TCS expands strategic partnership with Xerox, stock trades in green

TCS said it will consolidate Xerox’s technology services to achieve better business outcomes, migrate complex legacy data centres to the Azure public cloud and deploy a cloud-based digital enterprise resource planning (ERP) platform.

The IT major stated it will develop an agile, cloud-first operating model for Xerox that will leverage the company’s AI.Cloud, Enterprise Solutions including TCS Crystallus, and Cognitive Business Operations including TCS Cognix. Moreover, TCS will develop an AI-first enterprise platform for Xerox.

Tino Lancellotti, chief information officer at Xerox said TCS is the right partner to deliver such a complex program given their proven experience both within Xerox and across the industry.

“This digital transformation initiative is an important enabler for reinventing our operating model to simplify our geographical, offering, and operational footprint while transforming our clients’ experience,” he said.

TCS announced last week that it had received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division. A suit was filed by Computer Sciences Corporation (CSC)/DXC Technology Company (DXC) against the company, alleging misappropriation of its trade secrets.

TCS clarified that the court has ordered the company is liable to CSC for about $56.15 million in compensatory damages and about $112.30 million in exemplary damages. The court also assessed that the company is liable for about $25.77 million in prejudgment interest through June 13, 2024. The IT major said the court also passed certain injunctions and other reliefs against the company.

Shares of the company have risen by nearly 0.26% since the beginning of the year. The stock has gained over 17% in the last one year.