India-centric IT services vendors focused on protecting margins to survive rough market conditions

Select vendors pursue alliances and deals in the growing cloud market to offset choppy financial performance

During the first couple quarters of the pandemic, Cognizant (Nasdaq: CTSH), HCL Technologies (HCLT), Infosys (NYSE: INFY), Tata Consultancy Services (TCS) and Wipro (NYSE: WIT), the India-centric vendors covered in TBR’s IT Services Vendor Benchmark, looked to form partnerships and sign new deals, especially those around cloud capabilities, with strong patterns of continued growth in cloud implementation, migration and advisory to offset deteriorating areas in traditional outsourcing engagements. For example, Wipro’s partnerships with cloud infrastructure experts, such as Google (Nasdaq: GOOG) and Microsoft (Nasdaq: MSFT), will allow Wipro to build solutions off these technologies and pair them with its advanced AI and automation capabilities to strengthen its position in the market.

To mitigate the damage caused by COVID-19, the India-centric vendors will also make resource management improvements, such as enhancing their training and hiring efforts, and solidify existing client relationships by supporting clients through optimization and digital transformation offerings as they transition to digital business practices. Cognizant must secure alliances to bolster the company’s cloud and analytics capabilities while focusing on internal stability.

HCLT performed rather well financially, all things considered, and should utilize its cloud and software power to further develop its portfolio mix, leading to improved client satisfaction. TCS, on the other hand, should capitalize on its global presence as well as its diverse portfolio to gain traction and improve its financial performance. Wipro also struggled during 1H20, but its financial performance is expected to improve if the vendor focuses on acquisitions, similar to its recent purchase of Europe-based 4C, to add new sources of cloud services revenue in the region while driving portfolio investments around cybersecurity. Similar to HCLT, Infosys came through 1H20 mostly unscathed, due to its healthy pipeline and a strong first quarter. The company should continue to tap into new areas of opportunity, such as digital transformation and blockchain, using its recent partnerships with Essential Utilities and the National Bank of Bahrain.

True to their business models even in a pandemic, India-centric IT services vendors prioritized margin protection as a primary damage control strategy during COVID-19. To adjust management operations and combat growing company expenses, IT service vendors will likely increase employee training and look to hire internally to fill positions. Additionally, TBR believes it is imperative for vendors to continue their focus on upselling to existing clients and leaning on strategic partnerships to offset revenue losses due to geographic macroeconomic disruptions.

Rooted and stable yet innovative, HCLT relies on core strengths to drive profitable growth

TBR assessment

HCL Technologies’ (HCLT) Mode 1-2-3 strategy remains a core pillar in the company’s efforts to navigate the dynamics of the ever-evolving IT services market, and positions it to transition its portfolio and address client needs now and post-pandemic. At the 2020 Analyst and Advisor Day, HCLT President and CEO C Vijayakumar noted, “The strategy is applicable to any business or enterprise.” Executing successfully on the strategy requires equal commitment from leadership and employees.

HCLT’s leadership is “strong and stable,” according to C Vijayakumar, with 30 top executives with an average of 26 years of experience with HCLT — a striking contrast to some of the company’s peers that have experienced a slew of executive departures and changes at the helm in recent years, such as Wipro’s (NYSE: WIT) May appointment of former Capgemini executive Thierry Delaporte as CEO. As such, HCLT is able to stay the course of its strategy — to utilize engineering and infrastructure services as a core enabler to drive digital transformation engagements and profitable growth — without deviating too far into unchartered domains. Its leadership also acts as a talent magnet, as a charismatic and consistent vision often trumps micromanagement tactics.

Services remains a people business, and HCLT knows it. While the company continues to embed automation to augment services, it relies heavily on its greatest asset, its employees, to extract the most value from its investments. With engineering services at its core, HCLT can execute on what the client wants — provided the client knows what they want — and the company is not shy about challenging its clients as it seeks to not simply solicit new business but to introduce innovative ideas. All of this would not be possible if HCLT did not stay true to its talent strategy.

Just like with its portfolio offerings, HCLT relies on staff with core capabilities. Consulting engineers, not consultants, are what differentiates HCLT from many of its peers, which often lose sight and aspire to be something for which they are not known. Just as talent carries a significant weight in HCLT’s differentiation, the way the company manages its partner network also has an impact on value proposition. As services and software relationships evolve to account for changing buyer expectations, HCLT must remain vigilant in not just how it partners but also with whom it partners. With COVID-19 shifting buyers’ digital transformation priorities and forcing clients to consolidate budgets, maintaining trusted relationships with business leaders will be key, compelling HCLT to forge exclusive relationships with technology-inclined business consultancies to ensure long-term success.

“A simple strategy and relentless focus on execution” fueled HCLT’s ability to accelerate revenue growth while maintaining margin performance over the past two years. During the HCL Analyst and Advisory Day, company executives, along with regional and segment leaders including the CEO, walked through HCLT’s business performance and growth areas, identifying bright spots within industry and service segments that align with the company’s business investments. While HCLT’s areas of investment, such as security, cloud, IoT and digital, do not vary significantly from those of its peers, the company has differentiated itself with its Mode 3-specific investments and leans on its talent and culture, ongoing innovation, and business outcomes achieved for clients to capture new opportunities around these growth areas.

Mixed results expected in the U.S. federal sector for IT services vendors

Earnings season for federally focused IT vendors begins the week of Oct. 21. Senior Analyst John Caucis has been tracking Northrop Grumman Technology Services (TS), General Dynamics Information Technology (GDIT) and Raytheon Intelligence, Information and Services (IIS) ahead of their 3Q19 fiscal earnings release. 

Raytheon IIS is expected to be the top performer among the first group of companies to tender their financial performance, owing to new contract signings in the lucrative cyber and space sectors and expanding project volumes on existing programs in these segments. Growth is likely to moderate in 3Q19, though this is expected with the ramp down of the Warfighter Field Operations Customer Support (FOCUS) program. Some of the lost Warfighter FOCUS revenue will be offset by a recent rise in domestic bookings that is converting to revenue on IIS’ top line while IIS continues expanding its overseas footprint.

Northrop Grumman TS’ recent sales slide is expected to continue in 3Q19, though we also expect the pace of TS’ contraction to continue moderating as the impact of large engagement losses wanes and bookings with sustainment, logistics and modernization programs strengthen.

The CSRA acquisition is no longer inorganically lifting GDIT’s revenue, and recent business divestitures (GDIT’s call center and 911 businesses) are expected to further erode GDIT’s revenue base. The expiration of a handful of large engagements in 3Q19, combined with the expiration of those in early 2019, will exacerbate the impact of the aforementioned issues on GDIT’s performance. Cross-sales with the Aerospace and Mission Systems segments of General Dynamics are helping offset these headwinds, as are the large-scale awards GDIT is increasingly booking, but a complete return to top-line growth is not expected until 2020.

Additional assessments publishing this week from our analyst teams

Driving innovation across its North America client base via a senior leadership team strengthened by its new Digital Transformation Office and establishing an Application and Technology Services practice will enable Atos to ramp up activities with clients around improving business operations and results through next-generation solutions. The next step for Atos is to successfully cross-sell its solutions by explaining the company’s capabilities to internal sales and delivery teams and to existing clients, as well as to effectively deliver services to grow revenues and improve profitability in North America. Elitsa Bakalova, Senior Analyst

With Atos’ 3Q19 earnings release TBR expects cloud will remain a vibrant segment for Atos, and revenue growth in the segment will continue to outpace the company’s total revenue growth. Atos’ cloud business will be positively affected by increased activities with clients, such as around transforming legacy applications and infrastructures to cloud, orchestrating hybrid cloud, ensuring cloud security through services and IP-based solutions, and providing cloud-enabled IoT solutions. Collaborating with clients’ IT and business stakeholders during cloud transformations and adding industry expertise will improve Atos’ ability to drive business outcomes for clients through cloud. — Bakalova

TBR expects six consecutive quarters of bookings growth and cross-selling opportunities to clients that came from recent acquisitions such as Leidos Cyber will sustain Capgemini’s growth momentum in 3Q19. Enhancing client relationships and industry expertise, such as through the acquisition of KONEXUS Consulting and the proposed acquisition of Altran, and approaching clients’ CxOs will improve Capgemini’s ability to access budget stakeholders and sustain revenue growth. — Bakalova

With a robust legacy client base and deep relationships with key technology partners, Accenture’s cloud business will continue to flourish. Accenture is doubling down on Google Cloud, adding another node to its multicloud management strategy. Additionally, Accenture Security continues to provide the trust needed to win new buyers and fuel cloud opportunities. Boz Hristov, Senior Analyst

Though Verizon will continue to trail T-Mobile in postpaid phone net additions for the foreseeable future, Verizon remains able to capitalize on its reputation as a premium wireless service provider to attract customers willing to pay a higher price point for the operator’s network coverage and premium unlimited data plans. Additionally, aggressive cost-cutting and digital transformation initiatives are helping improve profitability. Steve Vachon, Analyst

HCL Technologies’ (HCLT) acquisition activity and efforts to strengthen in-demand portfolio offerings generated double-digit growth in 2Q19. We expect HCLT will leverage its partner network to gain access to an expanded client base and lead with its expertise in Engineering and R&D Services to support its ability to differentiate and compete against peers as well as maintain growth momentum in 3Q19. Kelly Lesiczka, Analyst

India-centric vendors defy gravity and all sensible expectations

An exclusive review of TBR’s IT Services Vendor Benchmark

Every quarter the large India-centric IT services vendors — Infosys, Tata Consultancy Services (TCS), Wipro, Cognizant and HCL Technologies (HCLT) — produce revenue growth and profitability that keep them in the top half, and sometimes in the top five, vendors TBR tracks, despite market trends that seem to run counter to their core strengths. As consulting-led digital transformations using emerging technologies and delivered on-site (not from offshore) drive investments and acquisitions, these five vendors manage to expand into new areas just enough, hire the right onshore talent, and manage costs to sustain their growth. But for how much longer?  

Join Kelly Lesiczka, Kevin Collupy, Boz Hristov, Elitsa Bakalova and Patrick Heffernan as they dig into key findings from TBR’s latest IT Services Vendor Benchmark.

Don’t miss:

  • How India-centric vendors compare to other leading IT services vendors
  • Which vendors are transforming faster and with better results
  • TBR’s predictions on where the IT services market is heading
  • Which vendors have the most to lose from sustained success among India-centric vendors

TBR webinars are held typically on Wednesdays at 1 p.m. ET and include a 15-minute Q&A session following the main presentation. Previous webinars can be viewed anytime on TBR’s Webinar Portal.

For additional information or to arrange a briefing with our analysts, please contact TBR at [email protected].

HCLT sets strategy; makes smart move to software

HCLT’s recent acquisitions will develop software services and consulting capabilities, enabling the firm to evolve its strategy to better compete in the dynamic IT services market

At the end of June, HCLT finalized its acquisition of IBM Software products (analysis and details of which can be found in our most recent full report on the company). We believe HCLT is taking the right approach as it develops a dedicated software business unit, as opposed to transitioning corporate culture, sales models and brand identity from an outsourcer toward a software-centric organization, a strategy pursued by Infosys that resulted in culture clashes and conflicting company visions. There are bright spots in developing software products and offerings with a vertical orientation. For example, Infosys’ Finacle platform and Tata Consultancy Services’ BaNCS solution enable both firms to generate banking processes and system transformation engagements that propel financial services revenue. HCLT’s launch of HCL Software as a small business unit will help the company offer products and enterprise software without shifting the entire organization’s vision but still reaping the benefits of an increase in managed services opportunities tied to license and subscription-based revenues around the new products. HCLT is also better suited to bundle its legacy IT and emerging technology offerings using its product-focused sales staff.

In addition, the acquisition of Strong-Bridge Envision will help HCLT strengthen its advisory services. However, TBR believes the company may want to further develop its ability to guide digital transformation projects, pursuing a partnership with an established consulting brand such as PwC or EY. The additional advisory services improve HCLT’s ability to market its software portfolio while folding in offerings that address client demand for business process transformation offerings.

In a messy, transitioning and highly competitive IT services and software market, we think HCLT has been making smart moves to evolve its strategy. As 2019 winds down, we will continue looking at the company’s progress against peers and within the broader digital transformation landscape. 

Blockchain in the context of digital transformation: A slow-moving, inevitable revolution

In fast-approaching fourth industrial revolution, bureaucratic labor will become as nonessential as manual labor became to the agrarian economy with the advent of the combustion engine. Blockchain technology will enable smart contracts throughout our economy and will be the red thread stitching together multi-enterprise business networks for frictionless commerce that will greatly reduce demand for bureaucratic labor. As one management consulting partner put it, “If you are not at the point of consumption or at the point of creation, then your job will disappear.”

In TBR’s latest Digital Transformation Insights Report: Emerging Technology, Senior Analyst Boz Hristov and Principal Analyst Geoff Woollacott describe in detail how blockchain technology sits firmly in the hype phase today and, in little more than a decade, has reasonably distinguished itself from cryptocurrency even as blockchain underpins that digital reality. Solving the coopetition paradox, revolving around establishing common governance and standards across competitive and cross-industry ecosystems, is the biggest challenge, yet offers the long-tail opportunity for vendors.

Additional assessments publishing this week from our analyst teams

IBM Services remains challenged by its internal portfolio and resource transformation, such as in traditional infrastructure management and technology support, and reported a fourth consecutive quarter of revenue decline in 2Q19. Pockets of revenue growth in constant currency in business and technology transformation areas, such as consulting, application management and cloud, indicate IBM Services’ portfolio transformation to higher-value services is working. While profitability will remain IBM Services’ core priority in 2H19, the company’s work with clients around advising, moving, building and managing next-generation technology solutions will continue to increase and begin to offset revenue growth pressures in 2H19. — Elitsa Bakalova, Senior Analyst

TBR’s IBM report highlights some of the recent developments in IBM’s Systems Hardware portfolio as the market awaits the newest refresh of IBM Z, which is likely to be announced at the end of 2019 and become generally available at the start of 2020. Hardware-centric investment trends are also highlighted, for both IBM’s traditions Systems Hardware portfolio and its investments in quantum computing. TBR’s financial projections in this particular iteration of the report include how TBR anticipates the Red Hat acquisition will impact corporate numbers. — Stephanie Long, Analyst

Lackluster performance in traditional IT and telecommunications continues to weigh down T-Systems’ revenue, but cloud-based services will help revenue rebound in 2Q19. Strengthening its partner network improves T-Systems’ innovation as well as drives adoption of its cloud and IoT capabilities. For example, its recent partnership with Software AG allows T-Systems to underpin its Cloud Internet of Things platform with the Cumulocity IoT platform, expanding its delivery scale in Europe and North America.
Kelly Lesiczka, Analyst

HCL Technologies (HCLT) emphasizes its engineering and R&D core services to support foundational revenues as the company balances acquisition integration with portfolio management. With the completion of its acquisition of IBM Software assets at the beginning of July, HCLT launched HCL Software, which we expect will help the firm deliver software and product solutions that bridge HCLT’s legacy services with its Mode 2 and Mode 3 emerging technologies and services, particularly for cloud, digital and analytics, and security. — Kelly Lesiczka

In our upcoming DXC Technology Initial Response, TBR will look at whether DXC has been able to overcome recent pressures stemming from completion of several large contracts without replacement and ongoing headwinds in legacy applications work. — Kevin Collupy, Analyst

Additionally, check out our recent insights into IoT and KPMG, available in our Special Reports section.  

Booz Allen Hamilton keeps winning, even when the government shuts down

TBR’s initial response to Booz Allen Hamilton’s (BAH’s) 1Q19 earnings published on Tuesday, and we expect another strong quarter from BAH to close out its FY19. BAH boasts a soundly differentiated market position and multilayered alignment of its technology and advisory portfolio with the primary objectives of its federal customers. Consulting-led offerings are increasingly interwoven with an innovative technical capacity designed to enable federal clients to meet operational challenges and security threats ever-increasing in sophistication and volume. BAH even emerged from the recent 35-day temporary government shutdown with minimal fiscal damage, further illustrating the resiliency of its solutions model and fueling its confidence about 2020. We further expect the company will issue strong guidance for its upcoming fiscal 2020, with revenue growth in the high single digits and margin performance sustained at current levels.

Read more of Senior Analyst John Caucis’ assessment of federal IT services vendors through the quarter and the upcoming quarterly benchmark.

Additional assessments publishing this week from our analyst teams


  • In our 1Q19 Hewlett Packard Enterprise Cloud Initial Response, we discuss how the company’s margin improvements resulted from a more software-defined portfolio and improved operating efficiency as the HPE Next initiative enters its final year. — Cassandra Mooshian, Senior Analyst


  • Cost-cutting initiatives including headcount reduction and deeper integration of digital sales and customer service channels enabled Sprint to reduce $1.2 billion in gross operating costs in FY18, but this was largely offset by reinvestments in network and other operational initiatives. Sprint’s financial position will remain challenged long term due to its high debt load and struggle to generate positive net income and free cash flow, highlighting why the T-Mobile merger is in the best interest of the company. — Steve Vachon, Analyst


  • Now with its third CEO in two years, Rackspace rebrands Fanatical Support to Fanatical Experience as it commits to providing ‘unbiased expertise’ and a more total support system.      — Cassandra Mooshian, Senior Analyst


  • We expect VMware to report another quarter of strong, above-average growth in comparison to its software peers. Ongoing portfolio investments, partnerships and tuck-in acquisitions position the company for continued customer attraction and retention. — Cassandra Mooshian, Senior Analyst
  • Portfolio and talent developments equip HCL Technologies (HCLT) to sustain revenue growth through 2021. HCLT needs to quickly scale its investments and market presence to solidify growth. Kelly Lesiczka, Analyst
  • Despite enhanced efficiencies in traditional IT operations, T-Systems could not offset pressures on profitability from reorganization and adoption of IFRS 16. Expanding its portfolio in growth segments will enable T-Systems to benefit from a more flexible business model to adapt to and address client demands. Kelly Lesiczka, Analyst

And if you missed the May 22 webinar, Bringing the best: Talent and technology in management consulting, check out the replay here.

HCL Technologies’ reinforces technical and engineering roots with the addition of IBM Software products

HCLT’s acquisition provides entry into emerging areas

Building off its long-standing partnership with IBM, on Dec. 6 HCL Technologies (HCLT) announced the acquisition of seven IBM Software products for $1.8 billion. The acquisition, which is expected to close in February 2019, includes IBM’s AppScan, BigFix, Notes/Domino, Connections, Digital Experience (DX), Unica and Commerce as well as 10,000-plus existing clients. Each product falls into one of three focus areas: security (AppScan, BigFix); multichannel e-commerce (Commerce, Unica, DX); and collaboration (Notes/Domino, Connections). While these offerings directly tie to HCLT’s Mode 3 products and platforms, they mostly complement Mode 1 and Mode 2 services and solutions, creating the opportunity for HCLT to upsell and cross-sell new services as Mode 2 includes the company’s emerging technology portfolio offerings (i.e., Digital & Analytics, IoT WoRKS, Cloud Native Services, and Cybersecurity & Governance, Risk and Compliance [GRC]).

In August 2017 HCLT and IBM announced an expansion of their partnership, creating five IP products around automation and DevOps solutions, supported by HCLT’s $780 million investment. The partnership intended to shift HCLT’s infrastructure into emerging areas while maintaining growth. The five products developed through this extension of the partnership were included among the seven announced in the planned acquisition. HCLT’s engineering team supported the original product development and will now support the integration of the acquired assets into the HCLT portfolio as well as the development of additional emerging technologies.

Compare to peers

HCLT acquires peers that enhance and build out its core capabilities around emerging technologies. For example, HCLT acquired H&D International Group (June 2018); Butler America Aerospace LLC (January 2017); and Geometric Limited (April 2016) to improve its engineering and R&D skills. HCLT further expanded its business process services offerings and systems integration capabilities by purchasing C3i Solutions (March 2018) and Alpha Insights (September 2017); and Urban Fulfillment Services LLC (April 2017). The acquisitions also support HCLT’s shift from legacy technologies. HCLT’s planned acquisition of the product sets from IBM will elevate the security, commerce and collaboration expertise in HCLT’s portfolio. Peers such as Cognizant, Infosys, Tata Consultancy Services (TCS) and Wipro have also been executing an active M&A strategy in areas such as digital design to support transformation engagements (e.g., Wipro’s acquisition of Syfte and TCS’ acquisition of W12). Additionally, Cognizant purchased Advanced Technology Group (ATG) and SaaSfocus to add Salesforce advisory and integration services.

What does this mean for HCLT?

Short term

Pending the acquisition’s close, HCLT integrates the solutions within its Mode 3 products and platforms business and onboards new clients. Following the addition of IBM’s salesforce around these products through the acquisition, HCLT will benefit from a more seamless transition for clients currently under the IBM brand as it gains the specialists and salesforce maintaining the client relations as well as a quicker sales turnaround. Further, HCLT will focus on pursuing new client relationships using Unica, AppScan, Commerce and Big Fix to create additional revenue streams from the products formerly under the IBM umbrella. However, HCLT will seek to cross-sell the application capabilities of Domino/Notes to its existing client base.

Long term

HCLT plans to enhance Mode 1 and Mode 2 services and solutions using the acquired products by adding its security, commerce and digital marketing expertise. The products will enable HCLT to leverage a SaaS delivery model for its infrastructure management engagements, supporting the company’s shift into higher-profit software-driven services. HCLT will also improve its position within a variety of vertical markets as the products will bring existing product users, building its expertise around environment management. While the products will add SaaS capabilities, HCLT could benefit from pursuing a strategic partnership with a consulting vendor, such as PwC, or further expanding its relationship with IBM to access consulting services. The addition of services would improve HCLT’s ability to integrate the acquired products within its existing client relationships and transition clients into a different delivery model. This would allow HCLT to increase its client-facing expertise, enabling the company to work more closely with clients and coinnovate within transformation engagements. The additional client base creates the opportunity for HCLT to increase the volume of transactions and accelerate revenue growth, but HCLT will need to quickly onboard new clients and effectively communicate new offerings to transition engagements with existing clients and capitalize on the additional products and market.

Top 5 IT firms hired over 37,000 people in Q2, the highest since Sept 2015

“Bozhidar Hristov, senior analyst at Technology Business Research, US, told the daily that cyclical changes – driven by rising attrition, demand for professionals with skills in new technologies that can not only execute on traditional outsourcing projects but can also drive design-led opportunities – are compelling Indian vendors to hire again.”

HCL Technologies (HCLT): IoT NXT Summit

Working with leading technology vendors to develop emerging technology offerings in areas such as Internet of Things (IoT) challenges HCL Technologies (HCLT) to differentiate from peers. However, leveraging its deep engineering expertise integrated with vertical capabilities enables HCLT to be more competitive, driving business transformation for new and existing clients with IoT-based services solutions.

TBR perspective

HCLT’s IoT WoRKS business unit benefits from demand for IoT, primarily among existing customers. The company has some advantages in the IoT business and will continue to expand its IoT practice as it generates IP that will prove useful as IoT becomes an increasingly important part of both build and run services.

HCLT has a long history in electronics and mechanical engineering and continues to provide engineering and R&D services beyond the usual scope of IT-oriented companies. TBR has written extensively about HCLT’s engineering heritage and offerings, noting the company’s engineering and R&D expertise serves as a key differentiator within the broader IT services space. Our white paper HCLT’s Intelligent Sustenance Engineering Service Line Unit delivers data insights to extend the product life cycle discusses the impact of engineering and R&D expertise on the value of HCLT’s data analytics services through differentiation. HCLT’s history and continued use of engineering and R&D help the company navigate customers’ operations technology (OT) areas in both technical and cultural engagements, a necessity in IoT. Nevertheless, in IoT, the company engages primarily with customers’ IT organizations, and HCLT’s advantage in the IoT space enables it to efficiently implement IoT-driven solutions using more complex OT factors. However, as OT is far more diverse than IT, one type of OT expertise does not imply knowledge of another. Although HCLT’s established engineering experiences, combined with its IT services for IoT environments, provide an advantage for the company, adding OT skills would bridge any gaps within OT areas and create a simple but strong advantage. TBR believes that OT organizations will continue to initiate IoT solutions, but will evolve to integrate IT-based practices focused on security, scalability and manageability.


On Aug. 22, 2018, TBR attended HCLT’s IoT NXT Summit at the company’s recently opened IoT COLLAB innovation center in Redmond, Wash. The center is located on the same property as HCLT’s Lab 21, which was opened in collaboration with Microsoft (Nasdaq: MSFT) around artificial intelligence (AI) and Cortana Analytics in the Azure Cloud. The analyst event centered on HCLT’s 3-year-old IoT WoRKS business unit and featured demonstrations of HCLT’s IoT solutions and how the company works with its partners to develop IoT portfolio offerings as well as extensive discussions with HCLT’s IoT WoRKS industry leads. During the event, HCLT emphasized its focus on existing assets, enhanced by partners and vertical expertise, which, combined with growing demand for cloud-based infrastructure services, enables HCLT to transform clients’ business operations with IoT solutions, providing scale and speed at the edge.