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Infosys (INFY) to Modernize TK Elevator's IT Operations

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Infosys (INFY - Free Report) recently announced that it has entered into a global strategic collaboration with Düsseldorf-headquartered TK Elevator to offer cloud-based modernization solutions for service desk and workplace operations.

Through the integration of Infosys’ Cobalt, the India-based tech company will offer artificial intelligence-powered information technology (“IT”) helpdesk services and digital workplace management and network services to the elevator company. Under the Cobalt portfolio, Infosys offers about 14,000 cloud assets and more than 200 cloud solution blueprints.

This will enable the automation of TK Elevator’s IT framework while enhancing its global customer experiences at much reduced IT operational costs. Founded in 2001, TK Elevator is currently one of the leading elevator companies in the world, serving customers across more than 100 nations. The company specializes in commodity elevators designed for residential and commercial buildings to customizable elevators for state-of-the-art skyscrapers. Its offerings comprise escalators, moving walks, passenger boarding bridges, stair and platform lifts.

The latest agreement with a span of seven years comes as the extension of TK Elevator's IT infrastructure up-gradation in Europe and Africa and evidently reflects Infosys’ support toward the company’s cloud migration journey.

Infosys has been reinforcing its digital-transformation capabilities to expand and solidify its position in the highly competitive environment. The company is currently enabling its clients across more than 45 countries to create and execute strategies for their digital transformation.

Recently, in May, Infosys entered a 360-degree collaboration with Palo Alto Networks (PANW - Free Report) to elevate the security maturity of large enterprises with mission-critical digital landscapes and help prevent the threat of cyber attacks on their critical infrastructure.

Through this alliance, Infosys intends to jointly secure enterprises with Palo Alto by minimizing security risks and maximizing security threat visibility, impact and resolutions.

Zacks Rank & Key Picks

Infosys currently carries a Zacks Rank #3 (Hold), while Palo Alto carries a Zacks Rank #4 (Sell). Shares of INFY declined 8.1%, while that of PANW jumped 41.1% in the past year.

Some better-ranked stocks from the broader Computer and Technology sector are Avnet (AVT - Free Report) and Analog Devices (ADI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Avnet's fourth-quarter fiscal 2022 earnings has been revised 55 cents northward to $1.96 per share over the past 60 days. For 2022, earnings estimates have moved 20.5% north to $6.83 per share in the past 60 days.

Avnet's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 21.2%. Shares of AVT have rallied 7.6% in the past year.

The Zacks Consensus Estimate for Analog Devices' third-quarter fiscal 2022 earnings has been revised upward by 5 cents to $2.42 per share over the past 30 days. For fiscal 2022, earnings estimates have moved 16 cents north to $9.24 per share in the past 30 days.

Analog Devices' earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 7.7%. Shares of ADI have decreased 3.6% in the past year.