Deep Intelligence Across Industries

Company Headquarters: US Founded: 1994 Workforce: ~24,500 Company Working: Expedia Inc. operates as an online travel company in the US and other countries. The company mainly operates through core OTA, Trivago, HomeAway, and Egencia segments. The core OTA segment provides a range of advertising and travel services to its customers through a variety of brands such as expedia.com and hotels.com across the world. The company, through its Trivago segment, sends referrals to travel service providers and online travel companies from its hotel metasearch websites. The HomeAway segment enables booking beach houses, cabins, and condos, with nearly 1.8 million online bookable vacation rental listings in 190 countries. The Egencia segment manages all the travel services and corporate customers worldwide.

Normal 0 false false false EN-US ZH-CN X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Roboto Condensed"; mso-ascii-font-family:"Roboto Condensed"; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:"Roboto Condensed"; mso-hansi-theme-font:minor-latin; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} Company Headquarters: Switzerland Founded: 1986 Workforce: ~5,900 Company Working: Landis+Gyr is a US-based company that offers metering solutions worldwide. The company offers electricity meters, including industrial meters, commercial meters, grid meters, communication networks, and grid management solutions for distribution automation, load management, and grid analytics applications. The company also offers demand response, smart grid solutions for metering, outrage management, and remote service connection. Landis+Gyr has a presence in North America, Europe, Asia-Pacific, and the Middle East & Africa.

Company Headquarters: Milan, Italy Founded: 1913 Workforce: ~13,197 Company Working: Prada S.p.A. manufactures and markets bags, shoes, perfumes, ready-to-wear clothes, sunglasses, and various accessories, including wallets, hats, socks, and jewelry. The company sells its products under five brands—Prada, Miu Miu, Church’s, Car Shoe, and Marchesi 1824. It owns around 22 factories and operates in over 70 countries. In 2018, Prada accounted for 83% of the revenue share, while Miu Miu , Church’s, and the other brands accounted for 15%, 25%, and 1%, respectively. The sales channels of the company are retail and wholesale, with the retail channel accounted for a revenue share of 82%, while the wholesale channel accounted for the remainder in 2018.

Company Headquarters: New Jersey, US Founded: 1986 Workforce: 8,852 Company Working: Celgene Corporation is a global leading biopharmaceutical company focused on the development and commercialization of innovative drugs used in the treatment of cancer and inflammatory diseases. The company conducted more than 300 clinical trials for various applications such as multiple myeloma, myelodysplastic syndromes, chronic lymphocytic leukemia (CLL), non-Hodgkin’s lymphoma (NHL), triple-negative breast cancer, and pancreatic cancer. It has a strong presence in North America, Europe, and Asia.

Company Headquarters: Shenzhen, China Founded: 1999 Workforce: ~3150 Company Working: BGI is a publicly listed commercial genomics company. It is one of the leading life science and genomics organizations. The company has world-leading bio-informatics research and development, large scale computing infrastructure for data output and storage, and proprietary sequencing platforms. It operates through molecular genetics, sequencing services, mass spec, and pharma solutions. It offers a wide range of integrated genomic and proteomic services and solutions for medical institutions, research institutions, and other public and private partners. BGI offers its genomics and proteomics services in research areas, such as cancer, metagenomics, drug discovery, reproductive health, and biomarker discovery. It has a presence in more than 100 countries and regions around the world and has a large network of service laboratories in China, Hong Kong, the US, and Europe.

Company Headquarters: Germany Founded: 1908 Workforce: ~26,000 Company Working: BROSE FAHRZEUGTEILE SE & CO. KG is a Germany based company engaged in autonomous systems and modules. The company operates under three business segments such as technology for doors and liftgates, adjustment systems, electric motors and e bike drives. The company has presence at over 63 location across the globe. The company caters door control modules to prominent OEMs such as Toyota, Volkswagen, BMW, Chrysler, Daimler, and others.

Company Headquarters: Italy Founded: 1919 Workforce: ~44,000 Company Working: Magneti Marelli SpA operates as a subsidiary of Fiat Chrysler Automobiles NV. The company is one of the leading designers and producers of a vast range of systems and components for the automotive sector. Its business areas involve electronic and lighting systems, powertrain components, suspensions systems, exhaust systems, and plastic components and modules. The suspension systems segment comprises suspensions, shock absorbers, and dynamic systems. Magneti Marelli SpA supplies automotive systems and components to all the leading automotive manufacturers in Europe, North and South America, and Asia. The company has 85 production facilities and 46 research and development centers (including joint ventures). It has a presence in 19 countries and supplies to all the major OEMs, worldwide. Within the scope of its mission as a world-wide automotive systems and components supplier, Magneti Marelli aims at combining quality and competitive offer, technology and versatility, with the goal of making key technologies available to the final user at a competitive price. Through a process of constant innovation, Magneti Marelli aims at optimizing transversal know-how in the electronics field in order to develop intelligent systems and solutions that contribute to the advancement of mobility, according to criteria relating to environmental sustainability, safety and quality of life onboard the vehicles. Magneti Marelli is part of FCA.

Company Headquarters: Nuremberg, Germany Founded: 1902 Workforce: ~17,300 Company Working: Diehl Stiftung & Co. KG is one of the leading companies that develops and manufactures electronic assemblies, drive inverters, and system components for the household appliances . The company also develops hardware and software applications for intelligently cross-linking and jointly controlling groups of industrial plants, decentralized energy management solutions, and smart-home products. The company operates through its six corporate divisions, namely, metall, controls, defence, aviation, metering, and others. Household appliances are offered under the controls corporate division. Diehl Controls North America, Inc. (Mexico) and Diehl Ventures GmbH (Germany) are a few of the subsidaries of the company. It has more than 80 locations in 20 countries across the globe.

Company Headquarters: Fabriano, Italy Founded: 1970 Workforce: ~3,800 Company Working: Elica S.p.A. is one of the leading companies that designs and manufactures motors, kitchen hoods, ovens, and others for household and domestic applications. The company operates in two business segments, namely cooking and motors. The company offers various products under the different brands, namely, Elica, Turboair, Ariafina, Arietta, Jet Air, Puti, and Fime. The company provides electric motors for household appliances under its Fime brand. Moreover, it manufactures electric motors for domestic ventilation and household appliances. Elica S.p.A. has 7 manufacturing plants located in countries such as Italy, Mexico, China, and India. The company has its offices located in the US, Mexico, Poland, Germany, France, Spain, Italy, Russia, India, China, and Japan. Its subsidiaries include Elica PB India Private Ltd. (Inadia), Elica Group Polska Sp.zo.o (Poland), Elicamex S.A. de C.V. (Mexico), and Elica Inc (US).

Company Headquarters: Japan Founded: 2010 Workforce: ~340,000 Company Working: Nidec Motor Corporation manufactures products, such as AC motors, DC motors, generators, electronically commutated (EC) motors, servo motors, switched reluctance motor, and IIoT Wireless Equipment Monitoring system. These products are used in applications, such as agriculture, food & beverage, metal, mining, packaging, robotics, waste & water treatment, HVAC, oil & gas, and refrigeration. Nidec Motor Corporation offers its products through trusted brands, such as Control Techniques, Hurst Motors. Kato Engineering, Leroy-Somer, Merkle-Korff Industries, SR Drives, and US Motors. The company operates through four product categories, which are small precision motors, automotive, appliance, commercial and industrial products, electronic and optical components, machinery, and others. High-speed motors are included under its small precision motors and automotive, appliances, commercial and industrial products categories. Nidec Motor Corporation is closely associated with almost 300 group companies, worldwide. It operates in the US, Canada, Mexico, Colombia, Central America, Chile, Argentina, Uruguay, Paraguay, Peru, Bolivia, Ecuador, China, Australia, and New Zealand. The company’s research and development department efforts are aimed at developing world-class variable frequency drive technologies and custom-engineered elevator components. Nidec Motor Corporation has several subsidiaries including Nidec Electronics, Nidec Singapore, Nidec (H.K.), Nidec Sankyo, Nidec Copal, Nidec Techno Motor, and Nidec Motors & Actuators. Honeywell International Inc., Parker Hannifin Corp, Rockwell Automation Inc., are a few of the competitors of the company.

Company Headquarters: Mulfingen, Germany Founded: 1963 Workforce: ~15,060 Company Working: The company is one of the leading providers of fans, motors, air technology and drive engineering solutions. The company offers its solutions for automotive, transportation, household appliances, electronics, heating ventilation and air-conditioning refrigeration machines and systems, medical and laboratory technology, and IT/telecom applications. Under its household appliances, it offers various products such as, fans, blowers, ovens, dryers & washer dryers, extractor hoods, refrigerators & freezers, and dishwashers. ZEITLAUF GmbH antriebstechnik & Co KG (Germany), IKOR Sistemas Electrónicos S.L. (Spain), ebm-papst St. Georgen GmbH and Co. KG (Germany) are some of the key subsidaries of ebm-papst. It has wide geographic presence with 28 production sites and 48 sales offices across the globe.

Company Headquarters: California, US Founded: 1998 Workforce: ~123+ Company Working: Second Sight develops, manufactures, and markets prosthetic devices used as a treatment for blind individuals. Its principal office is in California, US. The company also has an office in Switzerland, which manages clinical and commercial operations in Europe, Asia, and the Middle East. It sells its products across Europe, Saudi Arabia, the US, Canada, Turkey, Iran, Taiwan, South Korea, Russia, and Singapore.

Company Headquarters: Japan Founded: 1678 Workforce: ~ 69,784 Revenue: USD 34.64 Billion Company Working: Mitsubishi Tanabe Pharma Corp (Mitsubishi Tanabe), a subsidiary of Mitsubishi Chemical Holdings Corp, identifies, develops, manufactures, procures, and commercializes ethical drugs and over the counter (OTC) pharmaceutical products. The company develops ethical drugs for autoimmune disease, diabetes, kidney diseases, central nervous system (CNS) disorders, and others. It also develops vaccines for preventing various infectious diseases. Mitsubishi Tanabe also offers major products for skin conditions and digestive medicines. The company markets its products to wholesalers, hospitals, clinics, and drugstores. It has subsidiaries in Asia, Europe, and North America. Mitsubishi Tanabe is headquartered in Osaka, Japan.

Company Headquarters: Wiesbaden, GermanyFounded: 1913 Workforce: ~5,100 Company Working: SGL Carbon (SGL) operates as a holding company, which is engaged in the manufacturing of carbon and graphite products. It operates through two segments, namely composites-fibers & materials and graphite materials & systems. It operates 30 production sites and serves customers in over 100 countries. It held assets worth USD 1,814.94 million as of 2018. The products offered by the company are used in the automotive, aerospace, energy, compound semiconductor and LED, and process technology industries.

Company Headquarters: Heuchelheim, GermanyFounded: 1913 Workforce: ~8,500 Company Working: Schunk GmbH (Schunk) is an international technology group that operates through its subsidiaries. It operates through its five subsidiaries, namely, Schunk Carbon Technology, Weiss Technik, Schunk Sinter Metals, Schunk Sonosystems, and OptoTech. It has 80 locations in 29 countries across the globe. The Schunk Carbon Technology division develops and manufactures components made of carbon, graphite, carbon fiber-reinforced carbon, silicon carbide, aluminum oxide, and quartz. This division has operations in 40 locations worldwide.

Company Headquarters: China Founded: 1992 Workforce: ~ 2,927 Company Working: Hualan is a pharmaceutical firm specializing in the production of direct or indirect contact injection pharmaceutical packaging materials. Hualan Biological Engineering Inc. (Hualan Bio) is a key National high-tech biopharmaceutical company in China engaging in the research, development, production, and commercialization of plasma products, viral vaccines, bacterial vaccines, and recombinant proteins and other biologics. Hualan Bio was the first company whose plasma products gained GMP certificate in China, the first listed company of plasma products, the first H1N1 Influenza Vaccine manufacturer in the whole world, the first influenza vaccine manufacturer passing WHO-PQ in China. Passing "ISO9000" (quality), "ISO14000" (environment) and "GBT28000" (occupational health) management system certification. As a major manufacturer for the plasma products and vaccines designated by national authorities, Hualan Bio is the largest manufacturer and provider for both plasma products and influenza vaccines in Asia. Hualan Bio is the leading company which has integrated the innovative R & D activities, state-of the-art technologies, scientific management styles and high standard quality control and assurance systems in China. The company has been undertaking research projects from national, provincial, and municipal organizations. In 2010, Hualan Bio formed a strategic alliance with the Chinese Academy of Sciences (CAS) and collaborates with several institutes for the discovery of innovative biologics. Recently, the R & D center at Hualan Bio was recognized as one of the National High-tech Center in China, which built the solid foundation for the development of novel products and future growth.

Company Headquarters: Pennsylvania, US Founded: 2014 Workforce: 60+ Company Working: Alliqua BioMedical, Inc. (Alliqua) is into the development and manufacturing of electron-beam cross-linked sheet gels for customers that include manufacturers of medical devices, cosmeceuticals, and other commercial product applications. The company specializes in wound management, contract manufacturing, biopharmaceuticals, and hydrogels. Its hydrogel platform technology assists in manufacturing electron-beam cross-linked sheet gels with or without active ingredients. Prescription or over-the-counter medications, ingredients for wound healing and skin care, or other materials, can be effectively delivered using this platform.

Company Headquarters: Texas, US Founded: 1841 Workforce: ~35,063 Company Working: National Oilwell Varco is engaged in the business of manufacturing and supplying equipment and technology in the global oil & gas upstream industry. The company operates through three segments, namely, wellbore technologies, completion & production solutions, and rig technologies. It offers its cutting and perforating tools under the completion & production solution segment. Some of the other products the company offers include intervention & production solutions, fiberglass systems, subsea production systems, floating production systems, XL systems, and completion tools. The company has operations in over 620 locations across several countries worldwide, including Canada, Oman, Saudi Arabia, the UAE, India, Mexico, the UK, the Netherlands, Venezuela, and the US.

Company Headquarters: Texas, US Founded: 1995 Workforce: ~3,428 Company Working: Oil States International, Inc. is engaged in the business of manufacturing equipment and tools for deepwater drilling. The company also provides completion services and land drilling services to the oil & gas industry. It operates through the three segments, namely, well site services, downhole technologies, and offshore/manufactured pro. The company provides cutting pipe & perforating pipe drilling tools under the downhole technologies segment. Some of the other products and services the company offers under this segment include zonal isolation, setting tools, and bridge plugs, which have extensive applications in completion, intervention, and decommissioning. Oil States International, Inc. has extensive operations in several countries across the globe, including Russia, countries in South East Asia, India, China, the UAE, Australia, and the US. Additionally, the company has manufacturing plants in the US, Canada, the UK, China, the UAE, India, and Singapore.

Company Headquarters: Troisdorf, Germany Founded: 1867 Workforce: ~455 Company Working: Dyna Energetics Europe Gmbh is engaged in the business of manufacturing, marketing, and supplying perforating systems, well completion systems, and seismic explosives primarily for end users in the oil & gas industry. The company offers a wide range of products, including detonators, detonating cords, shaped charges, gun systems, and bi-directional boosters. To increase revenue generation, the company has been focusing on R&D and acquisitions in the past two decades. Additionally, Dyna Energetics Europe Gmbh merged with DMC Company in 2007, which has helped it in expanding its sales network globally. The company has manufacturing plants in the US and Russia. The company also has warehouses in Canada for equipment storage. Globally, it has offices located in Germany, Canada, Russia, the UAE, and the US.

Company Headquarters: US Founded: 1915 Workforce: ~ 81,000 Company Working: Tenneco Inc. is engaged in the design, manufacture, and marketing of components, such as steering and suspension systems, chassis and safety, and transmission modules. It offers products and services for light vehicles, commercial trucks, off-highway equipment, and the aftermarket. The company operates through two business segments, namely ride performance and clean air solutions. Under its ride performance segment, Tenneco Inc. provides advanced suspension technologies, which deliver distinguished performance, comfort, and power to the vehicles. In 2017, it manufactured more than 90 million units of shocks and struts. The company also offers shock absorbers for automotive applications through Federal-Mogul Corporation, which was acquired by the company in 2018. The company has 33 manufacturing facilities and 15 globally linked engineering centers worldwide. Companies such as General Motors, Ford Motor Company, Volkswagen Group, Daimler AG, Tata Motors, Fiat Chrysler Automobiles, SAIC Motor, First Auto Works, and Toyota Motor Corporation form its clientele. Some of its brands include Monroe, Axios, Fric-Rot, Clevite, and Rancho.

Company Headquarters: UK Founded: 1989 Workforce: ~ 500 Company Working: Hunting Plc operates as a holding company engaged in the development and exploration of oil and gas. It operates through the segments of well construction, well completion, well intervention, and exploration and production. The well construction segment offers drilling tools, connection technology equipment, and electronics for the drilling phase of wells. The well completion segment provides services for the completion phase of oil and gas wells. The well intervention segment covers offerings meant for repair, maintenance, and restoration of existing oil and gas wells. The exploration and production segment offers oil and gas exploration and energy generation services. The company operates globally.

IFF is the world's largest ingredients and solutions house by revenue, formed by the 2018 acquisition of Frutarom and the transformational 2021 Reverse Morris Trust combination with DuPont's Nutrition & Biosciences division. It occupies the business-to-business layer immediately upstream of the global consumer packaged goods industry, selling flavours, fragrances, enzymes, cultures, probiotics, proteins and texturants into food and beverage, home care, beauty and personal care, animal nutrition and biofuels end-markets. Since 2024, under CEO Erik Fyrwald, the company has executed a decisive retreat from the scale-and-scope logic that produced the N&B deal: Pharma Solutions, Nitrocellulose, Cosmetic Ingredients, Soy Crush and — pending — the entire Food Ingredients segment have been sold, shrinking revenue from a 2022 peak of $12.4 billion to a guided 2026 continuing-operations base of $7.4–7.6 billion. What remains is a narrower, higher-margin triad of Taste, Scent and Health & Biosciences, funded by roughly $3.8 billion of divestiture proceeds earmarked for deleveraging and buybacks. | Metric | FY2023 | FY2024 | FY2025 | |---|---|---|---| | Total employees worldwide (approx.) | 24000 | 22400 | 21500 | | Employees in the United States (approx.) | 5200 | 5400 | 5500 | | R&D-dedicated employees worldwide (approx.) | nd | nd | 3000 | The FY2024 10-K states approximately 22,400 employees of whom about 24% were US-based (≈5,400 derived). The FY2025 10-K states approximately 21,500 employees of whom approximately 5,500 are US-based. The two-year decline of roughly 900 heads reflects divestitures (Pharma Solutions carried ~1,100 employees) offset by hiring in the retained businesses, plus the Global Business Services reorganisation. --- ### The company's own description (paraphrased from the FY2025 Form 10-K, Item 1) IFF describes itself as a leading creator and manufacturer of products used in food, beverage, health and biosciences and scent applications, together with complementary adjacent products including natural health ingredients. Its output is sold principally to manufacturers of dairy, meat, beverages, snacks, savoury and sweet goods, baked goods, other foods, personal care products, soaps and detergents, cleaning products, perfumes, dietary supplements, food protection products, infant, elderly and animal nutrition, functional food, biofuel and oral care products. Management asserts global leadership positions in Food & Beverage, Home & Personal Care and Health & Wellness markets, and across the tastes, textures, scents, nutrition, enzymes, cultures, soy proteins and probiotics categories. ### Independent characterisation IFF is best understood as three quite different businesses that happen to share a customer list. **First, a creative formulation business (Taste and Scent Compounds).** Perfumers and flavourists design bespoke compounds against a customer brief. The product is a formula, protected almost entirely as a trade secret rather than by patent — the FY2025 10-K states explicitly that most formulas are trade secrets and that the business is not materially dependent on any individual patent, trademark or licence. Economics are driven by winning and holding places on customer "core lists", by creative reputation, and by the extremely high switching cost of reformulating an established consumer product. Gross margins are high; the fixed cost of the creative network is the principal operating leverage. **Second, an industrial biotechnology business (Health & Biosciences).** Enzymes, cultures, probiotics and yeasts sold into detergents, dairy, baking, brewing, animal feed and ethanol. This is genuinely patent- and process-protected, capital-intensive fermentation manufacturing, and it is IFF's highest-margin segment — 26.0% adjusted operating EBITDA margin in FY2025 versus 19.2% for the group. **Third, a specialty food ingredients business (Food Ingredients).** Emulsifiers, texturants, sweeteners, soy and pea proteins, inclusions, natural food protection. Structurally lower-margin (12.9% in FY2025), more commodity-exposed, more capital-hungry, and the part of the portfolio being sold to CVC. **Revenue model.** Essentially 100% product sales. IFF discloses no subscription, licensing or service revenue lines; there is no separately reported services or royalty stream. Revenue is recognised on transfer of goods. There is a modest ingredient-trading dimension in Scent, where excess fragrance-ingredient capacity is sold to third parties — explicitly including competitors — to absorb fixed cost while preserving supply security for IFF's own perfumers. **Value chain position.** IFF sits between roughly 20,000 raw-material suppliers (farms, botanical processors, petrochemical feedstock producers) and roughly 20,000 customers. It is a classic "small ingredient, large influence" supplier: its content is typically 1–3% of a finished consumer product's cost but disproportionately determines consumer acceptance. **Customer structure (FY2025).** Approximately 20,000 customers; approximately 69% are small and mid-sized companies. The 25 largest customers accounted for approximately 32% of sales. No single customer accounted for 10% or more of sales in FY2025 — a notable dispersion for a B2B supplier, and a direct consequence of the Frutarom acquisition, which brought a long tail of regional and mid-market accounts. **Geographic model.** Approximately 72% of FY2025 sales were to customers outside the United States. The US alone represented approximately 28%; no other single country exceeded 10%.

Genpact is a $5.1 billion, India-centric global operations and technology services company that is repositioning itself from a classic business process outsourcing (BPO) provider into what it now calls "the Agentic Operations company." Born as General Electric's captive back office in 1997, Genpact carries a distinctive heritage in Lean Six Sigma process engineering, end-to-end finance and accounting, supply chain, insurance and banking operations, and industry-specific workflows that it runs at scale for roughly a quarter of the Fortune Global 500. Its strategic thesis is that decades of "process intelligence" and operational data give it a structural advantage in deploying AI agents into mission-critical workflows — the "last mile" where generic AI pilots stall. Financially, the company is a steady mid-single-digit grower with expanding margins (adjusted operating margin 17.5% in FY2025), strong cash conversion, an investment-grade balance sheet and a consistent capital-return program, but it trades at a deep discount to peers because investors fear AI-driven deflation in its core labor-based services. --- ### The company's own description (paraphrased from the FY2025 Form 10-K) In its FY2025 annual report, Genpact describes itself as an agentic and advanced technology solutions company known for deep industry knowledge, process intelligence and "last mile" expertise. It emphasises decades of client trust, a strong partner ecosystem, and a workforce oriented to continuous learning. The company traces its origins to its role as GE's global capability center, where it was mandated to perfect shared business processes using Lean Six Sigma; it argues that this operational discipline, end-to-end process view, granular data benchmarking and "operator-led" approach underpin its ability to deliver differentiated AI and agentic solutions. It states that it is embedding AI as a driver of enterprise-wide value, building agentic solutions that act and learn alongside humans, and that it is well positioned to help clients move from AI experimentation to "agentic operations." By mid-2026 its press releases had adopted the tagline "the Agentic Operations company, where applied AI meets context-rich process intelligence." ### Revenue architecture Genpact discloses revenue along three intersecting axes: **Axis 1 — Service type (introduced Q2 2025):** **Advanced Technology Solutions (ATS):** FY2025 revenue $1.204 billion (23.7% of total), +17.0% YoY. Comprises four capabilities: Data and AI; Digital Technology; Advisory Services; Agentic Solutions. **Core Business Services (CBS):** FY2025 revenue ~$3.876 billion (76.3%). Comprises Decision Support Services, Technology Services and Digital Operations. **Axis 2 — Legacy service type (pre-Q2 2025, still disclosed in the FY2025 10-K):** **Data-Tech-AI:** FY2025 ~$2.44 billion (48.1%). **Digital Operations:** FY2025 ~$2.64 billion (51.9%). **Axis 3 — Reportable segments (industry verticals):** **Financial Services:** FY2025 $1,356.8M (26.7%). **Consumer and Healthcare:** FY2025 ~$1,725M (34.0%). **High Tech and Manufacturing:** FY2025 ~$1,998M (39.3%). ### Business model and revenue model Genpact is a pure services company; it does not sell hardware and has only a nascent software line. Its revenue model mix, per the 10-K contracting description, is: **Managed services / outsourcing (annuity-like, multi-year):** Digital Operations contracts are typically governed by a Master Services Agreement (MSA) supplemented by Statements of Work (SOWs), with pricing that may be FTE-based, transaction-based, fixed-price or outcome-based. This is the bulk of CBS revenue and the stable core of the business. **Consulting / project-based:** Advisory, data and AI engineering, digital technology implementation and other ATS/Data-Tech-AI services are generally contracted under consulting agreements, with time-and-materials or fixed-price arrangements. **Subscription / SaaS (emerging):** For Agentic Solutions (e.g., the AP Suite, Record-to-Report Suite, AR Suite, Banking Analyst Suite), Genpact "typically" enters master software-as-a-service agreements. This is the company's first meaningful step toward IP-led, non-linear revenue; the size of SaaS revenue is not publicly disclosed. **Resold partner technology:** The 10-K notes rising costs for "resold partnership technologies," indicating some pass-through of third-party software within engagements. **Licensing:** Not a material standalone revenue line; not publicly disclosed. Revenue split by product vs. service vs. subscription vs. licensing: services ≈ substantially all revenue; the precise subscription share is not publicly disclosed. ### Value-chain position Genpact sits between the enterprise application/cloud layer (SAP, Oracle, Workday, ServiceNow, Salesforce, hyperscalers, Databricks) and the client's business outcome. It does not own the systems of record; it owns the process: the workflows, exception handling, controls and operational data generated by running those processes. Its strategic claim is that the AI value chain is shifting value toward whoever controls process context and operational data — i.e., toward operators like Genpact — rather than to pure model providers or pure systems integrators. ### Customer types and end-markets **Customer profile:** Large global enterprises (approximately one quarter of the Fortune Global 500), plus smaller emerging/disruptor companies. Clients typically retain Genpact on a non-exclusive basis. **Industries:** Banking, capital markets, insurance; consumer goods, retail, life sciences, healthcare payers/providers; high-tech hardware and software, digital platforms and social media (trust and safety), semiconductors, media; manufacturing (aerospace, automotive, chemicals, energy, EVs/batteries, industrial machinery, logistics, oil and gas, utilities). **Functions (horizontal):** Finance and accounting (AP, invoice-to-cash, record-to-report, FP&A, enterprise risk and compliance, finance strategy); supply chain and procurement; HR and people advisory; sales, commercial, marketing and experience; Global Business Services/GCC advisory and build-operate services. **Client geography:** Heavily weighted to North America (especially the US) and Europe (10-K risk factor). Note that Genpact's reported geographic revenue is by delivery location, not client location. ### Independent characterization Genpact is best understood as a process-heavy, F&A-anchored operations outsourcer with a growing technology services overlay, rather than an IT services firm. Its closest structural analogue is EXL; its scale and client roster put it in competition with Accenture Operations, Cognizant, TCS, Infosys BPM, Wipro and Capgemini/WNS. Three features define it: (1) an unusually deep F&A franchise (it claims to be one of the world's premier F&A providers); (2) a delivery base overwhelmingly concentrated in India; and (3) a deliberate bet that agentic AI will cannibalise labor-based revenue but can be monetised through new commercial models (SaaS suites, outcome pricing, "Service-as-Agentic-Solutions"). The data through Q2 2026 support the thesis that ATS is accelerating (+24.1% in Q2 2026) while CBS is decelerating toward flat (+1.9% in Q2 2026; guided flat-to-slightly-down in Q3 2026). The investment debate is therefore whether ATS growth can outrun CBS erosion.

Company Headquarters: India Founded: 1986 Workforce: ~ 103,822 Company Working: Tech Mahindra Limited designs and develops integrated solutions and computer software across the globe. It is one of the leading companies in software development and artificial intelligence, and mobility solutions, around the globe. It offers software for telecommunication equipment manufacturers, telecom service providers, software vendors, and systems integrators. It also offers solutions including big data, cloud computing, Internet of Things (IoT), remote vehicle diagnostics, remote patient monitoring, connected service experience solution, freezer monitoring and digital enterprise services. The company has offices located in China, Japan, Malaysia, South Korea, Germany, France, Spain, Italy, Norway, Spain, the US, Canada, Mexico, and Brazil. Pininfarina Engineering S.R.L., Tech Mahindra LLC, Inter-Informatics SRL, TC Inter-Informatics a.s., YABX Technologies, and K-Vision Co., Ltd are some of the subsidiaries of the company.

Company Headquarters: India Founded: 2004 Workforce: ~27,000 Company Working: Conneqt Business Solution Limited (Conneqt) is a business process service company that offers outsourcing services across various industry verticals. The company caters to clients from telecom & media, retail, manufacturing, and BFSI industries. The company was formerly known as TATA business support services; it was renamed as Conneqt, in 2018. Conneqt is a subsidiary of Quess Corp., a provider of technology and business services. The company offers customer life cycle management and business process management service in India, North America, and Europe. The company handles approximately 500 million customer transactions every year through 29 delivery centers and 470 field offices.

Company Headquarters: India Founded: 1968 Workforce: ~ 6,16,171 Company Working: Tata Consultancy Services Limited is a multinational information technology (IT) consulting and services firm. Banking, financial services, and insurance; manufacturing; retail and consumer business; communication, media, and technology; life sciences and healthcare; and other segments are all part of the company's operations. TCS assisted the customer in strengthening AWS network security by integrating data privacy policies across numerous cloud accounts. It supports the capital market, consumer goods and distribution, education, insurance, life sciences and healthcare, manufacturing, retail, hi-tech, travel, transportation, and hospitality industries, communications, media, and technology industries, as well as the energy, resource, and utility industries. It also supports these sectors' needs. Also, the business works with Microsoft to develop autonomous solutions. It is one of India's largest global corporations, employing over 500,000 highly qualified consultants in 46 countries. It collaborates with its customers to create digital solutions and grow its business. Its workforce comprises of 606,331 employees from 153 nationalities and 55 countries.