It’s a wrap: News this week (Oct 12 – Oct 18)

There have been multiple developments this week on the tech front. From quarterly results announcement to new merger and acquisition (M&A) deals of the week, this is the list of the most important developments for a quick catch-up:

IT services firms announce Q2FY25 results

This week, IT services firms like Infosys, Wipro, and HCLTech announced their quarterly results for the period ending September 30, 2024.

Infosys’ revenue from operations increased by 5% year-on-year (YoY) to ₹40,986 crore due to a ramp-up in large digital transformation deals and growing traction in cloud and generative artificial intelligence (GenAI) initiatives.

HCL Technologies reported an 8.2% increase in revenue to ₹28,862 crore in Q2 FY25 compared to the same period last year. India's third-largest IT major saw its net profit for July-September rise by 11% year-on-year to ₹4,235 crore, surpassing Street expectations. CEO & Managing Director C Vijayakumar stated that the company's pipeline is robust, with a focus on data & AI, digital engineering, SAP migration, and efficiency-led programs.

Lastly, Wipro registered a 21.2% year-on-year increase in net profit. It rose from ₹2,646.3 crore to ₹3,208.8 crore. On the gross revenue front, the Bengaluru-headquartered firm reported an increase on a quarter-on-quarter basis (1.5%) but dropped by a percent on yearly basis. 

Google partners with Indian medtech firms

Google announced an AI partnership with India-based medical device startup Forus Health and AuroLab. The firms will be working together to scale screening for diabetic retinopathy. In addition, Google announced a similar tie-up with two Thai medtech company Perceptra. Google spokesperson said that in ten years, these three partnerships will deliver six million screenings, with focus on resource-constrained communities.

Indium to acquire majority stake in Experion

Chennai-headquartered Indium Software announced a majority stake buyout in product engineering services firm Experion on Wednesday. While the financial details of the acquisition were not disclosed, the company spokesperson said that the deal is expected to be completed in the next three years or more. 

The EQT-backed digital engineering firm, which has offices in India and the US, will establish a foothold in newer regions such as the UK, Europe, Australia, and Japan through this deal. In India, Indium will expand to Kochi and Thiruvananthapuram where Experion has offices. 

GoDaddy introduces GenAI tool for small businesses

American web hosting provider GoDaddy has introduced a GenAI tool designed to enhance operational efficiency for small businesses in India by streamlining the creation of logos, websites, emails, and social media campaigns in minutes.

Its capabilities include recommending catchy domain names with a simple description of a business idea, generating content for websites, designing unique, custom logos, and creating professional email accounts to boost business credibility. Additionally, it offers custom photo descriptions for online stores.

ANSR buys majority stake in Summit

GCC Consulting firm ANSR has acquired a majority stake in Bengaluru-based Summit Consulting Services. Summit specialises in building global centers for growth stage, mid-sized and Private Equity backed organisations with a focus on leveraging global talent, cost optimisation, and transforming technology and process functions. The financial details of the deal have not been disclosed.

ANSR said in a statement that it will benefit from Summit’s technology-driven delivery methodology, speed-to-market, and innovative business models including Basecamp, one of India’s first GCC incubators at T-Hub, Hyderabad.