In 2025, Indian IT companies didn’t go on an acquisition spree for scale or client lists. Instead, they checked out with specific capabilities, AI engineering talent, agentic analytics, cloud transformation expertise, Salesforce depth, cybersecurity skills, and telecom IP.
From multi-billion-dollar bets like Coforge–Encora to targeted buys by TCS, Infosys, HCLTech and Wipro, the year’s deals revealed a clear strategy shift—buying speed, platforms and relevance in an AI-first enterprise market, rather than waiting for organic transformation to catch up.
Coforge – Encora
Coforge has announced a definitive agreement to acquire Encora in an all-stock transaction valued at $2.35 billion, describing the acquisition as a “defining moment” for the company, as it builds capabilities in AI-led engineering, data and cloud services.
CEO Sudhir Singh described the combined entity as becoming an approximately $2.5-billion technology services company, with a $2-billion enterprise core of AI-led engineering, data and cloud services.
Encora, founded in Silicon Valley, provides AI-native software engineering services to digital-native companies and Fortune 1000 enterprises. Its offerings span intelligent process design, agent-native product engineering, core modernisation, AI foundations, data readiness, and AI operations.
TCS – Coastal Cloud
TCS signed an agreement to acquire Coastal Cloud for an all-cash consideration of $700 million, saying the deal will make it one of the world’s top five Salesforce advisory and consulting firms and deepen its ability to drive “AI-first, agent-driven transformation.”
Founded in 2012, Coastal Cloud is a leading multi-cloud Salesforce consulting firm, specialising in enterprise-scale transformations. It brings AI-led advisory and business consulting capabilities to help customers reimagine sales, service, marketing, revenue, CPQ, commerce and Salesforce Data Cloud.
TCS COO Aarthi Subramanian, said in a press release that this acquisition marks a pivotal milestone in advancing TCS’ global Salesforce capabilities and accelerating its AI-led transformation agenda. “By adding over 400 multi-cloud specialists with deep industry expertise, we are strengthening our advisory and business consulting capabilities and enhancing our AI and data offerings,” she added.
Wipro – HARMAN Digital Transformation Solutions
Wipro announced and later closed an acquisition of HARMAN’s DTS unit for a transaction value of $375 million. Wipro said DTS’ about 5,600 employees will join Wipro’s engineering global business line.
The company said that the deal brings to Wipro deep product engineering and digital transformation services capabilities, combined with strong expertise in embodied AI, embedded software, device engineering, and customer experience platforms.
“The acquisition of DTS strengthens Wipro’s ability to deliver AI-powered, end-to-end engineering services,” said Srikumar Rao, managing partner and global head of engineering, Wipro Limited.
HCLSoftware – Jaspersoft
HCLSoftware announced it will acquire Jaspersoft (a Cloud Software Group business unit) to add pixel-perfect reporting and embedded analytics to its data & AI portfolio. In a release, the company positioned this as an accelerator for its “Agentic Business Intelligence” roadmap.
Marc Potter, CEO, Actian & portfolio GM for HCLSoftware’s data & AI division, said the deal will let customers “provide seamless AI-powered embedded analytics with strong architectural flexibility.” The $240 million deal is expected to close within six months.
HCLTech – Hewlett Packard Enterprise’s telecom solutions business
HCLTech signed an agreement to buy HPE’s telco solutions business (previously part of HPE’s Communications Technology Group) for $160 million. The company highlighted that the business supports “more than 1 billion devices” and that about 1,500 engineering and telecom specialists across 39 countries will join HCLTech.
Anil Ganjoo, chief growth officer & global head – telecom at HCLTech, said the deal strengthens HCLTech’s shift “toward higher-value, IP-led services and non-linear growth.”
Infosys – Versent Group
Infosys announced it will acquire 75% of Versent Group (a Telstra-owned digital transformation provider) for about $153 million to gain operational control of a leading Australian cloud and digital transformation business; Telstra will retain a 25% stake.
In a statement, the company said the collaboration will see Versent Group’s cloud and digital transformation expertise boosted by Infosys’ advanced AI capabilities, cloud, data and digital consulting services. The collaboration will leverage Infosys Topaz and cloud offering Infosys Cobalt, as well as the cybersecurity capabilities of The Missing Link.
It aims to deliver a new wave of differentiated value to accelerate end-to-end digital transformation for Australian enterprises and government corporations.
TCS – ListEngage
TCS announced acquisition of ListEngage (a US Salesforce specialist) to scale its Salesforce, marketing cloud and Agentforce/AI advisory capabilities. The company COO Aarthi Subramanian said, “This US-based acquisition is an important step in scaling our Salesforce capabilities globally,” adding that ListEngage’s AI advisory services will enhance their offerings. TCS acquired the company for $72.8 million.
Infosys – The Missing Link
Infosys signed a deal to acquire The Missing Link (Australia), a full-stack cybersecurity services specialist. The company said that the strategic investment further strengthens Infosys’ cybersecurity capabilities, while bolstering its presence in the fast-growing Australian market, and reaffirms its continued commitment to global clients to navigate their digital transformation journey.
Together with The Missing Link, and Infosys Cobalt, Infosys aims to usher in the new wave of differentiated value to customers, with specialised end-to-end cybersecurity offerings and solutions.
Headquartered in Australia, The Missing Link brings to Infosys, a group of highly skilled cybersecurity professionals consisting of Red Team, Blue Team, and a state-of-the-art Global Security Operations Centre (GSOC), adding to the network of Infosys’ global cyber defense centres. The Missing Link was acquired for about $63–65 million.
Infosys-MRE Consulting
Infosys announced an agreement to acquire Houston-based MRE Consulting, adding about 200 professionals with deep energy/commodity trading and risk-management (E/CTRM) domain expertise and platforms. The company said that the investment brings newer capabilities for Infosys in trading and risk management, especially in the energy sector.
Ashiss Kumar Dash, EVP & global head – services, utilities, resources, energy, and sustainability at Infosys, said, “By combining MRE Consulting’s deep E/CTRM (energy and commodity trading and risk management) capabilities with Infosys’ established leadership in the energy, resources and utilities sector, we are further enhancing our ability to drive value for our clients in this critical area of their business.” The deal was closed at around $36 million.
HCLSoftware – Wobby
Among the latest deals, HCLSoftware announced in December the acquisition of Wobby, a Belgian early-stage startup that builds AI “data-analyst agents” for data warehouses, for about $5.3 million.
HCL framed this as adding natural-language, agentic data-analysis capabilities to its data & AI stack so customers can get fast business insights on demand. The company described Wobby as an early-stage buy that complements HCLSoftware’s metadata, data-catalog and governance offerings.
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