New Delhi, April 25 -- There have been multiple developments this week on the tech front. From new acquisition deal to Databricks' investment in India, here is a list of the most important updates for a quick catch-up:
Databricks' $250mn investment in India
US-headquartered data and Artificial Intelligence (AI) firm Databricks, valued at $62 billion, will invest over $250 million in India over the next three years to accelerate data and AI innovation. The investment will support training, R&D, and go-to-market activities. The company also plans to increase its Indian headcount by over 50%, reaching 750 by the end of this fiscal year.
Ascendion acquires UXReactor
Software engineering services company Ascendion, a provider of AI-powered software engineering solutions, has announced the acquisition of UXReactor, a user experience strategy and design firm based in California. The deal marks another step in Ascendion's efforts to expand its capabilities in delivering digital products that focus on user experience.
UXReactor, founded in 2015, brings a team of design and strategy experts based in the United States, Asia, and South America. The firm works with clients ranging from startups to multinational corporations to develop user-centric design strategies aimed at driving business growth.
TCS-ICICI Securities partnership
Financial services company ICICI Securities on Tuesday partnered with Tata Consultancy Services (TCS) to upgrade its retail trading and brokerage platform.
Through this collaboration, ICICI Securities aims to modernise its technology infrastructure by adopting the Trading solution of TCS BaNCS, and in turn meet the evolving needs of retail investors and support a more seamless and efficient trading experience.
As part of the upgrade, key brokerage functions such as order management, online risk management, and connectivity to major Indian exchanges, including the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and Multi Commodity Exchange (MCX), will be enhanced. TCS stated on Tuesday that the new platform will be designed to provide an intuitive and high-performance trading experience for customers.
NxtGen launches sovereign cloud for BFSI
Cloud and data center provider NxtGen has announced the launch of its sovereign cloud, which has been built to meet the demands of the banking, financial services, and insurance (BFSI) sector. Called the Financial Services Cloud (FSC), it aims to address the regulatory compliance requirements of the highly regulated BFSI industry.
As per NxtGen, there are more than 400 regulatory controls levied on the financial sector in India from six different governing bodies including RBI, SEBI, IRDAI, MeitY, NPCI, and Cert-In.
NxtGen's FSC offers data residency within India and zero exposure to foreign legal frameworks, ensuring full sovereignty. FSC will also provide customers with the right to audit. This will allow regulated entities (REs) direct infrastructure access to verify security, compliance, and operational controls.
Nextiva opens new facility in Bengaluru, announces hiring plans
Customer experience solutions provider Nextiva has launched a new innovation hub in Bengaluru. This 35,000-square-foot office will be the company's largest facility outside of the US. It will serve as a center of excellence, building on the company's next-generation platform capabilities and product innovation.
The US-headquartered company, which established itself in India in 2023 with the acquisition of digital customer service platform Simplify360, has already touched the 300-mark in terms of headcount. In the next 9-12 months, the company plans to hire 150 more employees.
Ciklum launches new engineering hubs in India
Ciklum, a UK-based experience engineering firm, has announced plans to expand its operations in India by opening two new AI engineering hubs in Chennai and Pune.
The new offices will be located in Chennai (15,000 square feet) and Pune (25,000 square feet). With these additions, Ciklum intends to double its engineering workforce in India. The company aims to use this expanded presence to support AI-based product development for global clients in sectors including banking, retail, technology, and healthcare.
The company plans to use its India hubs to support AI solutions that include automation, analytics, and generative AI applications. These capabilities are aimed at improving how global enterprises build and manage digital products.
HCLTech, TechM announce quarterly results
This week, HCLTech and Tech Mahindra announced their financial results.
India's third largest IT services firm HCLTech on Tuesday reported slightly lower-than-expected revenue for Q4FY25, with revenue from operations for Q4FY25 rising 1.2% QoQ and 6.1%t YoY to Rs.30,246 crore, impacted by global macroeconomic uncertainties. The company however showed confidence in AI.
During the fourth quarter, HCLTech focused on obtaining exclusive contracts related to AI and generative AI, completing 12 new agreements, including those involving agentic AI and automation processes. The company also highlighted its AI offerings as a growth driver for the entire FY25.
Tech Mahindra, on the other hand, reported a 76.5% growth in consolidated net profit for the quarter ended March 31, 2025 (Q4FY25). Its revenue from operations stood at Rs.13,384 crore, 4% increase from the year-ago period.
Published by HT Digital Content Services with permission from TechCircle.