It’s a wrap: News this week (Sept 7 – Sept 13)

There have been multiple developments this week on the tech front. From Semicon India 2024 to Persistent Systems’ acquisition deal, this is the list of the most important developments for a quick catch-up:

Persistent Systems’ new deal

Persistent Systems has entered an asset purchase agreement with SoHo Dragon. Under the agreement, the IT services firm will acquire select assets from SoHo Dragon, the company said in an exchange filing on Tuesday. The acquisition will be completed in four to eight weeks, subject to conditions. The acquired assets will include select employees, contractors, and a customer contract. The annual revenue from these assets is an estimated $9.3 million.

L&T Semicon, IBM partner

L&T Semiconductor Technologies, a subsidiary of Larsen and Turbo, has collaborated with IBM to design advanced processors. The scope of the partnership will include processor design for edge devices and hybrid cloud systems, as well as for areas like mobility, industrial, energy, and servers. The two firms will be focusing on innovation, functionality, and performance to develop secure and scalable compute for different applications.

Notably, this week Tata Electronics also signed a memorandum of understanding with Tokyo Electron Limited (TEL) for semiconductor equipment infrastructure. TEL will support Tata Electronics in accelerating the infrastructure at its ongoing semiconductor fab project in Dholera, Gujarat and the assembly and testing facility in Jagiroad, Assam.

NXP Semiconductors to invest $1 bn in India

NXP Semiconductors plans to invest up to $1 billion in India to enhance its research and development capabilities. "NXP is committed to significantly increasing its R&D efforts in India over the next few years, with investments exceeding $1 billion," said Kurt Sievers, CEO, during the Semicon India 2024 event. The company is currently in discussions with the automotive and other industries in India.

Additionally, at the Semicon India event, PM Modi projected a $500-billion domestic market for electronics by 2030, and called India one of the biggest markets semiconductor companies to come and do business in.

Xoriant acquires Jaipur-based firm

Xoriant Corp, a California-based software engineering and digital services company controlled by Indian private equity firm ChrysCapital, has acquired Jaipur-headquartered Fexle, to mark its third takeover deal since last year.

The acquisition is part of Xoriant’s strategy to strengthen its Salesforce practice and expand its presence in the rapidly growing artificial intelligence (AI) and cloud services sector, the company said in a statement. It didn’t disclose financial terms.

Founded in 2013, Fexle specialises in Salesforce solutions across sales, marketing, and service cloud. The company serves clients in the US and global markets, offering consulting, implementation, and managed services.

Infosys-Proximus deal

IT services provider Infosys has partnered with Proximus Group, a Belgium-based digital services and communications company, to explore new business opportunities. This collaboration aims to leverage both companies' expertise to enhance digital solutions for businesses and customers.

The partnership will focus on a joint go-to-market strategy, combining Proximus’ international products, such as Route Mobile's Communications Platform as a Service (CPaaS) and Telesign's Digital Identity (DI) solutions with Infosys' digital services. Together, they aim to improve customer engagement through AI-powered digital assistants and enhance online security by providing solutions for digital identity and fraud protection.