According to persons with knowledge of the situation, Tata Consultancy Services (TCS) and British retailer Marks & Spencer are about to finalise further deals for $1 billion.
For India's leading software exporter, who is also set to extend its current five-year contract with the UK-based company, this will be the biggest deal won this year.
“Apart from the 2018 deal renewal, there are multiple additional deals in the pipeline with a cumulative value of over $1 billion that M&S is expected to close,” an industry executive in a statement. “As an existing partner, TCS is in the frontline to win these deals,” the person added, speaking on the condition of anonymity.
Business process services and digital transformation programmes are among the new contracts that are in the works. These contracts are anticipated to last between 8 and 10 years.
Until press time, M&S representatives did not react to questions.
“As per policy, we do not comment on market speculation,” TCS said in a statement.
These substantial deals have been closed at a time when multinational corporations are becoming wary about their technology spending.
In order to save costs and improve organisational efficiencies in a challenging macro climate, many businesses are turning to outsourcing increasingly frequently.
In the January–March quarter, $160 billion in vendor consolidation deals are expected, driven by businesses looking for lower prices.
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