Tech
IT services firms see proactive deal renewals by clients on AI upsurge
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Deals of technology service providers are seeing a proactive renewal before end of tenures, with shorter and smaller contracts over the past more than a year. This is driven by artificial intelligence (AI)-led productivity and efficiency that has permeated into the $280 billion IT services industry at large.
For instance, in June 2024, multinational company Xerox signed a $490 million contract with Tata Consultancy Services (TCS), which was earlier a $2.5 billion deal signed in 2013, was expected to expire in December this year.
In March last year,…
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