New Delhi: After the IT powerhouse TCS announced that it had inked an agreement with Xerox to use cloud and generative AI to revolutionize the latter's IT system, shares of TCS surged by more than 2 percent, said reports.
The IT major announced in a stock exchange filing that it had extended its strategic collaboration with Xerox with an "end-to-end transformation program designed to fast track the company's evolution to a simplified, services-led, software-enabled organization."
Xerox is a US-based firm that provides digital print technology and related products, with a global presence spanning approximately 145 countries. Small and medium-sized enterprises, graphic communications firms, governmental organizations, academic institutions, and the majority of Fortune 500 companies are among its clientele.
As per the agreement, TCS will implement a cloud-based Digital ERP platform to transform business processes, move complex legacy data centers to the Azure public cloud, integrate generative artificial intelligence (GenAI) into operations to support sustainable growth, and consolidate Xerox's technology services to improve business outcomes. For Xerox, TCS will create a new, agile operating model that prioritizes the cloud. TCS will also develop an AI-first enterprise platform for Xerox by utilizing the capabilities of its service practices, such as AI.Cloud, Enterprise Solutions (including TCS CrystallusTM), and Cognitive Business Operations (including TCS CognixTM).
"These TCS capabilities will be combined with the expertise of industry partners such as leading hyperscalers and AI solution providers," stated TCS.
TCS shares were up 1.8% at Rs 3,856.25 a share as of 10:27 a.m. on the National Stock Exchange (NSE). The stock has increased by 18% during the past year. Nifty, on the other hand, produced gains of about 25% over this time.
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