Software firm Coforge on March 4 signed a 13-year product delivery and artificial intelligence (AI) solutions deal worth $1.56 billion with US-based travel technology firm Sabre Technologies.
"This multi-year agreement positions Coforge as a key partner in furthering Sabre’s ability to accelerate product delivery and launch additional innovative AI-enabled solutions, further underscoring the company’s commitment to speed and scale," the company said in a release.
Coforge's Chief Executive Officer Sudhir Singh said both Sabre and Coforge share a similar DNA as technology firms with a strong focus on cutting-edge engineering solutions, customers, and the travel industry.
“Our new agreement is a major milestone in our partnership with Sabre. The scale and complexity of the mandate reflect the deep trust and capability that both organisations bring to this partnership. It underlines, once again our strong commitment to engineering excellence and driving emerging innovation and transformation for our clients,” he was quoted as saying in the release.
Sabre’s advanced technology, disruptive market approach, scale, and expertise will ensure modernising the travel industry as a whole, the company said.
Kurt Ekert, CEO and President of Sabre said laser focus, ruthless prioritisation, and key technology investments have positioned the company to intensify innovation and reinforce its pursuit of being the most valued global technology platform in travel.
"Sabre is in an advantaged position to pioneer, build, and deploy the next generation of solutions alongside our continuously expanding travel marketplace, and we look forward to Coforge’s partnership in expediting the process,” Ekert said.
Meanwhile, Singh told Moneycontrol, on January 27, that he is not waiting for discretionary spending to return, as tech investments have improved.
"Irrespective of what is happening to discretionary or non-discretionary spend, technology spend is overall increasing. I don't think there's any denying it and we're not waiting here for discretionary spend to come back," Singh said after the mid-tier IT player outperformed its peers in the December quarter.
Coforge is on track to move beyond its mid-tier status, Singh said, adding “Hopefully, we won’t be mid-tier for very long; we hope to become a large-tier soon.”
Reacting to the quarterly earnings, IT research and advisory firm HFS Research’s CEO said the mid-market is where the growth is for IT and business services as enterprises look for nimble, focused and aggressive support.
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