Mid-cap IT firm Mindtree is increasing its investment in developing solutions and capabilities to offer consulting-led offerings to its clients, said a top executive.
Speaking to media persons after announcing the company’s FY22 results on April 18, Debashis Chatterjee, CEO, said that the Metaverse offering will enable customers to accelerate and optimise their transition into the meta economy.
Mindtree is the latest entrant in the Metaverse bandwagon that is betting big in this space. Infosys launched Metaverse Foundry, where it has developed over 100 use cases to help clients adapt, create and also help scale the latest technology. TCS too is investing in this space and has put out deal proposals for customers that are currently small in size but expected to go up over the next five years.
Talking about the company’s ambitions in the segment, Venu Lambu, Executive Director and President, Global Markets, said, “Metaverse is definitely one of the focus areas among emerging technologies. We have formed a task force, under the Chief Technology Officer.” The company intends to bring in the capabilities that are required for consulting, and at the same time leverage its service capability to create more use cases for various industry groups on Metaverse.
But the executives did not comment on the reported merger of Mindtree with L&T Infotech, both owned by engineering major Larsen & Toubro.
According to a Bloomberg report, L&T is mulling a merger between the two companies to scale and compete with global firms on digital projects. Since the pandemic struck in 2020, demand for digital services saw an unprecedented increase. The combined entities would have a market cap of about $22 billion.
In a BSE filing on April 18, Mindtree clarified that “…the news reports of a merger between Mindtree Ltd. and L&T Infotech are speculative in nature. In this regard, we would like to state that there is no information available with the company as of today…”
Mindtree reported $1.41 billion for the year ended March 31, 2022, up 31.1 percent compared to FY21. For the fifth quarter in a row, the company had reported over 5 percent sequential growth in constant currency.
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