It’s a wrap: News this week (March 22 – March 28)

There have been multiple developments this week on the tech front. From Wipro’s deal win to OpenAI’s new image generation model, here is a list of the most important updates for a quick catch-up:

Wipro’s big ticket deal win

Wipro Ltd on Wednesday said that it has signed a 10-year, $650-million (£500 million) contract with ReAssure UK Services Limited, a part of Phoenix Group, UK's largest long-term savings and retirement business.

Wipro Limited and Wipro Financial Outsourcing Services Limited (WFOSL), a fully owned subsidiary of Wipro have signed a 10-year deal to deliver platform-based life and pension-regulated Third Party Administration services for the ReAssure business of Phoenix Group, the UK's largest long-term savings and retirement business," the company said in a stock exchange filing.

The agreement, executed through Wipro and its 100% subsidiary, Wipro Financial Outsourcing Services Limited focuses on delivering platform-based life and pension third-party administration services, it added.

Zaggle invests in Mobileware

Zaggle Prepaid Ocean Services Limited has acquired a 38.34% stake in Mobileware Technologies for ₹22.85 crore, building on its September investment of ₹15.60 crore for a 26% stake and ₹7.25 crore for a 12.34% stake from Mobileware's promoters. 

This investment will enable Zaggle to expand its payment service offerings by leveraging Mobileware's infrastructure and co-developing solutions for lending, credit, and card management, the company said in a statement.

Last year, Zaggle invested ₹15.60 crore to acquire a 26% ownership stake on a post-issue and fully diluted basis, and it also acquired a 12.34% stake, from the promoters of Mobileware for ₹7.25 crore. The 26% ownership stake represents a portion of the post-closing issued and paid-up capital of the company, on a fully diluted basis, it added.

Embassy Group launches integrated platform for GCCs

Real estate developer Embassy Group has announced the launch of Embark, India’s first fully integrated platform designed to facilitate the establishment of Global Capability Centres (GCCs). The initiative aims to simplify the process for global enterprises looking to set up and expand their operations in India, offering a comprehensive solution covering strategy, execution, and long-term growth.

HCLTech-Samsung Foundry partnership

HCLTech has been selected as a Design Solution Partner (DSP) under the Samsung Advanced Foundry Ecosystem (SAFE) program. This partnership aims to enhance semiconductor technology by combining HCLTech’s expertise in engineering and research with Samsung’s advanced foundry technology. 

Under the SAFE-DSP program, HCLTech will provide application-specific integrated circuit (ASIC) design services to customers using Samsung’s semiconductor manufacturing processes. The collaboration will support efficient chip design and development. 

Further, this week HCLTech also announced its partnership with Western Union to enhance latter’s technology infrastructure using Artificial Intelligence (AI). The collaboration aims to transition Western Union to a platform-based operating model and strengthen its digital capabilities. HCLTech will become Western Union’s largest technology partner, providing AI-driven solutions such as FENIXAI and AI Force to improve efficiency, scale operations, and enhance decision-making through data-driven insights. 

OpenAI’s 4o image generation

This week, OpenAI introduced its most advanced image generator GPT-4o. The model is capable of generating high-quality images directly within the ChatGPT interface. This integration allows users to create and refine images through natural language prompts, enhancing the creative process. One of the highlights of this model is that it can incorporate legible and coherent text within images, addressing previous challenges faced by earlier models such as DALL.E. 

Soon after the model was announced, social media became abuzz with users showcasing their results. The Studio Ghibli-style image generation especially gained much popularity. That said, many people expressed disappointment over allegedly ripping off original art work and style.