. The company's founder, James Scapa, who also serves as the chairman and CEO, controls a significant portion of the voting stock.

Altair Engineering is exploring a potential sale primarily due to acquisition interest from several potential bidders. The company's strong market position, recent revenue growth, and attractive valuation have made it an appealing target for acquisition.

If the reported sales talks are successful, a deal could be signed in coming weeks, however a acquisition or sale transaction is not guaranteed and Altair may choose to stay independent.

Additionally, Altair's founder and CEO, James Scapa, controls a significant portion of the voting stock, which could facilitate the sale process.

The ongoing consolidation in the engineering software industry, driven by the need for advanced technologies and market expansion, is making Engineering Software Companies an attractive acquisition targets as investors bet on companies that could benefit from the boom in Artificial Intelligence (AI).

This year in January, chip-design company Synopsys agreed to buy design software firm Ansys in a deal worth about $35 billion. Later in Accenture has acquired Excelmax Technologies, a semiconductor design services provider based in Bengaluru, India.

Founded in 1985 by James R. Scapa, George Christ, and Mark Kistner in Troy, Michigan, Altair Engineering initially started as an engineering consulting firm. Over the years, it branched out into product development and computer-aided engineering (CAE) software. Some of its early software products, like HyperWorks, OptiStruct, and HyperMesh, became widely used in the automotive industry.

The latest version of HyperWorks 2023 includes exciting updates to physicsAI, which streamlines the process of training machine learning models from historical data.

In its most recent quarterly earnings report, Altair posted an 8% rise in software revenue to $135.4 million.

Indian IT Firms See Fewer Young Faces—A Shift in Workforce Dynamics

Two of Indian IT giants – TCS and Infosys – have seen a notable drop in employees under 30 in recent years. TCS's share of young workers fell from 59% in FY22 to 50.3% in FY24, while Infosys saw a decline from 60% to 55%.

This shift is largely due to lower hiring of freshers following the post-pandemic hiring surge. IT firms had aggressively recruited to meet booming demand, but as growth expectations slowed, fresher intake dropped. Additionally, rising interest rates have tempered demand for IT services, leading companies to skip campus placements and focus on experienced talent.

Interestingly, while the share of young employees has declined, the proportion of senior employees over 50 has increased. This could be a temporary trend, as IT firms typically prefer a higher share of young staff to keep wage bills lower. If growth picks up, fresher hiring might rebound.

The decline in young employees at TCS and Infosys has been analyzed by multiple sources. Mint conducted a detailed analysis of workforce trends, highlighting the drop in employees under 30. Additionally, TechGig has reported on the shift, citing industry experts on the reasons behind reduced fresher hiring.

This decline in young employees isn't just limited to TCS and Infosys —it's a broader trend across the IT sector. Many Indian IT Firms have reduced fresher hiring due to slower growth expectations and rising interest rates, which have tempered demand for IT services.

For example, Wipro and HCL Tech have also seen a drop in the proportion of employees under 30, though exact figures vary. The post-pandemic hiring surge led to an overstaffing situation, and now companies are adjusting their workforce composition. Some firms have even skipped campus placements, focusing instead on experienced professionals.

What do you think—could this shift impact innovation and workplace dynamics in the long run? Do comment below....

Indian IT companies have been expanding their presence in Brazil, leveraging the country's potential as a significant market in Latin America. Some of the largest Indian IT service providers, such as Tech Mahindra, Tata Consultancy Services (TCS), Wipro, and HCL, have established operations in Brazil.

TCS, which has been operating in Brazil for over two decades, has recently announced a new delivery center in Londrina, Paraná, Brazil.

The Brazilian IT market is the seventh-largest in the world and was valued at US$60 billion in 2014, with a growth rate higher than the global average. This growth potential is a significant factor attracting Indian IT companies to Brazil.

The Brazilian domestic market is already larger than that of India. In 2014, Brazil's IT market had an investment growth of 4.04% and represents 46% of the IT market in Latin America, making it an attractive destination for IT companies. Indian IT Services companies are not only serving the local Brazilian market but also providing services to global clients.

For instance, Infosys opened a development center in Nova Lima, Minas Gerais, in 2009, focusing on management consulting, IT solutions, and business process outsourcing (BPO), particularly in SAP and Oracle's ERP systems. TCS, being the largest Indian IT company in Brazil, accounted for 20% of its turnover in Latin America in 2013 and aimed to raise its revenues in the region to US$1 billion by 2016.

Moreover, the Consulate General of India in Sao Paulo has noted that the NRI community in Brazil primarily includes professionals working in the local offices of Indian companies, primarily in the IT and Pharma sectors. This indicates a robust presence and integration of Indian IT professionals in the Brazilian market.

The engagement between Indian and Brazilian companies is expected to grow, with technology playing a crucial role in overcoming barriers such as language and distance, fostering stronger trade partnerships.

Market Size of Brazilian IT Services Sector 

The IT Services market in Brazil is projected to reach US$20.80 billion in revenue in 2024. It is expected to show an annual growth rate (CAGR) of 7.51% from 2024 to 2028, resulting in a market volume of US$27.79 billion by 2028. The average spend per employee in the IT Services market is projected to be US$189.00 in 2024.

In a broader context, the Brazilian Information and Communications Technology (ICT) market was valued at US$82.26 billion in 2022 and is forecasted to grow at a compounded annual growth rate (CAGR) of 18.62% to reach US$193.20 billion by 2027. The cumulative revenue generation for ICT providers in Brazil is estimated at US$776.97 billion for the period from 2022 to 2027.

These figures reflect the significant growth potential and the expanding market size of IT services in Brazil.

Challenges faced by Indian IT companies in Brazil

Indian IT companies face several challenges in the Brazilian market. Some of the key obstacles include:

• Bureaucracy: The Brazilian market is known for its complex regulatory environment, which can be challenging for foreign companies to navigate.
• Tax Burden: High taxes can significantly increase the cost of doing business in Brazil.
• High Labor Costs: Compared to other markets, labor costs in Brazil are relatively high, which can affect profitability.
• Qualified Workforce: Finding a qualified workforce that is also fluent in languages other than Portuguese, especially English, is a difficulty that Indian IT companies encounter.
• Economic and Political Uncertainty: Fluctuations in the economic and political landscape can pose risks to stable operations and growth.
• Infrastructure Shortages: Despite significant investments in the tech sector, Brazil still faces challenges related to infrastructure. 
• Regulatory and Tax Barriers: Navigating the tech landscape requires careful consideration of regulatory and tax barriers to take advantage of growth opportunities

These challenges require Indian IT companies to adapt and develop strategies that can overcome these hurdles to successfully operate and grow in the Brazilian IT market.

Strength Areas of Indian IT Companies in Brazilian Market

Indian IT firms in Brazil have shown particular strength in several sectors, as below:

ERP Systems: Companies like Infosys have focused on management consulting with a specialization in SAP and Oracle's enterprise resource planning (ERP) systems. 

IT Solutions and BPO: Development of IT solutions and business process outsourcing are also areas where Indian IT firms have established a strong presence. 

Cloud Computing and Big Data: TCS has focused on services related to mobile internet, cloud computing, big data, and high-performance computing¹.

Application Development and Maintenance: Wipro has a global delivery center in Curitiba, offering a range of IT services including development and maintenance of applications (Oracle and SAP), IT infrastructure management, big data and analytics, cloud computing, and outsourcing.

These sectors are critical for the growth of Indian IT companies in Brazil, as they align with the country's IT market demands and the expertise these firms bring from their global experience.

Major Indian IT Companies in Brazil

1. Tata Consultancy Services (TCS): TCS is one of the largest Indian IT companies and has a significant presence in Brazil.

TCS accounted for 20% of its turnover in Latin America from Brazil in 2013. The company's goal is to raise its revenues in the region to US$1 billion by 2016, reaching 4% of global turnover. TCS has a development center in Tambore, São Paulo, focusing on services related to mobile Internet, cloud computing, big data, and high-performance computing.

2. Infosys: Infosys, the second-largest Indian IT company, opened a development center in Brazil in Nova Lima, Minas Gerais, in 2009. Initially, the aim was to provide services for multinational customers based in Brazil. Infosys acquired Lodestone in 2012, specializing in the SAP system.

Currently, Infosys offers various lines of IT services in Brazil, including management consulting focused on SAP and Oracle's enterprise resource planning (ERP) systems, IT solutions development, and business process outsourcing (BPO). They have around 1,000 employees in Brazil and maintain local operations in Mexico, Argentina, and Costa Rica.

3. Tech Mahindra: Tech Mahindra is another Indian IT giant that has expanded its operations in Brazil. Tech Mahindra entered Latin America in 2010, and is part of the growing trend of Indian IT companies investing in Brazil. In 2013, Mahindra Satyam, which has now merged with Tech Mahindra, acquired a controlling stake in Brazilian SAP consulting firm Complex IT. Latin America is a key market for the Tech Mahindra in terms of retail, aerospace and defence domains

4. Wipro and HCL: These companies have also started operations in Brazil to serve both the local market and global clients. However, further details about their specific services and impact in Brazil are not provided here.

The growth in the number of Indian IT companies in Brazil has been notable. Major Indian companies such have established their presence in Brazil, particularly in cities like São Paulo. This expansion is part of a broader trend of increasing economic cooperation between India and Brazil, with both countries recognizing the importance of entrepreneurship and investment in each other's markets.

In recent years, the bilateral relationship has intensified, with high-level engagements and the signing of multiple MoUs and agreements in various sectors, including IT. The mutual investment stock between Brazil and India is around USD 7 billion, indicating significant economic ties. The presence of Indian IT firms in Brazil is a reflection of this growing partnership and the opportunities both countries see in the technology sector.

Aramco Digital and LTIMindtree Partner To Launch An IT Services Company in Saudi Arabia

Aramco Digital, the digital and technology subsidiary of Aramco, and LTIMindtree are partnering for launching an IT services company in Kingdom of Saudi Arabia.

The joint venture, being formed under the Aramco Namaat Industrial Investments Program, aims to accelerate digital transformation and provide IT services in the Kingdom of Saudi Arabia and the MENA region.

LTIMindtree has reportedly acquired a 51% stake in a joint venture with Aramco Digital, a subsidiary of Saudi Aramco.

The future company would showcase innovation in action, including disruptive digital services, and transformative industry 4.0 systems integration capabilities. This collaboration is expected to support the Kingdom’s Vision 2030 by creating highly skilled jobs for Saudis in this sector.

Nabil Al Nuaim, Aramco Senior Vice President of Digital and Information Technology and a board member of Aramco Digital said, “This is a pivotal partnership effort to leverage the power of digital transformation and unlock unprecedented opportunities for innovation and sustainability in the region. The joint venture aims to foster the localization of the IT services vital sector, create valuable jobs, and pave the way for a brighter future in the Kingdom.”

Sudhir Chaturvedi, President and Executive Board Member, LTIMindtree said, “LTIMindtree is fully aligned with the Saudi Vision 2030. We are pleased to have been selected as the trusted partner for the joint venture. KSA and MENA are amongst the fastest growing regions globally in the adoption of new technologies. We are committed to delivering new technology-led growth to the region. With Aramco Digital, we will bring our global capabilities and expertise and leverage new technologies to deliver digital transformation suitable for giga projects, the government sector, high growth industries, energy, manufacturing, and the financial services sector.”

Aramco Digital CEO, Tareq Amin said, “We are excited about this collaboration, which will align with Aramco Digital’s solutions offerings, which capitalize on high demand for customized and scalable solutions. The powerful combination of Aramco Digital’s business, coupled with LTIMindtree’s deep engineering capabilities and customer experience solutions, has the potential to unlock tremendous value for the region. It reinforces our joint efforts to support Vision 2030 and deliver world-class and sustainable value to our customers and employees, while working toward creating local jobs and expertise with a competitive edge.”

Swiss Manufacturer KWC Selects Tech Mahindra for Its End-to-End IT Services

Multi–year partnership to transform KWC’s existing IT operations by providing agile, scalable, resilient, and intelligent tech support

Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, today announced that it has been selected as a strategic partner for KWC Group AG, an international premium manufacturer of taps and comprehensive sanitary solutions. With this partnership, Tech Mahindra will support a significant part of KWC's end-to-end IT services, harmonising and consolidating the current services to one dedicated supplier.

Tech Mahindra is set to play a pivotal role in KWC's business transformation journey, enhancing operational efficiency through automated IT operations across business applications and global IT infrastructure. As a strategic partner, Tech Mahindra will standardise global system management and provide end-user services, aiming to boost operational efficiencies throughout KWC's value chain. Additionally, the organisation will be responsible for managing KWC's end-to-end IT operations, with a focus on customer centricity and measurable business growth, thereby ensuring the delivery of world-class customer experiences.

Mukul Dhyani, Business Head, Continental Europe at Tech Mahindra, said, "As operating challenges intensify, a consolidated managed services approach to critical functions can deliver better business outcomes and drive growth. We look forward to supporting KWC's business transformation journey by providing operational excellence, speed, and agility to achieve their business goals. This partnership is yet another milestone and testament to our growing footprint in Switzerland and the DACH region."

KWC has achieved significant achievements as of the end of 2022, following its acquisition by Equistone in the previous year. Using SAP Public Cloud solutions, KWC has successfully delivered a fully cloud-based landscape for its Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Product Data Management (PDM), Human Resources (HR), and marketing applications. This cloud infrastructure is now operational for all entities, spanning China, the Middle East, and Europe. As part of the partnership, Tech Mahindra will assist KWC in consolidating all business applications and infrastructure domains, aiming to drive operational efficiency and innovation.

Menno Vlietstra, Group Head of IT at KWC, said, "Building a strong partnership with one of the leading IT providers allows for better cost-effectiveness, greater innovation and enables our organisation to stay competitive in the rapidly evolving digital landscape. The partnership with Tech Mahindra will help us to speed up the transformation, ensure up-to-date IT services, and increase flexibility at a lower cost."

The partnership with KWC is in line with Tech Mahindra’s NXT.NOWTM framework, which enhances the 'Human Centric Experience' and focuses on investing in emerging technologies and solutions that enable digital transformation to meet the evolving needs of its customers.

About KWC Group AG

KWC Group AG is an international premium manufacturer of taps and comprehensive sanitary solutions. The Group manufactures high-quality products for domestic consumers, (semi-)public institutions and the medical sector at six locations throughout Europe and Asia. The headquarters of KWC Group AG are in Unterkulm, Switzerland. The Group employs more than 1000 staff worldwide.

About Tech Mahindra

Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates, and society to Rise for a more equal world, future readiness, and value creation. It is a USD 6.5+ Billion organisation with 146000+ professionals across 90 countries helping 1250+ global customers, including Fortune 500 companies. It is focused on leveraging next-generation technologies including 5G, Metaverse, Blockchain, Quantum Computing, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers. It is the first Indian company in the world to have been awarded the Sustainable Markets Initiative’s Terra Carta Seal, which recognises global companies that are actively leading the charge to create a climate and nature-positive future. It is the fastest growing brand globally in ‘brand value rank’ and among the top 7 IT brands globally in brand strength with AA+ rating. With its NXT.NOW™ framework, Tech Mahindra aims to enhance ‘Human Centric Experience’ for its ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. It aims at delivering tomorrow’s experiences today and believes that the ‘Future is Now’.

Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies with 260000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Infosys Among Top 3 IT Services Brand Globally

Infosys, a Top 3 IT services brand globally. Leads the IT services industry with the fastest CAGR in brand value over 5 years. Infosys’ Salil Parekh is the no.1 IT services CEO in Brand Guardianship Index 2024

Infosys has today announced that it has been recognized as the Top 3 IT services brand globally and the fastest growing IT services brand over a 5 year period, according to Brand Finance, the world’s leading brand valuation firm, in its Brand Finance Global 500 2024 report. Infosys brand value has more than doubled in last 5 years, and at over US$14 billion in 2024, Infosys is ranked as #145 most valuable brand in the world.

Infosys’ Chief Executive Officer, Salil Parekh, tops the IT services ranking in Brand Finance's Brand Guardianship Index (BGI) 2024 for the role of CEO as brand custodian and steward of long-term shareholder value. The Index is based on Brand Finance’s analysis of current perceptions, tangible results of these perceptions, and investments made to support future performance.

“We are delighted with this recognition and see it as another reinforcement of Infosys living its brand promise to help its stakeholders to navigate and thrive in an AI-first world,” said Sumit Virmani, Global Chief Marketing Officer, Infosys. “The core purpose of our brand is to amplify human potential and create the next opportunity for everyone. With the evolution in the technology landscape, we remain committed to leveraging its shifting capabilities to move people, businesses and communities forward”.

For the third year in a row, Brand Finance has positioned Infosys among the world’s top 3 most valuable IT services brands. This is a strong validation of Infosys’ relevance in the fast-evolving digital services space where brands are differentiated by the credibility of their value proposition in emerging areas like generative AI and foundational technologies like cloud. Investments like the launch of its generative AI-powered services, solutions and platforms brand – Infosys Topaz – has served to create positive association for Infosys with the next generation of digital transformation.

David Haigh, CEO and Chairman of Brand Finance, commented, “Progressive brands, like Infosys, continue to invest through the downturn. Infosys’ investments have included building strategic partnerships, multi-sensory experiences, and the creation of strong sub brands in emerging categories, while nurturing a strong brand and business impact framework for marketing effectiveness. I’d also like to congratulate Salil Parekh who has guided this transformation and tops the 2024 Brand Guardianship Index, in the category.”

Infosys, recently, onboarded tennis icons Rafael Nadal and Iga Świątek as brand ambassadors, and launched its ‘Champions Evolve’ campaign. With a strong track record in forging collaborations and brand partnerships to digitally reimagine tennis, these ambassadors of the sport now also credibly serve as the face of the Infosys brand.

Infosys’ focus on brand thrust is strengthening through its strategic collaborations with the Madison Square Garden, including key MSG properties New York Knicks, New York Rangers and the Madison Square Garden Arena, the ATP, Roland Garros, the Australian Open, International Tennis Hall of Fame as well as Dow Jones, The Economist, Financial Times and Bloomberg Media.

Brand Infosys continues to be guided by its larger purpose and deliver on the commitments articulated in its ESG Vision 2030. For example, Infosys Springboard – the company’s flagship reskilling program, with free digital content served globally, already has 8.5 million registered learners amplifying their skills in preparation for an AI-first future. Infosys continues to be carbon neutral for four years now. The brand has been commended for demonstrating extraordinary leadership and community impact. Infosys was featured at #11 in Fortune’s Change the World List for 2023.

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Infosys Announces New 2,65,000 Sq. Ft. Development Center in Nagpur

Infosys Japan (used for representation) 

With over INR 230 crore investment, the 265,000 sq. ft. unique state-of-the-art building is an integration of art and science

New center to accommodate over 3,000 employees, in alignment with Infosys’ future-ready hybrid workplace strategy

Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, has announced the inauguration of a new state-of-the-art development center (DC) at the Mihan-SEZ in Nagpur, Maharashtra. Spread across 265,000 sq.ft., Infosys has invested over INR 230 crore in the development of this facility, which will provide greater flexibility for employees to work in a hybrid mode and enable re-skilling and up-skilling of local talent. The new center will also give employees the opportunity to work on next-gen technologies like cloud, AI, and digital across multiple industries, such as telecommunications, banking, retail, aerospace, automobile, logistics, and manufacturing, among others.

The DC was inaugurated by Hon’ble Union Minister Shri Nitin Gadkari, Hon’ble Deputy Chief Minister of Maharashtra Shri Devendra Fadnavis, in the presence of Mr. Nilanjan Roy, Chief Financial Officer, Infosys, Mr. Sunil Kumar Dhareshwar, Executive Vice President, Infosys, Mr. Tarang Puranik, Senior Vice President, Infosys, and Mr. Niladri Prasad Mishra, Vice President, Infosys, and other senior government officials.

The DC, which will accommodate over 3,000 employees, is aligned with Infosys’ future-ready hybrid workplace strategy. Additionally, in line with Infosys’ ESG commitments and green building standards, the office follows the highest standards of occupant health as well as efficiency, and uses innovative systems to reduce consumption of natural resources like energy, water, etc. The campus facilitates low-energy cooling, smart building automation, efficient rainwater harvesting, and 100% recycling of wastewater.

Shri Nitin Gadkari, Hon’ble Union Minister, Government of India, said, "The inauguration of the new Infosys development center in Nagpur is a significant milestone for the city's growth trajectory. The center will serve as a catalyst for ecosystem development and is a testament to our vision of creating an environment for world-class IT services and solutions in the city. We are confident that Infosys’ Nagpur DC will create employment opportunities and contribute to the growth of the state's IT sector."

Inaugurated the @Infosys state-of-the-art office building in Mihan, Nagpur today. Maharashtra Deputy Chief Minister Shri @Dev_Fadnavis Ji, MP Shri Krupal Tumane Ji, and Infosys CFO Shri Nilanjan Roy Ji were present at the ceremony.

The entry of prominent MNCs like Infosys into… pic.twitter.com/akFWa4U4W9

— Nitin Gadkari (@nitin_gadkari) December 16, 2023

Shri Devendra Fadnavis, Hon’ble Deputy Chief Minister of Maharashtra, said, "We are proud that Infosys has put Nagpur on its global development center map with the commencement of operations at its state-of-the-art development center. I am absolutely delighted to see Infosys's commitment to green practices and sustainability which has been a key design factor in developing this center. This is in line with our State/National vision for a better future. We look forward to a fruitful collaboration with Infosys in the years to come."

Nilanjan Roy, Chief Financial Officer, Infosys, said, “The inauguration of the development center in Nagpur is a part of our commitment towards continuous innovation. We believe that this center will contribute to the growth of businesses, create direct and indirect job opportunities, promote sustainability and ecosystem development, and give an impetus to local and global businesses through its cutting-edge solutions and services."

Infosys Expands Its Footprint in Europe with a New Proximity Center in Sofia, Bulgaria

To Help Accelerate AI and Cloud-led Digital Journeys for Clients in the Region

The company commits to growing its local workforce to 500 employees over the next four years

Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, today announced a new proximity center in Sofia, Bulgaria as part of its continued growth in Europe. In line with Infosys’ strategy to amplify human potential hiring local talent, the new state of the art center will enable Infosys to attract, re-skill, and up-skill 500 new employees. Over the course of the next four years, these new employees will work on global opportunities around next-gen digital technologies including Infosys Cobalt Cloud Solutions, Infosys Topaz AI & Automation, Data and Insights, IoT, 5G, and software engineering.

Bulgaria has built a reputation as an attractive market for IT development thanks to its advanced IT infrastructure, strong pool of local IT specialists and excellent IT knowledge. Located in the nation’s capital, this center will provide an ideal environment for companies spanning various sectors such as financial services and retail, both within Bulgaria and throughout Europe, to convene and drive digital transformation efforts. Partnering with these organizations, the center will serve as a hub for ideating, incubating, creating, and scaling innovative emerging technology-based solutions.

Serving global and European customers, the center will support customers accelerate their AI and Cloud-led digital journeys and will further strengthen Infosys’ existing client relationships in Europe, particularly in manufacturing, retail and financial services sectors. Infosys will also use this center to rapidly scale up teams across digital and analytical capabilities as well as SAP and cloud.

Milena Stoycheva - Minister of Innovation and Growth, Bulgarian Government, said, "The opening of the new Centre in Sofia is a testament to Infosys’ commitment to fostering talent in our country. With a commitment to employing a 500 strong workforce over the next four years, we’re excited to see the company contribute to our local economy and bring new skills and opportunities for talent working in the technology sector.”

Kosta Cholakov, Chief Executive Officer, DZI Insurance, said, “Infosys is one of our strategic partners on our digital transformation journey and we’re thrilled to see Infosys expand its presence to Bulgaria, moving ever closer to its clients. We look forward to continuing collaborating together driving innovation with next generation technologies throughout our organization, underpinned by the wealth of talent and expertise.”

Dinesh Rao, Executive Vice President, Co-Head of Delivery, Infosys, said, “We are dedicated to continuing to grow our footprint in Europe to bring our capabilities, skills and expertise ever closer to our clients. Bulgaria is renowned for its excellent IT talent, and we’re excited to build an exemplary workforce that meets the demands for next generation skills and solutions, with a focus on catalyzing progress of our client’s AI and cloud first transformation. Bringing together the strength of local talent with our industry-leading expertise and innovation we’re confident the new center will serve as a hub of innovation to help shape digital Europe.”

Infosys Opens New 83,750 Sq.Ft. Development Center in Visakhapatnam

Infosys, a global leader in next-generation digital services and consulting, today announced the inauguration of its latest state-of-the-art development center (DC) in Visakhapatnam, Andhra Pradesh. Spread across 83,750 sq. ft., the Visakhapatnam DC will provide greater flexibility to employees to work in a hybrid mode, and closer to their home. The new center will enable Infosys to also attract, re-skill, and up-skill local talent to work on global opportunities through next-gen technologies like Cloud, AI, and Digital.

The Development Center was inaugurated by Hon’ble Chief Minister of Andhra Pradesh, Shri YS Jagan Mohan Reddy, in the presence of Shri Gudivada Amarnath, IT Minister of the Government of Andhra Pradesh, Smt Vidadala Rajini, Minister for Health, Family Welfare & Medical Education, Government of Andhra Pradesh, Mr. Nilanjan Roy, Chief Financial Officer, Infosys, Mr. Niladri Prasad Mishra, Vice President, Infosys, and Mr. Raghu Boddupally, Vice President, Infosys, and other senior government officials.

The DC, which will accommodate approximately 1,000 employees, is aligned with Infosys’ future-ready hybrid workplace strategy. Additionally, in alignment with Infosys’ ESG commitments and green building standards, the office is constructed to be efficient in terms of energy and water usage, as well as waste management.

#InfosysInVizag#YSJaganDevelopsAP pic.twitter.com/Ke6cCdLumC

— vijay a (@vijaya271255780) October 16, 2023

Shri YS Jagan Mohan Reddy, Hon’ble Chief Minister of Andhra Pradesh, said, “The inauguration of Infosys’ Visakhapatnam DC is a landmark moment in the city’s growth story. We acknowledge the support of Infosys in giving impetus to the city’s IT landscape and developing its overall ecosystem through community building. We are confident that this center will not only give a massive boost to employment in the city but will also strengthen Visakhapatnam’s sustainability story through Infosys’ ESG commitments and efforts.”

Nilanjan Roy, Chief Financial Officer, Infosys, said, “Aimed at bringing the workspace closer to Infoscions, this center will further our approach towards creating hybrid workplaces, and also offer new opportunities to the local talent pool. Visakhapatnam has developed into a favorable investment destination, and we are very grateful to the State Government of Andhra Pradesh for extending their support as we commence our operations here.”

Infosys Inks $2 Bn Deal with Existing Client for AI and Automotion Development

Indian IT giant, Infosys, said that it has signed a deal with an undisclosed existing client to provide artificial intelligence (AI) and automation development services. 

In an exchange filing, Infosys said that it has entered into framework agreement with one of its existing strategic clients to provide AI and automation led development, modernization and maintenance services. The total client target spend over 5 years is estimated at USD 2 Billion.

The announcement comes days before Infosys is set to report its first-quarter earnings. Infosys did not share details on the client or the agreement.

In last few months, Infosys has also signed other major deals such as — British oil & gas company BP's deal worth $1.5 billion and a $454 million deal with Danske Bank.

Infosys, which is India's second-largest software services exporter, has its flagship product "Infosys Topaz" - An AI-first offering to accelerate business value for global enterprises using generative AI, which was launched in May this year.

Infosys will announce results for the first quarter ended June 30, 2023 on Thursday, July 20, 2023 around 3.45 p.m (IST).

Lilikoi USA to Acquire 51% Stake in Dev IT

This strategic acquisition in DEV IT will boost the company's presence in North American markets directly and tap into global business opportunities. It will facilitate growth in Digital Transformation services via Cloud, Blockchain and other existing services while adding IoT-led business to the revenues.

Dev Information Technology Limited (DEV IT), one of the India’s growing IT companies, today announced that LT1, Inc, a wholly owned step down subsidiary of Lilikoi Holdings, Inc (USA), has acquired a controlling stake in DEV IT in an all cash deal. It is a win-win strategic collaboration between Lilikoi and DEV IT which aims to integrate the vision of Lilikoi, to become a unique IoT and AI wireless ecosystem providers, with the software service capabilities of DEV IT.

Through acquisitions and in-house expertise, Lilikoi is creating a unique ecosystem to design, engineer, manufacture, and support their IoT devices, edge devices, base stations, repeaters, and seamlessly integrate various technologies and solutions. Their software engineering capabilities include skill sets in Managed Cloud Services, Business Intelligence, Digital Transformation, Mobile ecosystem, etc. to name a few. This perfectly aligns with DEV IT’s core expertise and thus, will be strengthened further through this strategic acquisition.

DEV IT, an India-based ITeS company, founded in 1997 and also having its presence in Canada, has since established itself as a reputable player in the IT industry as Technology Solutions Provider delivering Digital Transformation leveraging Cloud, Automation and Data technologies. Listed on NSE and BSE, DEV IT is a CMMi Level 3 appraised company, certified with ISO 27001, ISO 20000, ISO 9001 and providing broad range of IT solutions and services to the clients across the globe as well as esteem public sector clientele across India.

Lilikoi’s vision is to become a unique AI enabled IoT wireless ecosystem provider, delivering mission-critical, actionable intelligence of the targeted assets using its private, secure, and exclusive IoT wireless infrastructure. The leadership team at Lilikoi has over 300+ man years of entrepreneurial experience, excellence, and expertise in managing disruptive technology businesses in different industry disciplines including in telecom, mission-critical communication, wireless infrastructure and ecosystem solution services, exclusive IoT / AI technologies, commercial real estate / smart building technology platform and managed services, agriculture technologies, healthcare application services, hardware / software and network engineering, cloud infrastructure managed services, electronic manufacturing, data center driven digital transformation with full life cycle enterprise managed IT services.

Commenting on the development, Mr. Pranav Pandya, Chairman said “We are excited at this development with Lilikoi. This alliance is going to benefit DEV IT in many ways which shall include an increase in our technology spectrum, entry into new businesses via access to Lilikoi group companies’ clientele, and shall provide strong opportunity to DEV IT to expand its presence in USA, Canada, Australia and many other developed geographies in addition to maintaining its strong presence in India. We expect that this development and systemic changes stemming from this alliance shall help us in improving our revenue mix and profitability as we grow.”

Mr. Sanjay Patel, Founder & CEO of Lilikoi said, “In DEV IT, we find a perf7ect blend of technical skills with service capabilities to deploy our solutions in North America and other developed geographies. We are excited to share our vision, of being unique AI enabled IoT wireless ecosystem provider, with the promoters of DEV IT and leverage their ITeS capabilities to provide efficient and expeditious solutions to our target clientele.”.

This transaction envisages a transformation of DEV IT from a conventional software development and ITeS company into a diversified, IoT / AI driven software engineering company meeting the next-gen turnkey system integration requirements of the global clientele.

As part of the agreement signed with Lilikoi, there shall be no material changes to the management framework of DEV IT and the current promoters and senior management of DEV IT shall retain their managerial and Board positions. This strategic acquisition will ensure benefits to all four-dimensions of the company - shareholders, employees, customers & aligned stakeholders and promoters.

Vivro Financial Services Private Limited is the Advisor and Merchant Banker to the Transaction and Dhinal Shah Associates is appointed as the Legal and Tax Advisor to the Transaction.

For More Information:

DEV IT: www.devitpl.com

Lilikoi Technologies: www.lilikoitechnologies.com

Disclaimer

This document may contain certain forward-looking statements within the meaning of applicable securities law and regulations. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward‐looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward‐looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. Many factors could cause the actual results, performances, or achievements of the Company to be materially different from any future results, performances, or achievements. Significant factors that could make a difference to the Company’s operations include domestic and international economic conditions, changes in government regulations, tax regime and other statutes. The Company does not undertake to revise any forward‐ looking statement that may be made from time to time by or on behalf of the Company. 

3i Infotech Clocks Revenue of Rs 182.3 Cr with 10% YoY Growth in Q3 FY23

Thompson P Gnanam

• To invest in new service lines that offer 5G technologies offering with edge-ready computing
• Onboards 39 new logos in 9M FY23
• Will keenly focus on emerging verticals like EdTech, Agritech and Greentech
• The new order book for the quarter stood at Rs 39.5 crore. 

3i Infotech Limited (BSE: 532628, NSE: 3IINFOLTD), a leading digital transformation and technology solutions provider company, announced its consolidated financial results for the Third Quarter and Nine Months of FY23 ended December 31st, 2022. The company reported a consolidated revenue of Rs 182.3 crore with 10% YoY and 2.9% quarter-on-quarter growth, with a gross margin of 12.7 %. Having onboarded 39 new logos in 9M FY23, the company also announced its potential to develop an order book of Rs.100 crore based on their new product platform. Moving forward, 3i Infotech’s revenue mix will shift from classic enterprises to the next generation business. For the first nine months of the current fiscal year, revenues grew by 7.43 % to Rs. 538.7 crore with a gross margin of 11.4%.

3i Infotech aims to achieve US$ 1 Bn by 2030 by acting upon its Run, Grow & Build Model. The company has had a razor-sharp focus on cost optimization and has also been able to increase their topline while reducing the EBITDA losses simultaneously in the current financial year. On the business front, 3i Infotech has made rapid strides with key deals from both private and public enterprises that includes being rewarded the Rs 250 crore WiFi monetization project by RailTel Corporation of India Limited over the next 5 years and mega contract from Eureka Forbes for three years of DIMS services among others.

Key Financial Highlights

Quarter ended December 31st, 2022

• Operating Revenue was Rs 182.3 crore with 10% YoY and 2.9% QoQ growth
• EBITDA was Rs (3.1) crore with 14.8% QoQ growth
• Net Profit was grown to Rs 13 crore which is grown by YoY 35.7%. It was (22.6) Cr in same quarter last year

Nine Months ended December 31st, 2022

• Total Revenue was Rs 538.7 crore
• Net Profit was Rs 28.6 crore
• Net cash stood at Rs 80.8 crore

Other Business Highlights

• Q3 FY23 Revenues for Global Business Region was Rs.109.8 crore and has grown QoQ by 1.6% (including US, MEA, KSA, UK)
• In Q3FY23, Application-Automation-Analytics (AAA) was one of the highest revenues contributors with Rs 131.4 crore followed by Infrastructure Management Services revenues of Rs 23.7 crore
• In Q3 FY23 Revenues for India Region was Rs.67.3 crore and has grown YoY 35.2% and QoQ by 5.2%
• From a vertical standpoint, Banking & Financial Services (BFSI) is a major contributor in total revenue with a 35 % revenue share while Information Technology has a 33 % revenue share in Q3FY23
• Top 20 clients in Q3FY23 contributed Rs 71.1 crore which is 39 % of our total revenues
• 10 new customers win added in Q3FY23 primarily from BFSI sector
• Despite the headwind in US region, we are growing quarter on quarter. We have invested in new sales channel alliance/partnership in US and Middle East region for Digital and NxtGen business segment; the reward of these initiatives will start reflecting on revenues from Q4FY23. 

In tandem with its core service of providing seamless digital transformations with the NuRe led SMB strategy, 3i Infotech also reiterated on its promise to help enterprises be industry 4.0 ready. Along with BFSI, manufacturing (SMB and midmarket), retail, telecom, media, and entertainment sectors, 3i Infotech will also keenly focus on emerging industry verticals like EdTech, Agritech and Greentech.

3i Infotech will actively scale its operations across the global business region, which comprises of US, UK, Middle East, and Africa. With substantial initiative and directives in tech comprising of the launch of first ever Zero-Trust Sovereign Cloud in Malaysia and the unveiling of its first Centre of Excellence in Tirunelveli to bridge the industry gap with highly skilled engineers from the Tier II & III cities of India, 3i Infotech aims at a year with execution of new services and products, enhanced margins, and accelerated growth as a challenger.

Commenting on the Q3FY23 results, Mr. Thompson P. Gnanam, Managing Director and Global CEO, of 3i Infotech Limited, said: “The results for this quarter were in-line with our expectations. Despite macroeconomic uncertainty and furloughs in the quarter, we grew our revenue by 10% on a year-on-year basis. Our EBITDA margin is inching towards breakeven led by our focused cost rationalization strategy. We continue to remain focused on expanding our Edge computing capabilities, with the recent deal win of the RailTel WiFi Monetization Project being a key trigger to accelerate the momentum. While we see some macro issues and general weakness in the overall market, the demand environment continues to remain stable for us. The Company is slowly but surely transitioning to a services led portfolio offering with a focus on high growth and stable margins in the quarters to come.”

In the Q3FY23, the company has done restructuring at a global organization, eliminating non-profitable engagement, and cost rationalization in direct cost. Moving ahead, 3i Infotech will be investing in new service lines that offer 5G technologies offering with edge-ready computing for all emerging needs of the business.

About 3i Infotech Limited

Headquartered in Mumbai, India, since inception in 1993, 3i Infotech has been committed to driving business value across multiple industry verticals. 3i Infotech, today, has emerged as a leading name in propelling the current wave of digital transformation initiatives, with deep domain expertise across BFSI, Healthcare, Manufacturing, Education, Telecom, Media & Entertainment, Retail and Government sectors. The company has over 5600 employees in 30 offices, 15 countries and across 4 continents. With a digital and cloud-first approach, and a range of IT services and solutions encompassing 5G in Edge Computing, Cognitive AI/ML, Data Science and Analytics and Blockchain, 3i Infotech has successfully transformed business operations of 1,200+ customers across 50 countries. The company has a very strong foothold and client base in geographies like North America, India, Asia Pacific, Middle East, and Kingdom of Saudi Arabia.

Website: https://www.3i-infotech.com/

With Total Revenue of ~ $227 Bn, Indian IT Industry Directly Employs Around 51 Lakh Persons in FY 2021-22

Image - Daniele D'Andreti

In Fiscal year 2021-22, Indian Information Technology (IT) Industry directly employs around 51 lakh persons, most of which are IT skilled, and the total estimated revenue is USD 227 billion, as per National Association of Software and Services Companies (NASSCOM), said a press release by Ministry of Electronics & IT.

In addition, with increasing digitalization under the Digital India program in the last 7 years, other economic sectors have created large opportunities for digitally enabled jobs, said the relese.

The total revenue of Indian IT sector for the last three years is as under:

Financial Year	Revenue (USD in billion)
FY 2019-20	190
FY 2020-21	196
FY 2021-22 E	227
Estimated | Source: NASSCOM

As per report by Ministry of Electronics & IT on “India’s trillion-dollar digital opportunity”, India is poised to be a trillion dollar digital economy and could support 60 to 65 million digitally enabled jobs by 2025-26. Also, as per NASSCOM, the projected requirement of manpower by Indian IT industry itself by the year 2026 would be around 95 lakh, for India to maintain the growth momentum in IT sector and also of which 55 lakh will be digitally skilled across key digital technologies such as cloud computing, AI, big data analytics and IoT etc.

Some of the steps taken by industry include increased fresher hiring, expanding operations to tier-II/III cities. To develop the future work force in emerging digital skills, Ministry of Electronics & IT (MeitY) and National Association of Software and Services Companies (NASSCOM) have jointly initiated a programme titled “Future Skills PRIME (Programme for Re-skilling/Up-skilling of IT Manpower for Employability)” which aims to create a re-skilling/up-skilling ecosystem in futuristic technologies.

Under the Future Skills PRIME program so far, 8.20 Lakh candidates have registered on the Future Skills PRIME Portal, out of which, 1.36 Lakh candidates have completed their courses. Further, as per NASSCOM, some of the measures taken by industry for manpower planning and skill development training include alliances with academia for training the employee base, innovation and research &development across areas of emerging technologies, internal re-skilling programs and platforms, collaborations with other education technology companies.

This information was given by the Minister of State for Electronics & Information Technology, Shri Rajeev Chandrasekhar in a written reply to a question in Lok Sabha today.

Earlier in February, NASSCOM reported that the India IT industry revenues had grown by 2.3% to $194 billion in 2020-21. In its yearly strategic review for 2021-22, NASSCOM said the industry added 4.5 lakh new jobs to take the overall direct employees to 50 lakh people.

In June 2020. it was reported that the value of software exports by units registered under STPI crossed the Rs 46,550-crore mark during the coronavirus lockdown, and timely provisioning of business continuity plans and permissions kept operational impact to minimum.

Mindtree and LTI Announce Merger to Create "LTIMindtree" India’s Next Large-Scale IT Services Player

The Boards of Directors of Mindtree and LTI at their respective meetings held today approved a composite scheme of amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group. The proposed integration will see Mindtree and LTI join strengths to create an efficient and scaled up IT services provider exceeding $3.5 Bn. The transaction is subject to shareholder and regulatory approvals.

Both Mindtree and LTI have delivered market-leading financial performance and created value for shareholders. Given that recent industry shifts (e.g., prominence of large deals, preference for end-to-end offerings) are benefitting at-scale players, the two companies have decided that the time is appropriate to combine the strengths of both organizations to better serve the customers.

Significant scale benefits are anticipated through Mindtree and LTI’s complementary strengths resulting in a stronger portfolio of offerings across verticals. Enhanced customer engagement and delivery model through industrialization of delivery and streamlined value-enabling processes is expected to result in improvement in large deal capabilities. These opportunities will create a more distinctive employee value proposition and stronger partnerships with ecosystem players.

Upon the scheme becoming effective, all shareholders of Mindtree will be issued shares of LTI at the ratio of 73 shares of LTI for every 100 shares of Mindtree. The new shares of LTI so issued will be traded on the NSE and BSE. Larsen & Toubro Limited will hold 68.73% of LTI after the merger.

For now, the companies will continue to function independently. A Steering Committee will be constituted to oversee the transition till the merger process is complete. The name of the combined entity will be “LTIMindtree” leveraging the advantages of both the brands and creating value for all the stakeholders.

Speaking about the merger, A. M. Naik, Chairman, Mindtree, said, “This merger represents our continued commitment to grow the IT services business in line with our strategic vision. The highly complementary businesses of Mindtree and LTI will make this integration a ‘win-win’ proposition for 
our customers, investors, shareholders, and employees."

Speaking about the merger, S. N. Subrahmanyan, Vice Chairman, Mindtree, said, “We are confident that the proposed merger will help us build on the combined strengths of both these organizations to unlock synergies through scale, cross-vertical expertise, and talent pool. This will help us emerge as a partner of choice for large-scale tech transformations and create a distinctive employee value proposition.”

Advisors

• KPMG India Services LLP acted as financial advisor to Mindtree.
• SA (Advocates and Solicitors) acted as legal advisors to Mindtree.
• Goldman Sachs (India) Securities Private Limited provided fairness opinion to Mindtree on the valuation done by the valuer for the proposed transaction.
• Ernst & Young Merchant Banking Services LLP were appointed as valuers by Mindtree.

New figures released by GlobalData reveal collapse in new global IT services contracts in Q2 2020 due to COVID-19

• The global IT services market was worth $1.6 trillion in 2019, with the Asia region contributing around 32% market share


• Total new IT services contracts globally declined by 77% in volume and 72% in value during Q2 2020 with recovery not expected until 2021


• Very few high-value contracts were signed in Q2 2020

COVID-19 has caused companies in Asia and elsewhere around the globe to halt all but the most critical IT projects in the short-to-medium term, reflected in the dramatic 72% fall in global IT services spending, from $14.4bn in Q2 2019 to just $4bn during the same period in 2020, according to the latest research by leading data and analytics company GlobalData.

The global IT services market was worth $1.6 trillion in 2019, with the Asia region contributing around 32% market share. An analysis of GlobalData's IT Contracts Database, which tracks publicly announced IT contracts, reveals that the number of new IT services contracts signed globally in Q2 2020 declined by 77% year-on-year from 886 in Q2 2019 to 200 in Q2 2020 with total contract values falling by 72% to just $4bn during the same period - reflecting the low number of high-value IT contracts being signed during the quarter with only 7% of contracts above $100m.

Nishant Singh, Director of Technology at GlobalData, comments: "The fall in global IT services contracts volume and the value underscores the global economic uncertainty caused by COVID-19, with IT vendors now having to work hard to rebuild healthy IT contract pipelines. IT vendors from Asia, particularly India, have relied on local skills and labor arbitrage to establish themselves. These IT vendors specialize in IT services, and the fall in IT services contract numbers will greatly impact their short term revenues."

Over half of the global IT services contracts signed during Q2 2020 were government and defence contracts. GlobalData does not expect the number of IT services contracts to recover until 2021 at the earliest, which is when most of the digital transformation deals from large enterprises should start flowing in.

Singh continued: "Q2 2020 saw a fundamental change in the way IT services contracts have been delivered up until now. Clients have accepted remote support and service delivery as opposed to the on-site delivery of services. This has allowed IT services vendors to permanently adopt a remote working model for a large part of their workforce, which will translate into cost savings from reduced real-estate and reduced employee travel expenses."

In the current climate, most IT service vendors are expected to focus their efforts on securing more contracts for digital service applications, including cloud and automation.

Singh adds: "GlobalData now expects an extended period of pricing pressure as IT vendors offer discounts and other concessions, including interest-free credit to secure desperately needed client contracts."

Please contact the GlobalData Press Office for comment, analysts available for interview, Office: +44 (0) 207 936 6400, Email: pr@globaldata.com

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