TCS Signs Landmark Deal with Xerox to Revolutionize IT Tech with Cloud and GenAI; Stock Soars 2%
TCS will consolidate Xerox’s technology services to improve business outcomes, migrate complex legacy data centers to the Azure public cloud.
Shares of Tata Consultancy Services (TCS) rose over 2 percent after the IT giant informed that it has signed a deal with Xerox to transform the latter’s IT technology using cloud and generative AI.
It has expanded its strategic partnership with Xerox with an “end-to-end transformation program designed to fast track the company’s evolution to a simplified, services-led, software-enabled organisation”, the IT major said in a stock exchange filing.
Headquartered in the US, Xerox is a digital print technology and related solutions company with a presence in nearly 145 countries. Its client base includes small and medium-sized businesses, graphic communications companies, governmental entities, educational institutions, and most Fortune 500 companies.
Under the agreement, TCS will consolidate Xerox’s technology services to improve business outcomes, migrate complex legacy data centers to the Azure public cloud, deploy a cloud-based Digital ERP platform to transform business processes and incorporate generative artificial intelligence (GenAI) into operations to help drive sustainable growth.
TCS will develop a new agile, cloud-first operating model for Xerox. Leveraging the capabilities of its service practices such as AI.Cloud, Enterprise Solutions (including TCS CrystallusTM) and Cognitive Business Operations (including TCS CognixTM), TCS will also build an AI-first enterprise platform for Xerox.
“These TCS capabilities will be combined with the expertise of industry partners such as leading hyperscalers and AI solution providers,” TCS said
At 10:27 am, TCS shares were trading 1.8 percent higher at Rs 3,856.25 apiece on the National Stock Exchange (NSE). In the last one year, the stock has gained 18 percent. In comparison, Nifty delivered returns of around 25 percent during this period.
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