At a time when large IT companies are seeing BFSI (banking, financial services, and insurance) vertical-led softness, the same is aiding the growth of some midcap companies. The reason is that smaller IT firms cannibalize larger companies’ BFSI revenue.
Peter Bendor-Samuel, CEO of Everest Group, said, “Midcaps are going after a different part of the market — the regional banks. In general, the large firms have huge estates in the large banks and BFSI clients.”
