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Blog posts by Rachael Stormonth

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  • CGI: Ready to Pull the Acquisition Trigger?

    Aug 06, 2015, by Rachael Stormonth

    CGI's Q3 FY 15 results included: Revenues of CDN$2.56bn, down 3.5% y/y in CC and flat sequentially Adjusted EBIT margin of 14.5%, up 167 bps y/y Full results are available here. The y/y CC revenue decline (the same as in Q2) is attributed to the wind down of U.S. government healthcare projects, continued delays in U.S. federal procurement, and the slowdown in U.K. government sp[...]

  • Xerox Services Q2 2015 Results: Focus on eXecution

    Jul 28, 2015, by Rachael Stormonth

    "We are making progress in some areas, but we know we can and should do better in other areas. Our direction is unchanged; we are making several shifts in the way that we execute against it” Ursula Burns. On Friday, Xerox announced results for Q2 2015 (for full details, see here): Xerox Services revenues were $2,569m, down 3.1% y/y (on continuing operations), up 1% in CC Segm[...]

  • Infosys Q1 Results: Promising Start to FY16, But Very Early Days in the 2020 Journey

    Jul 27, 2015, by Rachael Stormonth

    Infosys Q1 FY 16 results: Revenues were $2,256m, up 5.8% year-over-year (y/y) as reported, up 10.9% in constant currency and up 4.5% sequentially Operating income (EBIT) was $541m, a margin of 24.0%, a y/y decrease of 115 bps, and a sequential decrease of 173 bps. See here for the full results "I’m very pleased with our overall performance for the quarter” sai[...]

  • WIPRO Q1 FY16: Work In PROgress?

    Jul 26, 2015, by Rachael Stormonth

    Key features of Wipro Q1 FY16 results:                                                                                                      [...]

  • Infosys and Wipro Strengthen Multi-Shore Delivery in Ireland Courtesy of AIB

    Jul 13, 2015, by Rachael Stormonth

    On July 3, Infosys announced it has been awarded a multi-year application development and management (ADM) services contract by Allied Irish Banks (AIB). As a strategic partner to AIB, Infosys will: Provide application development and management, and transformation and innovation services Set up a 200-seat facility in Dublin to house staff who will be transferring from [...]

  • HP Discover: HP Separation Steaming Ahead; More Integrated GTM at Hewlett Packard Enterprise

    Jun 24, 2015, by Rachael Stormonth

    HP Separation Steaming Ahead (see our initial comments on the news of the HP break up here:) At the HP Discover event in Las Vegas earlier this month, the last before the break up of goliath HP into two organizations - HP Enterprise (HPE) and HP Inc. (HPI) - CEO Meg Whitman (the future CEO of HPE) took pains to highlight the progress that has been made in preparing for and organizing the sep[...]

  • Atos C&SI Repositions Around Digital

    Jun 22, 2015, by Rachael Stormonth

    Summary: While 2014 was a “transformational year” for Atos MS and Worldline businesses, Atos’ C&SI business has also been reinventing itself. 2014 saw good progress against nearly all of the unit’s three year financial targets Atos C&SI has been making substantial investments to strengthen its capabilities to support clients in their digital transformation a[...]

  • EXL: Well Positioned for Growth in the New BPS World

    Jun 22, 2015, by Rachael Stormonth

    NelsonHall recently attended an EXL advisor and client event in London. What a difference in 18 months! Back in November 2013, EXL received a notice of termination from its largest client at the time (an event that was unfortunate, but not due to under-performance). The impact of this on 2014 results was significant: a $38m reduction in revenues from this client[...]

  • HP Enterprise Services to Strip Out $2bn of Annual Costs in Next Three Years in Pursuit of Margin of 7-9%

    May 22, 2015, by Rachael Stormonth

    HP Enterprise Services has announced Q2 FY 2015 results, for the period ending April 30, 2015: Revenue was $4,817m, down 15.5% y/y, and down 10% in constant currency (CC), reflecting key account run off and weakness in EMEA Segment earnings before taxes (EBT) were $194m, a margin of 4.0%, up 143 bps y/y. Q2 FY 2015 revenue by service line (with y/y revenue growth) was: [...]

  • HP's Multi-Billion Iaas Contract with Deutsche Bank: More Evidence that Big Infrastructure Outsourcing is Back

    Feb 27, 2015, by Rachael Stormonth

    HP recently announced a major (multi-billon) 10-year IT infrastructure management services contract with Deutsche Bank’s wholesale banking division (which accounts for around 50% of the DB Group revenues). HP Enterprise Services (HP ES) will deploy HP Helion, providing data center services on-demand including storage, platform and hosting – activities formerly essentially done in-ho[...]

  • Capgemini: Strong End to 2014, Enters 2015 with Momentum; Looking for Inorganic Growth in U.S.

    Feb 23, 2015, by Rachael Stormonth

    Capgemini’s CEO Paul Hermelin describes himself as “very encouraged” by 2014 results; the group has exceeded guidance for: Topline growth: guided on 2-4% organic, delivered 3.4%, accelerating to 5.5% in Q4 Net margin, guided on 0.3 to 0.5 pts improvement, delivered 0.7 pts to 9.2%. Capgemini should read 10% margin by early 2016 Organic FCF: guided at above €55[...]

  • Infosys First Acquisition Under New CEO: In Support of "Renew the Core" Part of Strategy

    Feb 17, 2015, by Rachael Stormonth

    Infosys is to acquire Panaya, a vendor of automation technology for enterprise software management, for $200m in cash. Panaya is a privately held company backed by hi-tech VC firms including Benchmark Capital, HPV and Battery. The transaction is expected to close before March 31. Founded in 2005, and formerly known as ChangeSoft Technologies, Panaya is based in Ra’anana, Israel and h[...]

  • Cognizant Looks to Deliver 15% Organic Growth in 2015 - Industry-Specific BPO Utilities a Key Part of the Growth Strategy

    Feb 09, 2015, by Rachael Stormonth

    A strong end to 2014 for Cognizant, with the disruption of Q2 results (due to client specific issues) now a fading memory. Q4 2014 revenues were up 16.4% y/y, up 13% y/y excluding Trizetto. And non-GAAP operating margin of 19.4% was within its targeted range. Q4 2014 revenue breakdown by vertical (and actual revenue growth) was: Financial services: $1,121m (+12.4%), with strong gr[...]

  • Accenture to Acquire Agilex to Enhance Digital Capabilities and Agile Delivery for Federal Sector

    Feb 09, 2015, by Rachael Stormonth

    Accenture Federal Services (AFS) is to acquire Agilex Technologies, a privately-held provider of digital solutions for the U.S. federal government based in Chantilly, VA. Terms of the transaction were not disclosed.  The acquisition will enhance Accenture’s digital capabilities in analytics, cloud and mobility for federal agencies. It also will add agile delivery expertise. Agilex br[...]

  • IBM Cloud Infrastructure Investments Lead IBM Outsourcing Transformation

    Feb 04, 2015, by Rachael Stormonth

    Overall IBM Group revenues in 2014 declined 6% (-1% in CC and excluding divestitures). However, IBM is in the midst of a major adjustment of its portfolio. In line with this, the company is reporting $25bn in revenues (and 16% revenue growth) in 2014 (out of a total of $92.8bn) from its "strategic imperatives". IBM's acquisition of Softlayer, where it continues to invest strongly,[...]

  • CGI Q1 FY 15 Results: Claims A Strong Start to The Year, though Revenues Down in All Geos Apart from U.K.

    Feb 03, 2015, by Rachael Stormonth

    CGI CEO Michael Roach describes Q1 FY 2015 results as “strong”– and yet revenue was down in every region apart from the U.K. (putting aside the 0.9% CC growth in APAC to CDN$108.7m).  The 169% book-to-bill ratio achieved this quarter looks a lot less impressive when the CDN$2bn renewal with Bell Canada is excluded, when the global book-to-bill goes down to 90%[...]

  • Xerox Services: A Solid End to 2014; Can Look to 2015 with Confidence

    Feb 02, 2015, by Rachael Stormonth

    “A lot has happened in the last 90 days and overall we're pleased with where we ended the year. We're reporting solid results that in some places exceeded expectations” Ursula Burns. Q4 summary: Services revenue was $2,725m, up 1.5% y/ y, and up 3% in constant currency: BPO CC growth was 4% (up from 2% in Q3) with growth in commercial healthcare payer, electronic[...]

  • TCS in France: Think Local, Act Global

    Feb 02, 2015, by Rachael Stormonth

    TCS Globally: High Market Cap, High Brand Value With over $15bn in revenues in CY 2014 (and FY 2015 revenues likely to be in the region of $15.5bn) TCS is not only one of the largest, fastest growing and most profitable service providers but is now also a top 5 IT services player (*) on the global stage. And TCS is also the most profitable of the Top 5, with an EBIT margin currently tracking at[...]

  • Accenture Q1 FY15 Results: Continues to Build Momentum

    Dec 19, 2014, by Rachael Stormonth

    Accenture Q1 FY 2015 results are out today: 7.3% reported net revenue growth to $7,896m, operating margin at 15.0%. Full details are here. Accenture CEO Pierre Nanterme opened the analyst call referring to an “excellent” first quarter and saying “I am extremely pleased with our results”. And here’s why: The 10% topline growth in local currency is the best [...]

  • Atos Acquisition of Xerox ITO Business: the A to X

    Dec 19, 2014, by Rachael Stormonth

    In the early hours of this morning, Atos announced it is acquiring the IT outsourcing business of Xerox. Full details of the acquisition are here. Atos is ending 2014 with a bang. Having completed the integration of Siemens IT Solutions & Services pretty darned quickly (certainly far faster and more effectively than naysayers would have predicted), it has proceeded this year to the car[...]

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