It’s a wrap: News this week (Dec 14 – Dec 20)

There have been multiple developments this week on the tech front. From Wipro’s new acquisition to Accenture’s financial results, this is the list of the most important developments for a quick catch-up:

Wipro acquires AVT

IT services firm Wipro has announced the acquisition of Massachusetts-based Applied Value Technologies for $40 million. This acquisition of the IT services consulting firm will help Wipro enhance its application services capabilities and drive new growth opportunities.

“AVT helps enterprises transform IT operations through a highly customised and data-driven approach,” Wipro said in a BSE filing. It is an all-cash transaction expected to be completed by December 31. 

HCLTech launches new lab in Germany

HCLTech launched an innovation lab for SAP Business AI in Munich Germany today. This lab will help clients in a swift transition to SAP S/4HANA Cloud through managed cloud services — RISE with SAP — by utilising SAP Business AI technology. It will enable clients to explore industry applications and kickstart artificial intelligence (AI) programs.

The innovation lab is integrated with HCLTech’s global AI and Cloud Native Lab network, which leverages features of the HCLTech AI Force platform alongside SAP AI Core infrastructure to co-create customised generative AI-led solutions. HCLTech’s global network of AI & Cloud Native Labs are located in Germany, the UK, the US, Singapore, and India. 

Infosys to generate 4,000 jobs at its new Kolkata center

On Wednesday, Infosys announced that it invested ₹426 crore in its new development center in Kolkata, spanning 320,000 square feet. The facility will house 4,000 employees, focusing on cloud, AI, and digital technologies. It incorporates energy-efficient features and amenities like flexible workstations and wellness centers. The investment aims to boost West Bengal's IT sector and create employment opportunities.

This week, Infosys also announced the launch of a Google Cloud center of excellence for enterprise AI innovation. The center will help customers co-create and leverage Generative AI.

The collaboration will enable the development of customised solutions in areas such as contact center AI, software development lifecycle, agentic AI, speech-to-speech, text-to-image, and application modernisation. The solutions will leverage Infosys Topaz AI offerings with Google Cloud's leading technologies.

STT GDC India, UP Govt team up for AI city initiative

ST Telemedia Global Data Centers (STT GDC) India, a global player in the data centre industry, announced on Monday that it has signed a memorandum of understanding (MoU) with the Uttar Pradesh government to develop India's first artificial intelligence (AI) city in Lucknow. Headquartered in Singapore, STT GDC India is majority-owned by STT GDC, with Tata Communications Ltd holding a minority stake.

In October, the state government identified approximately 70 acres of land in Lucknow for the AI City. Lalit Khanna, COO of STT GDC India, said that the company has committed ₹4,100 crore in investments and has operationalised its first data center park in Noida, with further developments planned.

TCS expands partnership with Bank of Baroda

Tata Consultancy Services (TCS) on Friday said that it has expanded its partnership with Bank of Baroda, India's second-largest public sector bank, to continue to implement an end-to-end financial inclusion solution over the next five years. 

The application can process around 12 lakh transactions a day and will help the bank's 55,000-plus agents to better service over six crore customers in unbanked areas, Manoj Indulkar, Vice President and Operations Head, India Business, TCS, said in a statement.

Accenture reports first quarter results

On Thursday, IT consulting company Accenture, which follows the September-August cycle, announced its first-quarter results. Revenue for the first quarter was $17.7 billion.

The company's deal bookings increased to $18.7 billion in the first quarter compared to $18.4 billion in the same period a year earlier. The GenAI business recorded new bookings of $1.2 billion, while the consulting and outsourcing segments reported $9.2 billion and $9.5 billion. The IT firm raised its annual revenue forecast to grow between 4 to 7%.