The WITCH Monthly Monitor
Monthly update on major global IT consulting and services firms in healthcare
January 2020
The WITCH Monthly Monitor provides latest financial and market performance updates on the WITCH companies, along with other global IT consulting firms on a monthly basis.
Highlights for the month
Wipro
Wipro CEO and MD Abidali Z Neemuchwala steps down
Abidali Z Neemuchwala, CEO and MD decides to step down due to family commitments. Abidali will continue to hold the office of CEO and Managing Director until a successor is appointed.
Wipro Ventures Announces $150M Fund II to Invest in Emerging Digital Enterprise Software Leaders
Wipro Ventures announces $150 million Fund II to invest in early to mid-stage companies building innovative enterprise software solutions across key areas, including cybersecurity, application development, analytics, cloud infrastructure, test automation, and AI.
Results for the Quarter ended December 31, 2019 under IFRS
Wipro reports revenue of $2168 million with a growth of 1.3% QoQ for the quarter ended December 31, 2019. Health business unit accounts for $277 million, QoQ growth remained flat.
Infosys
Infosys divests stake in Unsilo for $800,000
Infosys divests stake in Unsilo A/S for $800,000. In 2016, Infosys invested in Unsilo, an AI startup focused on advanced text analysis, for approximately 14,920,000 Danish Krone.
Infosys Audit Committee Finds No Evidence of Financial Impropriety or Executive Misconduct
Infosys’ Audit Committee concluded the independent investigation of the whistleblower complaints and finds no evidence of financial impropriety or executive misconduct.
Financial Results for the Third Quarter ended December 31, 2019
Infosys reported revenue of $3,243 million with a growth of 8.6% YoY and 1% QoQ for the quarter ended December 31, 2019. Healthcare and life sciences accounted for $219 million with a growth of 17.4% YoY.
TCS
TCS Q3 FY2019-20 Financial results
TCS reports revenue of $5,586 million with a growth of 6.4% YoY for the quarter ended December 31, 2019. Life Sciences & Healthcare accounts for 8.3% ($464 million) of the revenue and continues to outperform, growing at 17.1% YoY.
Cognizant
The Cognizant U.S. Foundation announces a $1.2 million grant to the Flatiron School for technology training designed to create job opportunities for underrepresented communities, including women, minorities, veterans, and those with disabilities, in five cities including Atlanta, Chicago, Denver, Houston, and Washington, D.C., for Software Engineering, Cybersecurity Analytics, and UX/UI Design.
HCL
HCL Technologies Third Quarter – FY 2020 Results
HCL Technologies reports revenue of $2,543 million with a growth of 2.3% QoQ and 15% YoY for the quarter ended December 31, 2019. Life Sciences & Healthcare accounts for 12.2% ($310 million) with a growth of 8.5% YoY.
Accenture
Accenture announces that Google Cloud will be the cloud technology provider for Accenture’s INTIENT life sciences industry platform. The agreement brings together Google’s cloud and artificial intelligence capabilities, and Accenture’s life sciences services and platforms to help life sciences organizations make their data more accessible, secure, and valuable.
Accenture Creating 165 Tech Jobs In Tennessee
Accenture plans to expand in Nashville, TN, adding 165 technology jobs. Accenture plans to open new space in the Sylvan Supply project at the former Madison Mill site.
Accenture to Acquire Symantec’s Cyber Security Services Business from Broadcom
Accenture to acquire Symantec’s Cyber Security Services business from Broadcom, Inc. The acquisition will add Symantec Cyber Security Services’ portfolio of services, including global threat monitoring and analysis, real-time adversary, and industry-specific threat intelligence and incident response services which will make Accenture Security one of the leading providers of managed security services.
Deloitte
Rady, Deloitte Eye Drones as an mHealth Platform for Genomic Tests
Rady Children’s Institute for Genomic Medicine (RCIGM) and Deloitte collaborate to develop a novel mHealth platform for drones to fly genomic testing specimens back and forth from the lab.
DXC Technology
DXC Technology Names Chris Drumgoole as Chief Information Officer
DXC Technology appoints Chris Drumgoole as Executive Vice President and Chief Information Officer. In this role, Chris will lead DXC’s global IT strategy and operations and responsible for running DXC’s technology operations, integrating and streamlining systems and implementing new digital capabilities to improve performance and efficiency.
DXC Technology Names Global Delivery Head
DXC Technology appoints Vinod Bagal as Head the company’s Global Delivery function in addition to his role as Executive Vice President, Global Transformation.
DXC Technology Names Carla Christofferson as Chief Risk Office
DXC Technology appoints Carla Christofferson as Chief Risk Officer to lead the company’s risk and security efforts. Christofferson will lead risk management, including the ethics and compliance function, cybersecurity preparedness, resiliency and security, brand protection initiatives and asset protection.
IBM
Arvind Krishna Elected IBM Chief Executive Officer
IBM elects Arvind Krishna as Chief Executive Officer of the company and a member of the Board of Directors, effective April 6, 2020. Arvind Krishna is currently IBM Senior Vice President for cloud and cognitive software, and was a principal architect of the company’s acquisition of Red Hat. Aravind replaces Virginia Rometty, IBM Chairman, President and Chief Executive Officer, who will continue as Executive Chairman of the Board and serve through the end of the year.
IBM reports 2019 fourth-quarter and full-year results
IBM reports revenue of $21.7 billion with negligible growth (0.1%) for the quarter ended December 31, 2019. Cloud and Cognitive Software and Systems had growth rate of 8.7% and 16% YoY respectively.
Others
Persistent Systems Reports $129.43 Million Revenue, 3.1% Q-o-Q Growth for Q3FY20
Persistent Systems reports revenue of $129.43 million, with a growth of 3.1% YoY for the quarter ended December 31, 2019. In healthcare and life sciences, Persistent Systems won two deals, one with a large pharmaceutical company for the creation of methodology, model and roadmap for application portfolio rationalization. The other deal was with a leading US HMO health plan to provide end-to-end ownership of engineering, testing, system administration, and operational support.
Tech Mahindra Q3 Revenue Up 5.1% QoQ
Tech Mahindra reports revenue of $1,353 million, with a growth of 5.1% QoQ for the quarter ended December 31, 2019. In healthcare and life sciences, Tech Mahindra won a deal with an American healthcare provider for IT modernization and infrastructure managed services.
Optum helps boost UnitedHealth profit past $5B in Q4
Optum reports revenue of $29.8 billion, with a growth of 8% YoY for the quarter ended December 31, 2019. OptumHealth and OptumInsight had a double growth rate of 30% and 14% respectively.
