IT services firms see proactive deal renewals by clients on AI upsurge

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Deals of technology service providers are seeing a proactive renewal before end of tenures, with shorter and smaller contracts over the past more than a year. This is driven by artificial intelligence (AI)-led productivity and efficiency that has permeated into the $280 billion IT services industry at large.

For instance, in June 2024, multinational company Xerox signed a $490 million contract with Tata Consultancy Services (TCS), which was earlier a $2.5 billion deal signed in 2013, was expected to expire in December this year.

In March last year,…



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IT services firms see proactive deal renewals by clients on AI upsurge


Deals of technology service providers are seeing a proactive renewal before end of tenures, with shorter and smaller contracts over the past more than a year. This is driven by artificial intelligence (AI)-led productivity and efficiency that has permeated into the $280 billion IT services industry at large.

For instance, in June 2024, multinational company Xerox signed a $490 million contract with Tata Consultancy Services (TCS), which was earlier a $2.5 billion deal signed in 2013, was expected to expire in December this year.

In March last year,…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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