LTIMindtree gains on partnership with CAST AI to optimise cloud cost management for businesses

LTIMindtree Ltd shares gained on Tuesday after the company announced a strategic collaboration with CAST AI, a Software-as-a-Service (SaaS) company known for its expertise in automated cost optimisation for cloud-native applications hosted on major cloud platforms including Google Cloud, AWS and Microsoft Azure. This partnership is aimed at redefining cloud cost management, offering substantial savings to enterprises while modernising their legacy applications for seamless cloud migration, according to LTIMindtree.

After the announcement, LTIMindtree shares gained more than 1 per cent in trade on Tuesday to a high of Rs 5187.95 per piece on BSE. Shares of LTIMindree were trading 0.11 per cent higher at Rs 5,130.75 apiece on BSE at 12:02 PM.

Over the past month, the company's stock has witnessed a 6 percent increase in value. The company’s shares have also performed strongly over the past one-year period.

LTIMindtree’s deal with CAST AI

LTIMindtree's Infinity platform will be integrated with CAST AI's cutting-edge cloud cost optimisation platform. This new integrated solution promises to manage and optimise cloud capabilities seamlessly, without requiring manual intervention, LTIMindtree said in a release.

According to the joint statement issued by both companies, this partnership is projected to yield strong results. The enterprises can expect to slash their cloud costs by over 60 per cent on an average.

Nachiket Deshpande, LTI's Whole-Time Director and Chief Operating Officer, expressed his enthusiasm for the collaboration, affirming that the partnership with CAST AI has empowered LTIMindtree to cater to their clients with a highly targeted and goal-oriented approach.

LTIMindtree’s recent collaborations

LTIMindtree was recently selected by the largest supplemental insurance provider in the United States as its digital transformation partner. The venture aims to leverage the powerful suite of cloud-native services offered by Amazon Web Services (AWS) to drive Alfac's digital metamorphosis.

In July, LTIMindtree also announced a strategic partnership with CYFIRMA, a move designed to bolster the threat intelligence capabilities of its Extended Detection and Response (XDR) platform. This collaboration aims to furnish global enterprises with enhanced risk assessment and threat management capabilities, further solidifying LTIMindtree's reputation as a forward-looking leader in the technology space.