Top 100 Engineering Updates of 2023

#Large Deals

May-23 | Persistent was selected by a Fortune-50 Technology company as the engineering partner
for its Data Warehouse products, as well as its Mobile Application Development products. This is a
USD 100 million deal over a five-year period and involves execution on a product roadmap as well
as migration of end users to customers next-generation platform. As a part of the deal, Persistent
has licensed the source code for providing extended support for the earlier version of the product
for enterprise customers who do not wish to move to the next version.
Persistent
EIIR POV: Good to see large software product engineering deals with carve out of sunset products are
back .

May-23 | Accenture to Accelerate Blue Yonders Development and Delivery of New Solutions;
Companies Expand Relationship to Increase Adoption of Modern, Connected Supply Chains.
Accenture Blue Yonder
EIIR POV: One type of large engineering deal is 360 degree partnership btween ISVs and service
providers like this deal.

Jun-23 | TCS led consortium including C-DoT and Tejas won a $1.5 Billion deal rom BSNL for
installing 80,000 4G sites across India.
BSNL TCS
EIIR POV: Largest domestic billion dollar in India demonstrating deal posibilities in India market with
the right ecosystem.

Jul-23 | HCL teamed up with Electrolux Professional Group to launch a dedicated Global Engineering
Center (GEC) in Bengaluru, India.
Electrolux HCL
EIIR POV: Engineering enterprises are expanding their engagements with Indian engineering service
providers.

1.
Jul-23 | Honda has signed a large deal with SCSK for software development in the following areas:
Operating system (OS) for the next-generation electrical/electronic (E&E) architecture Electrified
powertrains, Advanced safety and automated driving, IVI (In-vehicle infotainment). SCSK is
planning to increase the number of its IT engineers working with Honda to approximately 1,000 by
2030.
Honda SCSK
EIIR POV: This is the second large deal signed by Honda this year. The value will be in the similar
range of the earlier deal i.e. $250 Million+. It highlights automotive is the biggest tailwind and even
regional engineering service providers are winning large deals.

Jul-23 | LTTS has secured a $50 million contract with a global technology company, to enable new
opportunities for digital video platforms. The deal is tailored to significantly enhance the customers
flagship suite of products including its cloud native portfolio and drive new levels of automation and
optimization.
LTTS
EIIR POV: A large deal in the hi-tech sector which is facing headwinds is a good news.

Jul-23 | Tata Elxsis TETHER Connected Vehicle Platform chosen by a Top 5 Automotive OEM for
deployment across emerging markets encompassing multiple countries in Asia. This multimillion
US$ multi-year deal involves an end-to-end managed service including platform licensing, cloud
services and app development and sustenance.
Tata Elxsi
EIIR POV: Interesting platform led deal for Connected Vehicles.

Aug-23 | Persistent was elected by one of the largest Fortune-500 companies in the Healthcare
domain to undertake engineering on data and machine learning platforms of the company as well as
to partner with them in innovation and transformation broadband. This is a more than US$ 50
million TCV deal for us spanning across three years
Persistent
EIIR POV: Healthcare is an upcoming tailwind for engineering and good to see a large engineering deal
in this sector.

2.
Aug-23 | HCLTech wins $2.1-billion deal from Verizon.
Verizon HCL
EIIR POV: Two points here: As part of deal HCLTech will take over Verizon Business Global Customer
Operations staff. We wrote about this earlier for buying captives, service providers should look for
professional services division of enterprises and ISVs. 2. In this macro environment, mega deals are
available. Service providers which can win these mega deals will outperform others.

Aug-23 | Infosys wins a mega $2.5 billion contract from Liberty Global. Infosys will take
responsibilty of developing and managing digital entertainment and connectivity platforms.
Liberty Infosys
EIIR POV: It's not just about the contract value; it's the groundbreaking business model to make cost
variable with potential upside. It? has components of enterprise solution monetization with Horizon
platform.

Aug-23 | Lexmark Selects TCS to Transform its Digital Core to Deliver Faster Time to Market. It has
components of enterprise solution monetization with Optra IoT platform.
Lexmark TCS
EIIR POV: Enterprise solution monetization will become part of more number of large engineering
deals

Sep-23 | HCLTech wins a large deal with TIBCO. It will also take over 400 people professional
services group. W
Tibco HCL
EIIR POV: e wrote earlier about the trend of taking over professional services groups of ISVs. Good to
see one more successful example.

Oct-23 | Spirit will leverage a strategic partnership with Infosys in Richardson, Texas, to create a
dedicated center for aeronautical engineering excellence to cover the complete aircraft development
life cycle for both new and in-service aircraft.
Spirit Infosys
EIIR POV: Aerospace enterprises are expanding with their existing services providers in different
geogaphic centers.

3.
Oct-23 | Akkodis secures a 3-year, $100M+ managed services contract from a global medical devices
leader. The contract covers implementation, project management, and remediation services for
various products. Over 200 engineers from Akkodis' North American team will complete the project
by 2026.
Akka
EIIR POV: Good to large engineering deal in medical devices space.

Oct-23 | Infosys inks five-year collaboration with smart Europe GmbH. where it will redefine the
online EV buying experience and apply state-of-the-art Machine Learning models to accurately
forecast sales and aftersales demand.
Infosys
EIIR POV: Engineering service providers are helping auto firms in developing digital front end for their
sales and customer experience. Good to see a large deal in this space.

Oct-23 | Persistent won a deal with TCV of more than $75 Million with a healthcare payer.
Persistent
EIIR POV: Good to see another large deal in healthcare software engineering .

Nov-23 | Akkodis has won a major consulting and solutions contract in China with a world-leading
German automotive manufacturer. The multi-million Euro contract includes hardware and software
engineering, as well as consulting solutions for the end-to-end development of e-mobility
applications and the Software Defined Vehicle (SDV).
Akka
EIIR POV: China engineering service market for Global OEMs is serviced by European engineering
service providers.

Nov-23 | Vodafone has announced a strategic partnership with Accenture, aimed at accelerating the
commercialization of its shared operations. This collaboration will leverage Accentures expertise in
technology, industry, and transformation services, as well as talent development. Accenture is
investing 150 million in a new shared services entity in exchange for a minority interest.
Vodafone Accenture
EIIR POV: Three large telecom outsourcing deals have been announced in the last three months with
the flavor of transformation of shared service or professional services. HCL- Verizon, Infosys - Liberty
Global, Accenture - Vodafone.

4.
 Dec-23 | The BBC has contracted Spyrosoft for 32.5 million to provide onshore digital engineering
support, and Accenture for 42.5 million to offer nearshore agile development teams to support work
package based delivery. Both contracts last for three years.
BBC Accenture Spyrosoft
EIIR POV: Large digital engineering deal trend in Media continues.

Dec-23 | Swedens Husqvarna Group, which makes water pumps and sprinklers, has extended its tie-
up with HCL for AI-enabled digital transformation. Under the new five-year agreement, HCLTech
will leverage its digital engineering services to enhance the resilience and stability of Husqvarnas
information technology environments through personalised AI-based solution.
Husqvarna HCL
EIIR POV: Large digital engineering deals driven by AI in asset heavy industries.

Dec-23 | LTTS and bp sign multi-year engineering services partnership. Landmark Deal sees LTTS
and bp partner in Projects, Operations, Maintenance and Low carbon initiatives.
BP LTTS
EIIR POV: A large deal with a new customer is rarity in engineering services. LTTS is able to pull off
with bp on the back of successful operational excellence work being done with other O&G customers.

#Job cuts

Sep-23 | After a subsidy phaseout in Germany led to reduced demand for its EVs, Volkswagen AG is
letting go of 269 temporary workers at its primary electric-vehicle factory in Zwickau.
Volkswagen
EIIR POV: A twist in EV tale. The EV transition will take long.

Nov-23 | Continental would cut thousands of jobs in its automotive division worldwide as part of a
plan to save 400 million euros a year from 2025.
Continental
EIIR POV: Stress in auto tier-1s is emerging. Will we see large outsourcing deals rom tier-1s soon?

5.
 Nov-23 | Volkswagen wants to cut 2,000 jobs at Cariad unit.
Volkswagen
EIIR POV: This highlights the challenges OEMs are facing in automotive software. Will there be large
offshoring deal on the card?

#Service Provider Deals

Apr-23 | Infosys Collaborates with LexisNexis to Provide Information Services across Content,
Enterprise, and Products Applications
LexisNexis Infosys
EIIR POV: Broad-based players are winning integrated IT and engineering deals.

Apr-23 | A leading North American transportation major awarded LTTS a $40 million contract to
support them in fleet modernization across areas of vehicular control, simulation technology, Next
Gen Communications, Cybersecurity and integration of the latest technology components into the
core logistics platform for the customer.
LTTS
EIIR POV: Good to see large deals won by engineering service providers in transportation sector by
combining different services.

#Generative AI

May-23 | IBM expects AI to impact at least 7,800 jobs (which is 30% of 26000 HR jobs )at the
company in HR over the next five years.
IBM
EIIR POV: I think it is a hope, not a plan. This is just an approximation and extrapolation of current
trends for the next five years and signals 5% annual job loss due to chatGPT or Generative AI.. The
actual numbers might not be that much or might take longer than five years. We don?t know what
challenges will come up in scaling these early pilots around AI or AI implementation.

6.
May-23 | Infosys launched Infosys Topaz - an AI-first set of services, solutions and platforms using
generative AI technologies.
Infosys
EIIR POV: Service providers are launching their generative AI solutions.

Jun-23 | JPMorgan is developing a ChatGPT-like A.I. service that gives investment advice
JPMC
EIIR POV: Enterprises are starting to integrate Generative AI in their core product and services.

Jul-23 | ABB and Microsoft collaborate to bring generative AI to industrial applications. The
collaboration aims to deploy Copilot capabilities to enable more intuitive user interaction with ABB
Ability Genix Industrial Analytics and AI Suite and its applications, and further enhance the value of
contextualized data for efficiency and sustainability gains
Microsoft ABB
EIIR POV: Generative AI usecases are emerging for shopfloor and MES to improve efficiency and
sustainability.

Jul-23 | Xoriant has launched a generative AI platform called ORIAN for all industries. The first
application, built on the ORIAN platform for the National Football League Players Association
(NFLPA), combines the power of AI, ML and analytics to automate and accelerate the process of
contact detection and inspection for Contact Sport Analytics, thereby supporting the NFLPA in its
core objective of ensuring and enhancing player safety.
Xoriant
EIIR POV: Good to see client examples in Generative AI from digital engineering service providers.

Aug-23 | Sonata Software collaborates with Microsoft, utilizing the EPICS (Engineering Pipeline
Infrastructure and Cloud Services) BOT. This BOT assists Client Dataverse Engineering teams by
providing information on various technical topics, such as accessing or provisioning VMs. The BOT
is integrated with Azure OpenAI. Additionally, they are developing a centralized index comprising
approximately 14,000 wiki articles using Azure Cognitive Search.
Microsoft Sonata Software
EIIR POV: Interesting to see Generative AI deals in product engineering.

7.
Sep-23 | Toyota's new AI technology employs text-to-image designs with engineering constraints to
hasten vehicle design. Using a text prompt, designers can request designs with stylistic features like
sleek and SUV-like while also optimizing engineering performance metrics such as aerodynamic
drag.
Toyota Motor
EIIR POV: A credible usecase of Generative AI in product engineering

Sep-23 | Siemens latest EDA tool, Slido, uses generative and other AI algorithms to drastically cut IC
verification time and speed time-to-market can reduce the number of simulations required for
custom IC verification by up to 90%, saving time and money.
Siemens Digital
EIIR POV: Generative AI usecase in chip verification. The business value is saving time and money

Sep-23 | Nvidia announced new partnerships with Indian conglomerates Tata Group and Reliance
Industries to develop language models for business and consumer AI applications, cloud
infrastructure and generative servicesinIndia.
Nvidia Reliance Tata Group
EIIR POV: Indian top corporates are investing in Generative AI in direct partnership with NVIDIA.

Sep-23 | Mercedes-Benz is adopting a Digital First strategy for its MMA platform production
enhancing quality while optimizing costs. This approach uses the MO360 digital system, connecting
30 global plants. The brand employs NVIDIA Omniverse for digital twin simulations, aiding efficient
planning. At their Rastatt plant, AI boosts efficiency, saving 20% energy in painting. They also
utilize ChatGPT for data processing and MB.OS for centralized software operations, ensuring
vehicles are always updated.
Mercedes Nvidia
EIIR POV: Interesting scaled example of Generative AI, Metaverse, Sustainability, IoT, Analytics,
Platform all coming together.

Oct-23 | The US subsidiary of a leading pharmaceutical company has selected HCLTech to set up a
GenAI lab to prioritize use cases. HCLTech will also create Gen Al-based automation solutions to
identify and summarize compliance gaps.
HCL
EIIR POV: Generative AI engineering use cases and deals are emerging in medical sector.

8.
 Nov-23 | At BMW, Thoughtworks is working together on the BMW connected AI platform, which is
built on top of a microservices platform based on Kubernetes clusters in the AWS cloud. The
connected AI platform supports multi-region compliance regulations and provides a standardized,
scalable way to support all current and future connected AI usecases. To ensure cost-efficient AI
deployments, multi-tenancy and portability between cloud providers were also key design
considerations. BMW data s cientists now don't have to worry about infrastructure aspects like
persistent storage, identity, access and infrastructure security, everything is built into the platform.
Now live with the first usecase around proactive vehicle maintenance management and facilitating
many more AI usecases, including the BMW intelligent personal assistant.
BMW AWS Thoughtworks
EIIR POV: Geneerative AI opportunities in automotive for digital engineering service providers.

Dec-23 | Bosch tests generative AI in manufacturing to boost production efficiency using synthetic
images for optical inspection, potentially reducing AI solution development time from months to
weeks.
Bosch
EIIR POV: Generative AI usecase in digital manufacturing.

#Service Provider M&A

Jun-23 | Accenture to acquire Anser Advisory brand with 920 people in US and gains capital
projects capability.
Accenture
EIIR POV: This is an interesting move as few large engineering service providers have been doing some
parts of capital projects as part of plant engineering but didn't enter the construction industry in a big
way. The construction industry is one of the least digitalized industries, and the entry of engineering
service providers is a good opportunity.

Jul-23 | HCLTech acquires German automotive engineering service provider ASAP for $279 M. It has
over 1,600 employees across nine locations in Germany and provides services in
electrics/electronics, software, consulting, service testing and validation and vehicle development.
ASAP Holding HCL
EIIR POV: Automotive is a big tailwind for engineering services, and it is a good move by HCL to
augment its automotive engineering capabilities in Germany.

9.
Aug-23 | ALTEN acquires Accord Global Technology Solutions, an automotive engineering services
company based out of India with 500 people.
ALTEN
EIIR POV: Two trends here. 1. Engineeirng M&As are on rise especially in automotive. 2. European
service providers are augmenting their Asian footprints.

Aug-23 | Endava is acquiring TLM which is based out of Reno, US and provides outsourced
development services across design, engineering and art/animation for PC and console video games
and other digital entertainment. TLM has deep relationships with a wide array of platform partners
(such as Microsoft, Sony, Nintendo, Unreal, Crytek) and with clients in the US and around the world
including prominent games publishers and developers.
Endava
EIIR POV: Gaming looks to be next area of growth for software product engineering service providers.

Aug-23 | Xoriant acquires Thoucentric, which has 450 people and strong domain and consulting
capabilities in CPG and Supply Chain.
Xoriant
EIIR POV: The next phase of digital engineering will be the combination of digital consulting and
engineering for creating total solutions for clients.

Sep-23 | Capgemini Engineering is acquiring HDL Design House. HQ in Belgrade (Serbia), HDL
Design House comprises approximately 300 highly skilled engineers with substantial experience in
delivering advanced custom chip designs for multiple industries.
Capgemini HDL Design House
EIIR POV: Engineering service providers are acquiring semiconductor engineering firms. Now global
chip designing capabality is important as fabs are globalizing.

Oct-23 | Akkodis has acquired India-based Progneur Technologies, a specialist player in the Product
Lifecycle Management (PLM).
Akka
EIIR POV: Global engineering service providers are entering new servicelines increasing their footprint
in India with acquisitions.

10.
 Dec-23 | GlobalLogic is acquiring Mobiveil Inc., a specialized embedded engineering services firm
headquartered in the United States and delivery centers in India. This collaboration will expand
GlobalLogics existing capabilities in Embedded Software in key industries including Semiconductor,
Automotive, Media, and MedTech, and High Tech.
GlobalLogic
EIIR POV: Growth strategy of pureplay engineering service providers. Expand servicelines with
acquisitions.

#Service Provider Results

Apr-23 | KPIT Results. Q4 FY23 Revenue $124M, QoQ Growth 12.1 %, YoY Growth 42.1%. FY23
Revenue $418M, YoY Growth 27.4%. FY24 Guidance: 27-30%
KPIT
EIIR POV: Industry leading growth numbers achieved by KPIT for the last quarter. Also highest revenue
growth guidance for FY 24 among ESPs.

May-23 | EPAM Q1 CY23 results. Revenue $1.21 B, -1.7% QoQ and 3.4% YoY Growth.
EPAM
EIIR POV: EPAM Q1 CY23 results shock the digital engineering industry. From 50% YoY growth a year
back to only 3.4% YoY growth now. This year's sales growth guidance is only 3% (Last year's growth
was 28.4%).

May-23 | Alten Results. Q1 2023 Revenue Euro 1.035 B. 15.7% YoY Growth.
EIIR POV: Apart from Indian pure play engineering service providers, European pure play engineering
service providers are showing good growth despite macro uncertainities.

Jun-23 | Thoughtworks Q1 CY23 Results. Revenue $307 M. -1.2% QoQ and -4.3% YoY Decline. CY23
Guidance -3% Decline.
Thoughtworks
EIIR POV: Hughlights the challenges in software product engineering market. Decline ?in quarter and
also projecting negative growth in the full year.

11.
 Jun-23 | EPAM cut sales growth guidance yesterday as customer spending slumps. Last quarter, it
guided for 9% growth in CY23, but now it looks that it will have a negative growth this year -2 to -
3%.
EPAM
EIIR POV: EPAM's gudance cut highlights the challenges in the global software product engineering
market.

Nov-23 | KPIT Q2FY24. Revenue $145 M. 8.4% QoQ growth and 54.2% YoY growth.
KPIT
EIIR POV: Over 50% YoY gorwth in this macro enviornment highlights great strategy and execution by
KPIT in capturing automotive tailwind.

#Enterprise R&D Center

Apr-23 | SAP laid off 300 employees in India Feb 23, but now plans to hire 1000 employees in India
this year. SAP Labs employs 14K employees in India.
Sap
EIIR POV: Is it a sign of a turnaround in tech from layoffs to hiring? Cautious Optimism!

Jun-23 | Mercedes-Benz Research and Development India (MBRDI) will recruit more than 1,000
engineers equipped with new-age digital skills in the country over the next year. Currently, it has a
team of around 7,000 people in its R&D centre in the country.
Mercedes
EIIR POV: Automotive is biggest tailwind in engineering services. Automotive GCCs in India are also
growing.

Sep-23 | Airbus to hire 2,000 engineers from India in next two years and take the Indian engineering
strength to 5000.
Airbus
EIIR POV: Aerospace is one the two biggest tailwinds in engineering services and this is a great
testimonial to Indian aerospace engineering talent!

12.
 Sep-23 | Salesforce plans to hire 3,300 people after laying off 10% of its workforce earlier this year.
The new hires will be divided among sales, engineering, and data cloud departments.
Salesforce
EIIR POV: Situation is changing fast in ISV sector for good from layoffs few months back to hiring now.

Oct-23 | Carrier to invest $800 million in India over the next 5 years to expand its manufacturing
and ttalent. This investment is driven by the low air conditioning penetration in India and quality of
Indian talent.
Carrier
EIIR POV: Trifecta of Indian market attractiveness, manufacturing nvestment and engineering talent
driving next wave of GCCs in India.

Oct-23 | Stellantis doubling its software engineer workforce in India. The company plans to hire
1,100 engineers in the next 12 to 18 months in Pune, Hydreabad and Bengaluru. India was chosen as
the global competence center for developing new-age cockpit software because of its talent pool,
potential market, and the speed and agility of its teams.
Stellantis
EIIR POV: The combination of engineering talent and local market opportunities is driving automoive
engineering investment in India even in this macro environment.

#Global MNC Engineering Expansion

May-23 | Deloitte has acquired assets of Optimal Design, a product engineering services company
specializing in the development of smart connected products and IoT devices.
Deloitte
EIIR POV: Global IT MNCs are expanding in engineering with acquisitions.

Nov-23 | FPT announces its acquisition of the US-based company Cardinal Peak, a strategic move to
strengthen its product engineering delivery capabilities in North America. It has 20-year experience
of delivering end-to-end product engineering services, including hardware, embedded software,
IoT, cloud, and mobile product development, to over 300 companies in automotive, healthcare,
robotics, consumer electronics, streaming media, security and safety, and aerospace industries.
FPT Software Cardinal Peak
EIIR POV: The high-growth engineering service market is now too? important to ignore by IT service
providers. In the next 3 years, almost all major IT service providers will have engineering offerings.

13.
 Dec-23 | PwC US to acquire Surfaceink, a product design, development, and engineering services
firm specializing in consumer electronics and IoT initiatives.
PwC
EIIR POV: One more Global IT MNC acquires an engineering services firm. The high-growth engineering
service market is now too important to ignore by IT service providers. In the next 3 years, almost all
major IT service providers will have engineering offerings.

#Localization

Apr-23 | Segula Technologies is launching its Middle East business through establishing two offices
with 200 engineers to support its customers in the energy, aerospace, defence, rail, manufacturing,
naval, and automotive sectors, covering the full scope of competencies from design to
manufacturing engineering. Segula?s new offices are located in Masdar City in Abu Dhabi, United
Arab Emirates, and in Cairo, Egypt.
Segula
EIIR POV: Localization is driving autmotive engineering opportunities in MENA. European ESPs are
prepaing to capture this opportunity.

May-23 | Cisco To Start Manufacturing In India, To Set Up Plant In Tamil Nadu. Targets Over $1
Billion In Domestic Production And Exports.
Cisco
EIIR POV: The trifecta of Indian R&D capabilities, manufacturing potential, and local market
opportunities is creating an attractive value proposition for global MNCs to invest in India. Cisco is
latest MNC to join the party.

May-23 | Continental working on cost-efficient ADAS tech for Indian carmakers.

Continental
EIIR POV: Global R&D centers in India are working to launch India specifc solutions.

Jun-23 | Intel will invest up to $4.6 billion in a new semiconductor assembly and test facility near
Wrocaw, Poland, as part of a multi-billion-dollar investment drive across Europe to build chip
capacity.
Intel
EIIR POV: Localization of semiconductor fabs is proceeding despite recent macro concerns.
14.
Jun-23 | Micron would invest up to $825 million in a new chip assembly and test facility in Gujarat,
India. The total investment in the facility will be $2.75 billion. Of that total, 50% will come from the
Indian central government and 20% from the state of Gujarat.
Micron Technology
EIIR POV: First tangible invstment in India in semiconductor manufacturing. The trifecta of
semicnductor design, manufacturing and market opportunities can make India as a semicondctor hub.

Jul-23 | Carl Zeiss India is investing over 250 million to build a spectacle lens production facility in
Bengaluru, which will be the German optical systems groups largest vision factory in the world.
Carl Zeiss Meditec AG
EIIR POV: Manufacturing in India is expanding. The trifecta or local market, manufacturing investment
and engineerin capabality will ehance engineering ecosystem in India.

Jul-23 | LG Electronics has established its first overseas research center for its Home Entertainment
(HE) division in Indonesia. The research center is located in Cibitung near its TV manufacturing
plant.
LG Electronics
EIIR POV: Indonesia may come up as an attractive R&D destination due to local market and proximity
to manufacturing.

Sep-23 | Asus is relocating key component suppliers from China to India as it establishes a new
factory in Chennai through its contract manufacturer, Flex.
ASUSTeK Computer Flex
EIIR POV: Another eample of manufacturing relocation to India.

Nov-23 | AMD opens its largest global design center in Bengaluru, investing $400 million in India,
with 3,000 engineers focusing on semiconductor tech, including AI and 3D stacking, and developing
high-performance CPUs and gaming GPUs.
AMD
EIIR POV: AMD laying off in R&D in China. but recruiting in India. It opened its largest global R&D
center in India. Will R&D shift from China to India for Global MNCs?

15.
 Nov-23 | Intel partners with 8 local EMS manufacturers for production of complete entry level
laptops in India: Dixon Technologies, Bhagwati Products, Kaynes Technology, Optirmus Electronics,
Panache Digilife, Smile Electronics, Syrma SGS, VVDN Technologies
Intel Kaynes Technology VVDN
EIIR POV: Make in India is gaining momentum now in laptops.

Dec-23 | AMD opens its largest global design center in Bengaluru, investing $400 million in India,
with 3,000 engineers focusing on semiconductor tech, including AI and 3D stacking, and developing
high-performance CPUs and gaming GPUs.
AMD
EIIR POV: AMD laying off in R&D in China. but recruiting in India. It opened its largest global R&D
center in India. Will R&D shift from China to India for Global MNCs?

#Private Equity

Aug-23 | Carlyle invests $500 million into Quest Global for 28% stake at a valuation of $1.8 Billion.
Quest FY24 revenue is likely to be $900 Million.
QuEST
EIIR POV: Good to see the continued interest of PE firms in engineering firms. Compared with the
valuation of other engineering pure-plays, it looks like Carlye got a good deal.

Dec-23 | BPEA EQT will acquire a majority stake in Indium Software, a Chennai-based digital
engineering provider. Indium has experienced 50% CAGR growth over the past three years and
employs around 3,000 people.
Indium
EIIR POV: Private equity interest in digital engineering sector is still strong.

#Generative Design

Apr-23 | Tech Mahindra Unveils Generative AI Studio to Help Enterprises Bootstrap Generative AI
Tech Mahindra
EIIR POV: Service proviers are developing Generative AI and GPT capabalities to help enterprises.

16.
#Engineering Process Design

Oct-23 | Passengers no longer need to remove electronics or bags containing liquids from their hand
baggage at Helsinki Airport. Thanks to CT technology from the medical field.
EIIR POV: A great example of how cross-industry application enhances the customer experience by
eliminating common travel hassles.

#Service Provider Geographic Expansion

Jun-23 | EPAM expands footprint in India inaugurates new office in Gurugram.

EPAM
EIIR POV: European engineering service providers are augmenting their delivery presence in India to
get advantage of cost competitive engineering talent at scale.

Jun-23 | Infosys has a new Proximity Centre in Oslo, Norway as part of our continued expansion
plan in the Nordics. The new state of the art centre will enable Infosys to attract, re-skill, and up-skill
local talent to work on global opportunities through next-gen technologies like cloud, AI, IoT, 5G,
and software engineering.
Infosys
EIIR POV: Indian engineering service providers are expanding their footprints in Europe.

Aug-23 | Globant Announces USD 1 Billion Investment in Latin America. It has a hiring plan to add
20,000 new professionals over the next five years across 30 of Globants development centers in
Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Peru, Mexico, and Uruguay.
Globant
EIIR POV: Latin America will become an important hotspot for softwtare product engineering.

Sep-23 | Akkodis announced the expansion of its operations in India with the opening of a new office
in Chennai to better serve clients, improve solution delivery, and develop talent.
Akka
EIIR POV: Global engineering service providers are increasing their footprint in India.

17.
 Nov-23 | Infosys Expands Its Footprint in Europe with a New Proximity Center in Sofia, Bulgaria to
Help Accelerate AI and Cloud-led Digital Journeys for Clients in the Region. To amplify human
potential hiring local talent, the new state of the art center will enable Infosys to attract, re-skill, and
up-skill 500 new employees.
Infosys
EIIR POV: Service providers are augmenting their nearshore presence in Europe.

#Business Model Innovation

Apr-23 | A collaboration between Foxconn and Califonia-based company Monarch Tractor is

bringing new all-electric tractors to the Valley.
Foxconn Monarch Tractor
EIIR POV: Contract manufacturing business model of mobiles is extended to autos especially new EV
OEMs.

Apr-23 | ThoughtSpot, the AI-Powered Analytics company, today announced the acquisition of all
employees of SagasIT Analytics, an analytics consulting services company based in Bangalore. All
the talent acquired are data solutions specialists who will form the India Customer Center of
Excellence (CCOE) to support ThoughtSpot?s global go to market team and will be responsible for
advancing customer outcomes through implementation, adoption strategies, community response
management and overall account management and customer success for global accounts.
ThoughtSpot
EIIR POV: ISVs are acquiring service providers and converting them into GICs.

Nov-23 | In a first, Amazon to retail cars online, starting with Hyundai models. Hyundai will also
adopt AWS as its preferred cloud provider. Amazon will also collaborate with Hyundai to feature
Alexa in Hyundai vehicles.
Amazon Hyundai Motor Company AWS
EIIR POV: Cars to be sold through ecommerce platforms. Interesting business model change and
opportunities for digital engineering service providers.

Dec-23 | Global Auto OEMs are learning to cut EV costs in China. Using Chinese suppliers for faster
time and reduced cost. Virtual Testing to reduce cost and time.
EIIR POV: Auto industry is exploring value Engineering Chinese OEM way.

18.
#Virtualization

Jul-23 | NASA opens DEDC (Digital Engineering Design Center) located at NASAs Johnson Space
Center in Houston. Digital engineering is an emerging field of study that is crucial to the efficient
design of aerospace hardware. Instead of having to manufacture and assemble parts to test them,
designs can now be built, tested, and refined in virtual environments. The goal of the digital
engineering process is to enable a singular, digital source for the project that is accessible to all
partners and can be used throughout the development lifecycle.
NASA
EIIR POV: Digital engineering can lead to better and efficient designs. NASA is advocating digital
engineering including virtualization for efficient design of aerospace hardware.

#Service Provider Service Expansion

Sep-23 | LTTS to add 2000 employees to cater to rising software demandinvehicles.

LTTS
EIIR POV: Automotive is the biggest tailwind and engineering service providers are investing ahead to
capitalize on this.

#Enterprise M&A

Oct-23 | Schaeffler to buy Vitesco Technologies for $3.8 billion to create EV supplier giant.
Schaeffler Vitesco
EIIR POV: When auto Tier-1s consolidate, many times large engineering services deal follow. Will we see
another large engineering services deal?

#Indian Tier 2 /3 Cities

Nov-23 | IBM is planning to make the IBM Lab in Kochi its development hub in India. The centre is
focusing on hybrid cloud, product engineering, and the design and development of new products and
solutions in the areas of data, AI, and automation.
IBM
EIIR POV: Global and Indian service providers are expanding in tier-2 cities for engineering.

19.
#Sustainability

Apr-23 | Honeywell has set up a sustainability centre of excellence in Madurai which would serve as
a hub for support in engineering, innovation and collaboration on sustainability initiatives
Honeywell
EIIR POV: Enterprises are leveraging Tier 2 ad Tier 3 cities in India for their engineering footprint even
in emerging areas such as sustainability.

Jul-23 | HCLTech and Schneider Electric have announced a collaboration to develop sustainability
solutions for data centers in the Asia Pacific region. The two companies will integrate their best
practices in IT and OT to develop solutions that improve the efficiency, productivity, and
modernization of data centers, reducing their overall carbon footprint.
Schneider Electric SE HCL
EIIR POV: Datacenters contirbute to 2% of Global Emissions and are good candidates for sustainability
engineering solutions.

#Enterprise R&D Center Downsizing

May-23 | LinkedIn will cut more than 700 jobs and shut down its China jobs app in the latest round
of tech sector redundancies. They are expanding the use of vendors or external partners who will
take new and existing work.
LinkedIn
EIIR POV: Tech layoffs will lead to increase use of engineeing service providers when market picks up.

Sep-23 | GM has decided to shut down its Arizona IT Innovation Center, leading to 940 job losses.
The company will retain its other IT centers in Warren, Michigan; Austin, Texas; and suburban
Atlanta. This move is part of GM's effort to streamline IT operations, with most tasks from the
Chandler location being transferred to other centers. The centers support GM's IT requirements
spanning web technologies, end-user apps, dealer and factory systems, and vehicle tech.
GM
EIIR POV: Highlight continuous struggle and footprint optimization by auto firms. Is a large
outsourcing deal on the cards?

20.
#Space

Aug-23 | India's Chandrayaan-3 mission successfully soft-landed on the lunar south pole, making
India the fourth country to do so. The lander, Vikram, touched down on the surface of the moon after
a 40-day journey from Earth. The rover, Pragyan, was also successfully deployed from the lander.
ISRO
EIIR POV: An incredible engineering achievement by ISRO.

#Metaverse

Apr-23 | Changi Airport Group teams up with Accenture to launch digital wonderland ChangiVerse,
its metaverse initiative. It is the first virtual experience being developed by an airport on Roblox.
Changi Airport Accenture
EIIR POV: Thought metaverse buzz is down it is good to see a metaverse initiative of an airport in
partnership with ESP. Travel vertical could be an early adopter of Metaverse.

May-23 | ESI Groups IC.IDO Weave accelerates product development and enterprise decision-
making in the Industrial Metaverse. An all-inclusive workflow solution leveraging Immersive Virtual
Prototyping for design and manufacturing engineering.
ESI
EIIR POV: Though metaverse buzz is down engineering service providers are investting in Industrial
Metaverse solutions.

#IPO

Nov-23 | Tata Technologies IPO with bumper opening of 180% gain on listing day.
Tata Technologies
EIIR POV: Unprecendeted response to this IPO suggests optimism about automotive engineering
services in India.

Dec-23 | Tata Technologies IPO with bumper opening of 180% gain on listing day.
Tata Technologies
EIIR POV: Unprecendeted response to this IPO suggests optimism about automotive engineering services
in India.

21.
#Enterprise 5G

Apr-23 | Infosys rolled out its Private 5G-as-a-Service to accelerate business value for its enterprise
clients worldwide. HPE and Infosys are working together by combining HPE?s Private 5G solutions
with Infosys as-a Service offering and pre-integrated vertical use-cases for faster customer value
realization.
HPE Infosys
EIIR POV: 5G is bringing more players such as HPE in the NEP game and it is opportunity for
engineering service providers to partner with them as Infosys is doing.

#Deal Cancel

Jun-23 | Transamerica cancels $2 Billion TCS Deal ahead of schedule.

Transamerica TCS
EIIR POV: Changes in business and tech environment can create risks for large deals both existing and
new.

#Service Provider Exit

Jul-23 | Atos to Sell EcoAct to Schneider Electric. Atos acqired EcoAct last year. EcoAct generated
around 70 million euros in its 2022 fiscal year and currently employs about 400 people,
Schneider Electric SE Atos
EIIR POV: Sustainability consulting is not sustainable for everyone. When service providers are builing
sustainability capabality it is surprising to see Atos divesting it.

#Branding

Aug-23 | Infosys Onboards Tennis Icon Rafael Nadal as Ambassador for the Brand and Infosys
Digital Innovation
Infosys
EIIR POV: A good move for the corporate brand as well as employer brand. Back in the day Accenture
used to have Tiger Woods as its brand ambassador. It is the next phase of the evolution of Indian IT
service providers amplifying their?brands?globally

22.
#Captive Buyout

Oct-23 | Etteplan and Weckman Steel have signed an agreement to transfer the tractor trailer
engineering in Finland to Etteplan. It strengthens Etteplan's position and expertise in vehicle and
mobile machinery engineering,
Weckman Steel Etteplan
EIIR POV: Another example of engineering captive buyout in Nordics.

#Business Restructuring

Oct-23 | Hitachi Vantara digital solutions business will be spun off into a new company, Hitachi
Digital Services. Now Hitachi will have three companies GlobalLogic on Digital Engineering, Hitachi
Digital on IT OT Integration and Hitachi Vintara on IT Products and Platforms.
Hitachi Vantara GlobalLogic Hitachi Digital
EIIR POV: IT service providers have been splitting into specialized providers for more focus. Here is one
more example.

Nov-23 | AFRY X was dismantled as a division and current business units were integrated into other
divisions. 45 positions are made redundant also. AFRY X was launched with enthusiasm in Jan 2022
with 800 employess and billion sek plus revenue to focus on digital services, IoT, AI, cubersecurity.
AFRY
EIIR POV: Can asset heavy engineering service providers compete and differentiate in software/ digital
space?

#IT OT Integration

Apr-23 | Siemens introduces Industrial Operations X, an open and interoperable portfolio for
automating and operating industrial production. The new portfolio is part of Siemens Xcelerator,
the open digital business platform comprising a portfolio of software and connected hardware, an
ecosystem of partners, and a marketplace.
Siemens Digital
EIIR POV: ISVs are investing in IT-OT integration solutions making them software defined and part of
larger Indusry 4.0 solutins. This will remove hardware software silo and simplify enerprise Industry 4.0
journey. Engineering service providers will have role to play in this.

23.
#Bankruptcy

Jun-23 | Connected car data unicorn Wejo with marquee investors, including General Motors, is now
onthe verge of bankruptcy.
GM
EIIR POV: Is there any future for connected car data-based business models? We all get excited by use-
cases but can they scale up to become viable businesses.

#SMB R&D

Aug-23 | Pico MES, a software company that helps small and midsized manufacturers better manage
their factory floors, has raised $12.35 million in an early-stage investment round. Investtors include
the venture capital arms of two large manufacturers: Bosch and Schneider Electric.
Bosch Schneider Electric SE Pico MES
EIIR POV: SMB market has been a challenge for manufacturing ISVs. Good to see tow manufacturing
giants coming together to invest in SMB focused MES ISV.

#Digital Thread

Nov-23 | AVEVA and Aras have announced a lighthouse agreement with international engineering
procurement and construction company, McDermott Global, to develop and standardize its asset
lifecycle management capability that spans the energy transition, oil and gas, and nuclear sectors.
McDermott Aras AVEVA
EIIR POV: Construction industry looking to adopt digital thread and twin for asset lifecycle
management.

#R&D Grants

Sep-23 | Beijing and Shanghai are implementing measures to retain foreign R&D centers. Beijing
offers up to 50 million yuan in subsidies, expedited visas, and other benefits. Shanghai is assisting
foreign R&D centers in transitioning to local entities.
EIIR POV: Will China's loss be India's gain in R&D centers?

24.
#Service Provider Solutions

Dec-23 | KPIT rolls out India's first sodium-ion battery tech with an overall cost up to 30 percent
lower than existing alternatives, and is in talks with both existing clients in the auto industry and
those interested in various applications of energy storage.
KPIT
EIIR POV: Interesting to see core EV battery technology investment by an ESP.

#India Market

Sep-23 | Berger Paints records 44% increase in IT expenses. Surge is because of increase in spend in
Industry 4.0
Berger Paints
EIIR POV: Industry 4.0 market in India is picking up.

25.