LTIMindtree Ltd shares experienced significant gains on Tuesday following the announcement of a strategic collaboration with CAST AI, a renowned Software-as-a-Service (SaaS) company specializing in automated cost optimization for cloud-native applications hosted on leading cloud platforms, including Google Cloud, AWS, and Microsoft Azure. This partnership marks a pivotal moment in cloud cost management, offering substantial savings to enterprises while facilitating the seamless migration of legacy applications to the cloud, according to LTIMindtree.
After the announcement, LTIMindtree shares surged by more than 1% in Tuesday's trading session, reaching a high of Rs 5187.95 per share on the BSE, LTIMindtree's shares were trading 0.11% higher at Rs 5,130.75 apiece. Over the past month, the company's stock has witnessed a 6% increase in value, demonstrating its strong performance.
LTIMindtree's Game-Changing Partnership with CAST AI
The Infinity platform from LTIMindtree is set to achieve seamless integration with CAST AI's advanced cloud cost optimization platform. This new integrated solution promises to manage and optimize cloud capabilities effortlessly, eliminating the need for manual intervention. According to a joint statement issued by both companies, this partnership is projected to yield compelling results, with enterprises expecting to reduce their cloud costs by an average of over 60%.
Nachiket Deshpande, LTI's Whole-Time Director and Chief Operating Officer, conveyed his excitement about the collaboration, stating that the association with CAST AI has enabled LTIMindtree to serve its clients using a focused and purpose-driven strategy.
Recent Collaborations Fueling LTIMindtree's Success
LTIMindtree has been making strategic moves in the technology sector recently the company was selected as the digital transformation partner for the largest supplemental insurance provider in the United States. This venture aims to leverage Amazon Web Services (AWS) cloud-native services to drive Alfac's digital transformation.
In July, LTIMindtree unveiled a strategic partnership with CYFIRMA, intended to enhance the threat intelligence capabilities of its Extended Detection and Response (XDR) platform. This collaboration's goal is to provide global enterprises with improved risk assessment and threat management capabilities, reaffirming LTIMindtree's standing as an innovative leader in the technology industry.
Unveiling the Power of Collaboration
The collaboration between LTIMindtree and CAST AI is set to redefine cloud cost optimization. By combining LTIMindtree's Infinity platform with CAST AI's cloud cost optimization platform, enterprises will gain a comprehensive view of their cloud portfolio. This powerful offering empowers organizations to optimize Kubernetes management and costs in both single and multi-cloud environments, all without requiring manual intervention.
Yuri Frayman, CEO and Co-founder of CAST AI expressed his enthusiasm about the partnership, highlighting the significance of collaborating with LTIMindtree, a prominent player in guiding organizations through digital transformation. CAST AI specializes in cloud cost optimization, particularly addressing the complexities associated with various virtual machines offered by platforms like Google Cloud. Their solution automates resource configuration, virtual machine selection, and auto-scaling policies, resulting in a real-time reduction of cloud expenses.
Nachiket Deshpande, full-time director and Chief Operating Officer at LTIMindtree, added to this sentiment by emphasizing how the partnership with CAST AI allows them to provide tailored services to clients that align with their business objectives. The collaboration aims to help customers extract value from their cloud investments by enhancing observability and cost optimization, ultimately freeing up funds for modernization efforts.
This partnership enhances the overall value proposition for organizations, assisting them in aligning their cloud usage strategies for consistent cost savings.
LTIMindtree is a global technology consulting and digital solutions company that empowers enterprises across industries to rethink their business models, accelerate innovation, and drive growth through digital technologies. With a vast client base exceeding 700, LTIMindtree leverages its deep domain and technological expertise to facilitate competitive differentiation, elevate customer experiences, and achieve superior business outcomes in an ever-evolving landscape. With a workforce of over 82,000 professionals spread across 30+ countries, LTIMindtree, a subsidiary of Larsen & Toubro Group, amalgamates the strengths of former Larsen and Toubro Infotech and Mindtree to solve complex business challenges and deliver transformative solutions at scale.
About CAST AI
CAST AI is a comprehensive cloud-native automation platform that averages over 60% reduction in customer cloud expenses. Leveraging the power of AI, CAST AI caters to real-world containerized applications on leading cloud platforms like AWS, GCP, and Azure. The founders of CAST AI bring with them over a decade of experience in developing advanced AI solutions and have previously led startups to acquisitions by major players like Google, Comcast, and Oracle. The company has successfully secured $38 million in funding from investors such as Creandum, Cota Capital, and Uncorrelated Ventures.
Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.