Week No.

7 -2024

Weekly Updates: 11 Feb 24 to 17 Feb 24

Highlights with EIIR (Pareekh) Point of View (POV)

Musashi Seimitsu announces the launch of the MIDC (Musashi India Development Center) Project in
Electronic City, Bengaluru, India. Collaborating with SCTM Engineering, a JV of Sumitomo and Tech
Mahindra, Musashi aims to expand its high-performance e-Axle lineup for compact and quiet two &
three-wheeled EVs to target mass production and sales in India, Southeast Asian countries (e.g.,
Thailand, Indonesia, Vietnam), and Africa.

EIIR POV: Another large engineering service deal in automotive. This time from Japan and also for local
emerging markets in India, ASEAN and Africa.

EPAM Q4CY23 Results, Revenue $1157M, 0.4% QoQ Growth and -6.0% YoY Decline. CY23 Results,
Revenue $4691M, -2.6% YoY Decline. CY24 Guidance. 1%-4% Growth

EIIR POV: 2024 Guidance suggests that while situation has bottomed out for onshore software product
engineering, outlook is still cautious with very moderate growth exectations.

Fictiv has released Materials.AI, an industry-first AI assistant powered by ChatGPT that helps
mechanical engineers quickly and easily navigate material options for their manufacturing needs.

EIIR POV: Interesting GenAI use case in material selection.

Cadence and Dassault Systmes launch cloud-enabled collaboration for developing

Electromechanical Systems Virtual Twins. Integrating Cadence's AI-driven OrCAD X and Allegro X
with Dassault Systmes' SOLIDWORKS, the partnership offers an end-to-end solution for PCB,
mechanical design, and simulation. This collaboration aims to reduce design turnaround time by up
to 5X for customers.

EIIR POV: Engineering cloud for electromechanical systems combining designa and simulation
software from Cadence and Dassault.

1.
Cognizant opened its first office in Bhubaneswar. The new centre is spread over 52,000 sq ft and is
designed to accommodate 1,000 of the companys associates in a hybrid work environment and is
located at Odisha Technology Centre.

EIIR POV: Engineering service providers are opening centers in tier 2 and tier 3 cities in India.

Globant launches Connected Experiences Studio, leveraging technology expertise to drive customer-
centric growth. With a focus on bridging physical and digital realms, the studio aims to deliver
personalized, engaging interactions. Supported by industry demand, the studio collaborates with
leading clients like Nissan and Royal Caribbean International to create tailored solutions across
sectors.

EIIR POV: Software product engineering service providers are investing in digital in physical industries.

LTTS and BlackBerry collaborate to offer suite of automotive technologies for SDVs. Through this
collaboration, LTTS will leverage BlackBerry QNX automotive solutions to enable Software Defined
Vehicles for global OEMs.

EIIR POV: Engineering service providers are investing in partnerships for SDV.

SEGULA Technologies expands Tooling Automation Systems (TAS) division to the US to meet rising
demand for production facility modernization. TAS specializes in automated production line design,
enhancing SEGULA's process engineering services in the US. With 400 employees in Europe, TAS is
the market leader for integrators for automakers and automotive suppliers.

EIIR POV: European engineering service providers are investing and expanding in US.

2.