Industry news

The Guardian has reported that a Whitehall outsourcing scheme is costing more than the savings it was supposed to generate. The public accounts committee warned ministers they must act to improve leadership and governance to prevent more money being wasted. The idea was that 26 organisations would use two shared service centres to provide back office functions, however it was far too easy for departments to leave the scheme with no penalty. It would be fair to say that government targets were a bit off on this case and maybe tighter controls would be useful in the future.

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After a four-year absence from the UK market, Dutch bank ING is back with an app that allows customers to access all bank accounts (from all banks) in the same place. The app is called Yolt allows users to access all their accounts through one dashboard and even predicts their bank balance based on their direct debits and points out any significant changes in their spending patterns. Yolt will be coming to iOS in the coming months. ING CEO Ralph Hamers recently said the bank has the ambition to be a leader in digital banking, including moving to open platforms and new ecosystems according to computerweekly.com.

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For more about Fintech: Insurance Tech Sector Gaining Investment

Wipro Limited, an information technology, consulting and business process services company, announced that it has signed a definitive agreement to acquire Appirio, a global cloud services company. Once completed, Wipro’s acquisition of Appirio will create one of the world’s largest cloud transformation practices. “In an increasingly digital world, as consumer behaviors and expectations continue to be reshaped by experiences, companies are recognizing that they need to transform how they engage with customers and employees by leveraging the power of Cloud.” said Abidali Neemuchwala, chief executive officer and member of the board, Wipro Limited. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be closed in the quarter ending December 31, 2016.

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Atos, a global leader in digital services, announced its revenue for the third quarter of 2016. Revenue was € 2,777 million, up +1.8% organically and +6.3% at constant exchange rates. Thierry Breton, Chairman and CEO said: “During the last quarter, the Group continued to grow organically in all of its businesses with in particular a solid performance in the UK post Brexit and in North America, as well as in continental Europe. We continue to experience dynamic commercial activity delivering a high level of new bookings, in particular with strong momentum in defence and security.” During the third quarter of 2016, revenue grew in most of the large Business Units, in North America thanks to increased volumes and new contracts with private cloud components and in Europe thanks to strong activity in the Public and Telco & Media sectors the continuous momentum of Big Data & Cybersecurity.

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Prodapt Solutions, a leading provider of consulting, transformation, and outsourcing services entered into a strategic alliance with Blue Prism, a leading enterprise-class Robotic Process Automation (RPA) software provider, and launched its Telebots framework, which provides pre-built process automation for consumer and digital service provider back-office operations. Blue Prism’s RPA software provides end-to-end process virtualization, making business operations agile, accurate, and cost-effective. To strengthen the partnership and support Telebots, Prodapt established a dedicated RPA center of excellence to provide expert consulting, process automation, and transformation services. “I’m excited about this strategic partnership with Blue Prism. Our center provides lean process consulting and RPA implementation services” said Prakash Ramakaimal, VP of Prodapt. “We’re pleased that Prodapt has chosen to deliver Blue Prism’s enterprise-class RPA software to its carrier clients” commented Michael Laurenson, Global Head of Alliances and Channels at Blue Prism.

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Liberata, the business process innovation company, has announced that its contract with the London Borough of Bromley has been extended until March 2020. The extension, worth a potential £22m, will see Liberata continue to deliver and digitally transform a number of council services. Bromley has been working with Liberata since 2002 in services including, payroll, pensions and corporate customer services. As part of an ongoing digital transformation programme. Peter Turner, Director of Finance at Bromley Council, commented: “Liberata has demonstrated improved KPI performance and delivered significant savings, all while seeking to improve the experience for residents”. Charlie Bruin, CEO of Liberata, commented: “We are delighted to be extending our long-standing partnership with London Borough of Bromley – this is a great recognition of the high-quality and consistent performance we have delivered throughout”.

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Police may be given the power to delay Mergers and Acquisition activity for up to six-months under new proposals. Currently the police can suspend transactions for one month if suspicions are raised about a deal. “The new rules could be hugely damaging, in many cases, a delay of six-months will likely kill a deal entirely” said Barry Vitou, head of global corporate crime at Pinsent Masons.

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Related news: Referendum Sparks Inward Investment Surge

Prime Minister, Theresa May, will be heading to India in November in her first international trade mission, hoping that a number of deals will be signed. Indian PM, Narendra Modi, last year described the UK as an entry point for India into Europe, so Mrs May will have to reassure India that the UK leaving the EU is not a reason to limit ties. Philip Hammond, Chancellor of the Exchequer, will be hosting senior Chinese officials next month to discuss the economic and financial relationships between the two countries.

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Related news: UK and India Get Ready for Trade

The UK dropped out of businesses’ top 5 locations for investment according to Ernst & Young LLP, a consultancy. It’s the first time in 7 years Britain has not been in the top five as fears about Brexit have added to the complexity of international deals with the UK. Business leaders appear to be concerned about geopolitical issues such as the upcoming US election and the growth of nationalist governments worldwide, which is leading to a lot of volatility in FX markets.

Read more about EY's opinion on the post-Brexit economy.

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Airbus has slammed the Polish government after a reported 3.1-billion-euro deal to buy military helicopters was cancelled. The Polish government is now looking to US rival, Lockheed Martin to provide at least 21 Black Hawks prompting strong statements from Airbus chief executive, Tom Enders and Airbus Helicopter boss, Guillaume Faury. "Never have we been treated by any government customer the way this government has treated us," said Mr Enders. The Polish government have retorted that the deal fell through over a failure to agree on ‘an offset package’ however, French President, Francois Hollande has called off a visit to Warsaw on the news.

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Related news: Airbus Commits $2bn to Indian Outsourcing