Feature

Will HCL Tech's IBM Products Bet Pay Off?

The company makes do with a lower multiple because of weak core revenue, but analysts are betting on the IBM products acquisition to turn things around

Frank Underwood, the central character in the Netflix original House of Cards, was Machiavellian — murdering people, ordering hits on colleagues and even killing a dog. He lived by “hunt or be hunted”. The Indian software business is just as ruthless. Senior management here may assume the title of a gardener or retire to help lesser-privileged children, but everyone knows that unless your business keeps pace with clients’ ever-changing needs, you might as well be potting grass. The rule in the IT industry, in a twist to Underwood’s maxim, is “disrupt or be disrupted”.