Indian IT M&A Wave
- Indian IT’s latest deal burst is real: TCS agreed to buy Coastal Cloud for $700 million, Coforge moved on Encora for $2.35 billion, and Wipro closed HARMAN DTS for $375 million. - Infosys was the busiest buyer, announcing five FY26 deals including Optimum Healthcare IT for up to $465 million and Stratus for up to $95 million on March 25, 2026. - The buying spree followed weak spending and AI pressure, with firms targeting cloud, healthcare, cybersecurity and Salesforce specialists instead of megamergers. (analyticsindiamag.com)
Indian IT companies spent FY26 buying specialist firms instead of waiting for organic growth to return. TCS, Infosys, Wipro and Coforge all made capability buys tied to AI, cloud, cybersecurity or industry software. (analyticsindiamag.com) The biggest move came from Coforge, which signed definitive agreements on December 26, 2025 to acquire Silicon Valley-founded Encora for $2.35 billion. Coforge said the combined company would become a roughly $2.5 billion tech-services business. (coforge.com) (business-standard.com) Coforge said Encora adds AI-led engineering, cloud and data capabilities, plus more than 3,100 nearshore specialists in Latin America serving U.S. clients. The company said AI-led engineering, data and cloud services alone could contribute about $2 billion in FY27 revenue. (coforge.com) (encora.com) Tata Consultancy Services made its biggest publicized buy in years on December 10, 2025, agreeing to acquire Coastal Cloud for $700 million in cash. TCS said the deal would make it a top-five Salesforce advisory and consulting firm globally. (tcs.com) (livemint.com) TCS had already bought ListEngage for $72.8 million in October 2025, adding Agentforce, Marketing Cloud and Commerce Cloud expertise. Coastal Cloud brought another 400-plus professionals and more than 3,000 multi-cloud certifications into that same Salesforce push. (nseindia.com) (tcs.com) Wipro’s largest recent transaction was its August 21, 2025 agreement to buy HARMAN’s Digital Transformation Solutions business for up to $375 million. Wipro completed that acquisition on December 2, 2025 after regulatory approvals. (wipro.com) ([economictimes.indiatimes.com](https://economictimes.indiatimes.com/tech/information-tech/wipro-completes-375
