IT companies log strong deal wins in Q2 after a long lull
deal wins are on the cards with the US Federal Reserve reducing interest rates.
The country's key IT services providers globally signed at least 33 deals in July and August, data sourced by ET showed. Tata Consultancy Services alone has announced four deal wins including Ireland-headquartered fashion retailer Primark, Rolls-Royce, Sydney Marathon, and most recently McDonald's Philippines in the first two months of the second quarter.
Its closest rival Infosys-which signed the second highest number (three) of deals in July after Cognizant-has closed agreements with Sector Alarm, Delaware Department of Labor, TDC Net, ServiceNow, Metro Bank, and Finnish Postal service provider Posti group.
«Our deal tracker is indicating that deal signings have sequentially improved in the September 2024 quarter, and cost saving continues to be the dominant theme for deal signings,» said Kumar Rakesh, associate director at BNP Paribas. «Over the last two years, when enterprises started prioritising cost savings, deal tenures have increased as these are typically longer tenured contracts,» he added.
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