Mid-tier Indian IT firms see new deals
Breaking the halt in any activity, a number of mid-tier technology services firms have signed on fresh deals over the months of April and May. However, whether these projects translate into larger, longer term projects remains to be seen.
Pareekh Jain, founder of Pareekh Jain Consulting explicates “Deal signing has increased after an initial slump in March. Midsize companies are even signing large deals…Persistent, LTTS, KPIT all signed large deals in the last couple of months.”
Zensar Technologies, is said to have had a deal in the pipeline worth US$600 million at the end of March. By May, this figure is believed to have reached US$ 1 billion. Similarly, L&T Technology Services (LTTS) won a couple of deals just under US$ 50 million from automotive and media clients; while Persistent Systems bagged one with a software client.
Bengaluru-based Mindtree is working proactively with clients to consolidate their business. As patrons increasingly embrace cloud, workplace automation and cybersecurity, there is a high demand from communications, media and technology, financial services and consumer goods sectors.