<p>Bengaluru: Mumbai-headquartered IT services firm LTIMindtree announced a deal with a firm in the global agribusiness sector for $450 million. The deal is the largest in the history of LTIMindtree, it said, but did not disclose the name of the company.</p>.<p>As a part of this deal, LTIMindtree said that it will implement an artificial intelligence (AI) based model to work on application management, infrastructure support, and cybersecurity services. These services are built on platforms such as ServiceNow, Microsoft Azure among others.</p>.<p>"Securing this large deal marks a pivotal milestone as we transform to an AI-driven business model, helping our clients enhance productivity." said Venu Lambu, Chief Executive Officer (Designate) and Whole-Time Director, LTIMindtree. </p>.<p>India’s IT software services exporters have been facing trouble with securing large deals, which are key revenue drivers for them. In fact, mega deals have been a pain point since the past fiscal year. Experts suggest that clients are being cautious in signing off large deals as they have become wary of return of investment (ROI) for these projects, coupled with persistent macroeconomic uncertainty. </p>.<p>The deal also comes at a time when IT services companies have been witnessing an increasing demand for AI-led services from clients.</p>.<p>It may be recalled, HCLTech’s Chief Executive Officer and Managing Director C Vijayakumar had also recently warned of India’s IT sector’s present model as outdated, as these new-age technologies are disrupting it. </p>.<p>Although investments have been pouring in for such emerging technologies, many companies in India have been hitting a roadblock in moving beyond the proof of concept (POC) stage due to a lack of expertise, absence of infrastructure and enough adjacent use cases to build it.</p>.<p>LTIMindtree’s shares closed over 6% higher today on NSE on the back of the deal announcement as well as the overall bull run the markets saw on Monday.</p>
<p>Bengaluru: Mumbai-headquartered IT services firm LTIMindtree announced a deal with a firm in the global agribusiness sector for $450 million. The deal is the largest in the history of LTIMindtree, it said, but did not disclose the name of the company.</p>.<p>As a part of this deal, LTIMindtree said that it will implement an artificial intelligence (AI) based model to work on application management, infrastructure support, and cybersecurity services. These services are built on platforms such as ServiceNow, Microsoft Azure among others.</p>.<p>"Securing this large deal marks a pivotal milestone as we transform to an AI-driven business model, helping our clients enhance productivity." said Venu Lambu, Chief Executive Officer (Designate) and Whole-Time Director, LTIMindtree. </p>.<p>India’s IT software services exporters have been facing trouble with securing large deals, which are key revenue drivers for them. In fact, mega deals have been a pain point since the past fiscal year. Experts suggest that clients are being cautious in signing off large deals as they have become wary of return of investment (ROI) for these projects, coupled with persistent macroeconomic uncertainty. </p>.<p>The deal also comes at a time when IT services companies have been witnessing an increasing demand for AI-led services from clients.</p>.<p>It may be recalled, HCLTech’s Chief Executive Officer and Managing Director C Vijayakumar had also recently warned of India’s IT sector’s present model as outdated, as these new-age technologies are disrupting it. </p>.<p>Although investments have been pouring in for such emerging technologies, many companies in India have been hitting a roadblock in moving beyond the proof of concept (POC) stage due to a lack of expertise, absence of infrastructure and enough adjacent use cases to build it.</p>.<p>LTIMindtree’s shares closed over 6% higher today on NSE on the back of the deal announcement as well as the overall bull run the markets saw on Monday.</p>
