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Blog posts by Rachael Stormonth

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  • Wipro Appoints New CEO: What Does He Face, and What Might We Expect?

    Jan 04, 2016, by Rachael Stormonth

    The first working day in 2016 started with the announcement of the appointment of Abid Neemuchwala as CEO of Wipro, with TK Kurien’s elevation to Executive Vice Chairman, still reporting directly to Azim Premji. Today’s announcement was not a huge surprise; Neemuchwala’s arrival from TCS in March 2015 as COO was perhaps more unexpected in that he was an external appointment, a[...]

  • Who Needs to Enhance Their BFSI Capability Most - Capita or CSC? Possible Bidding War for Xchanging, and a Third Bidder Enters the Fray...

    Nov 15, 2015, by Rachael Stormonth

    Will CSC invest nearly $1.2bn in M&A in the space of a few months? Or will Capita progress with a bidding war? CSC has sent a letter to the Xchanging board outlining its interest in making a cash offer of 170p per share for Xchanging stock. This would constitute a premium of 6.3% over Capita’s October 14 offer of 160p per share. CSC’s offer is dependent on Xchanging not [...]

  • Capita’s Offer to Xchanging: How it Makes Sense

    Oct 19, 2015, by Rachael Stormonth

    On October 14, the Xchanging board recommended a final cash offer by Capita of 160p per share. The offer, valuing Xchanging at ~£412m, represents a premium of ~44% to the closing price on October 2, 2015 (the last business day before the start of the offer period), 52% to the prior three-month average price and 64% to the one-month average price.  Capita states it believes the acquis[...]

  • Want to Succeed in Agile? Learn from Rugby!

    Oct 08, 2015, by Rachael Stormonth

    One recurring theme in recent conversations with CIOs has been their increasing interest in DevOps and their recognition of the importance of having the right culture. In fact, three C words: Culture, Collaboration, Communication. The general feeling is that if Agile is difficult, distributed Agile is challenging – and DevOps requires organizational rethinking. But, they agree[...]

  • CSC Goes for Market Leadership in Australia IT Services with Acquisition of UXC

    Oct 06, 2015, by Rachael Stormonth

    CSC has announced it has entered into exclusive negotiations to acquire Australian IT services vendor UXC for AU$1.26 per share, a purchase price of ~AU$428m (~US$300m). The transaction is subject to completion of a five-week exclusive due diligence process. CSC expects it to be finalized by February 2016. UXC is one of Australia’s largest independent publicly-owned IT services vendo[...]

  • CSC to Acquire Fixnetix To Offer Front Office As-a-Service Utility Offerings to Capital Markets Sector

    Aug 13, 2015, by Rachael Stormonth

    Along with its Q1 FY 2016 results today (see here) CSC has announced its intended acquisition of Fixnetix, a London-based provider of front-office managed trading solutions with 120 employees and offices in London, New York, Boston, Chicago and Tokyo. Founded in 2006, VC-backed Fixnetix provides and operates specialist trading infrastructure for ultra-low latency trading. It claims its iX-[...]

  • Cognizant Q2 Results: Onwards and Upwards In Spite of Health Net Merger

    Aug 07, 2015, by Rachael Stormonth

    Cognizant Q2 2015 results: Revenues were $3,085.1m, up 22.6% y/y, and up 25.5% in CC EBIT margin was 17.7%, down 171 bps y/y but up 50 bps sequentially Adjusted EBIT margin was 19.8%, down 122 bps y/y, but the same as in Q1 Non-GAAP operating margin, which excludes stock-based compensation expense and acquisition related expenses, was 20.2%, slightly above the target range of 19% to 20[...]

  • Defense Healthcare Management System Modernization Project: Procurement Shaves Costs by 20%

    Aug 07, 2015, by Rachael Stormonth

    Last week, the US Department of Defense awarded a long-awaited multi-billion dollar contract to Leidos, Cerner and Accenture to provide and implement an off-the shelf EHR system across the Military Health System. The ID/IQ contract has a ceiling of just over $4.33bn. It has a two-year base with two three-year extension options, and a possible two-year award term, making a total period of up to ten[...]

  • 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[...]

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