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BENGALURU: Indian IT firms are said to have around $600 million in contracts with Credit Suisse, and the latter’s acquisition by UBS is likely to lead to some consolidation in these IT deals.
Sources told TOI that Cognizant, TCS and Wipro have deals with Credit Suisse amounting collectively to as much as much $350-400 million annually. The remaining slice of the outsourcing pie is shared between Infosys, Tech Mahindra and HCL Tech.
Phil Fersht, CEO of US-based IT consultancy HfS Research, said it’s too early to see how much Indian IT gets hit. “The outcome could well be good news for the main two incumbents, Cognizant and TCS,” he said. Pranati Dave and Kriti Gupta, practice directors in outsourcing research firm Everest Group, blogged that IT consolidation is on the cards.
Credit Suisse declined to comment. Cognizant said service relationships with its clients constitute confidential information and the company does not disclose details. Wipro didn’t comment on the TOI query.
Sources told TOI that Cognizant, TCS and Wipro have deals with Credit Suisse amounting collectively to as much as much $350-400 million annually. The remaining slice of the outsourcing pie is shared between Infosys, Tech Mahindra and HCL Tech.
Phil Fersht, CEO of US-based IT consultancy HfS Research, said it’s too early to see how much Indian IT gets hit. “The outcome could well be good news for the main two incumbents, Cognizant and TCS,” he said. Pranati Dave and Kriti Gupta, practice directors in outsourcing research firm Everest Group, blogged that IT consolidation is on the cards.
Credit Suisse declined to comment. Cognizant said service relationships with its clients constitute confidential information and the company does not disclose details. Wipro didn’t comment on the TOI query.
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