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Happiest Minds to swallow Aureus Tech for $8.5m

Ana Mary Joseph
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Happiest Minds to swallow Aureus Tech for $8.5m
  • Acquisition to strengthen Happiest Minds’ domain capabilities in the insurance and re-insurance, healthcare, and life sciences verticals, as well as its product and digital engineering services business.

Bengaluru-based Happiest Minds Technologies Limited has signed definitive agreements to acquire 100 per cent of US-based Azure native digital product engineering company, Aureus Tech Systems LLC for about $8.5 million.

Aureus is a 150-person company headquartered in Denver, Colorado, with a development centre in Hyderabad. The deal is expected to be completed by June 2024.

This is the third acquisition by Happiest Minds in FY25. In April, it acquired PureSoftware Technologies for $94.5 million and Macmillan Learning India for Rs4.5 crore.

“Aureus strengthens our BFSI and Healthcare Industry Groups, enhances our value proposition in these verticals and contributes to our new customer-acquisition initiatives. We are excited at the potential to cross-sell and up-sell Infrastructure, Security, Automation, Analytics and GenAI offerings to Aureus’ customers to accelerate Happiest Minds’ growth,” Joseph Anantharaju, Executive Vice Chairman, Happiest Minds, said.

Strong organic growth

The company said the acquisition aims to strengthen Happiest Minds’ domain capabilities in the insurance and re-insurance, healthcare, and life sciences verticals, as well as its product and digital engineering services (PDES) business.

Ashok Soota, Executive Chairman, Happiest Minds, said, last week that they are on course towards accomplishing their long-term vision of $1 billion in revenues by FY31.

“We are in a very exciting phase and are looking forward to a great showing in FY25; which will be a mix of strong organic growth, including consolidation play, with existing marquee customers like Macmillan Learning and inorganic growth through the acquisition of PureSoftware and now, Aureus,” Venkatraman Narayanan, Managing Director & CFO, Happiest Minds, said.

Abhishek Pakhira, CEO of Aureus Business, said that technology services providers need to combine the understanding of market problems with technology intensity to deliver business outcomes.

“We strongly believe that the deep digital native capabilities of Happiest Minds and its scale will help us solve bigger problems for this industry group. Everyone in the Aureus family is excited about the journey.”

5G smartphone shipments in India record 91% growth in Q1 2024

Mohammed Fahad
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5G smartphone shipments in India record 91% growth in Q1 2024
  • Smartphone market in 2024 and beyond is poised for fierce competition in the value-for-money 5G segment.
  • In the 5G space, Samsung lead with 22% market share, followed by Vivo at 18% during the quarter.

5G smartphones recorded a 91 per cent year-on-year growth in India in the first quarter of 2024 as devices are available at affordable price ranges.

“India’s smartphone market witnessed a significant surge in 5G adoption as well as a clear ongoing push towards premiumisation. 5G continues to diffuse to more affordable price tiers, especially in the Rs10,000 to Rs15,000 price band,” Menka Kumari, Analyst- Industry Intelligence Group at CyberMedia Research (CMR),  said.

The onset of AI phones further fueled the premiumisation wave, she said and added that the super-premium smartphone category (>Rs50,000) experienced a notable 47 per cent year-on-year growth, indicating a rising preference among consumers for high-end devices.

Feature phones surge 650%

The 5G smartphone shipments share increased to 70 per cent while smartphones in the price band of Rs10,000 to Rs15,000 grew  more than 400 per cent year on year.

In the 5G space, Samsung lead the market with 22 per cent market share, followed by Vivo at 18 per cent during the quarter.

The premium smartphone segment (>Rs25,000) recorded remarkable year-on-year growth of 71 per cent fueled by easy payment options and premium features like AI.

The 4G feature phone shipments recorded more than 650 per cent during the quarter, majorly driven by Jio capturing 84 per cent market share followed by Nokia at 13 per cent.

CMR estimates the India’s smartphone market to grow 7-8 per cent in 2024, driven by strong demand for 5G and AI smartphones.

“The smartphone market in 2024 and beyond is poised for fierce competition in the value-for-money 5G segment. Brands that capitalise on these trends – affordable 5G, powerful on-device AI, and seamless cross-device experiences – will be well-positioned to win in this growing but hypercompetitive market,” Bhaskar Negi, Analyst-Industry Intelligence Group, CyberMedia Research (CMR), said.

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Prominent ransomware gangs disappear but affiliates emerge

Ana Mary Joseph
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Prominent ransomware gangs disappear but affiliates emerge
  • A significant shift taking place in the ransomware ecosystem in 2024 due to leaked source code and tools from disbanded or deceased larger groups
  • Groups demonstrate a sophisticated understanding of network vulnerabilities and utilise a variety of tools and techniques to achieve their objectives.

While many prominent ransomware gangs have disappeared, smaller and more elusive groups are emerging in 2024 due to leaked source code and tools from disbanded or deceased larger groups.

 “Ransomware operations are becoming increasingly fragmented. Larger, more coordinated groups are breaking down into smaller fractions, making it more challenging for law enforcement to target them,” Kaspersky said in its report.

Moreover, each of these smaller groups has less impact and is of less interest for law enforcement, thus having a reduced likelihood of being tracked and prosecuted, giving independent ransomware actors a higher chance of escaping arrest.

30% increase in groups

Kaspersky research revealed a 30 per cent global increase in the number of targeted ransomware groups in 2023 compared to 2022, with the number of known victims of their attacks rising by a staggering 71 per cent.

Unlike random attacks, the research reported that these targeted groups focus on governments, high-profile organisations, or specific individuals within an organisation.

“Moreover, most of them distribute their malware under the Ransomware-as-a-Service (RaaS) model, which involves a number of smaller groups (called affiliates) getting access to the ransomware for a subscription fee or a portion of the ransom.”

The ransomware most frequently encountered in organisations’ systems in 2023 was Lockbit 3.0. The reason for its remarkable activity may be its builder leak in 2022. That led to various independent groups using the builder to create custom ransomware variants, which they then used to target organizations all over the world. The group itself also has a large affiliate network.

Second was BlackCat/ALPHV, which first appeared in December 2021. In December 2023, the FBI, together with other law enforcement agencies, disrupted  BlackCat’s operations and seized several websites of the group.

The third most active ransomware in 2023 was C10p. This group managed to breach managed the file transfer system MoveIt to get to its customers’ data. According to New Zealand security firm Emsisoft, as of December 2023, this breach had affected over 2500 organisations.

Exploitation of vulnerabilities

According to Kaspersky’s incident response team, in 2023, every third incident (33.3 per cent) was related to ransomware, which remained the primary threat to all organisations, whatever sector of economy or industry they belonged to.

“Another important trend observed in 2023 was attacks via contractors and service providers, including IT services, became one of the top three attack vectors for the first time. This approach facilitates large-scale attacks with less effort, often going undetected until data leaks or encrypted data are discovered,” the report said. 

Overall, the research stated that ransomware groups demonstrated a sophisticated understanding of network vulnerabilities and utilised a variety of tools and techniques to achieve their objectives.

“The use of well-known security tools, exploitation of vulnerabilities in public-facing applications, and the use of native Windows commands highlight the need for robust cybersecurity measures to defend against ransomware attacks and domain takeovers.”

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India’s data centre capacity to double to 1950MW by 2026

Naushad K. Cherrayil
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India’s data centre capacity to double to 1950MW by 2026
  • Capex cost for setting up a data centre in India is roughly 45% lower than the world average.
  • The data centre capacity per million internet users in India stood at just 1MW as against 4MW per million user in China and significantly lower than the US and European Union.
  • Adoption of technologies such as 5G, IoT, and Artificial Intelligence are also expected to significantly augment demand for data and in turn data centre.

There is significant under-penetration of data centre capacity in India even though the country generates about 20 per cent of the global data.

The internet user penetration in India is the lowest whereas the mobile data consumption is highest compared to China, the US and the European Union.

The data centre capacity per million internet users in India stood at just 1MW as against 4MW per million user in China and significantly lower than the US and European Union.

However, in terms of the data centre capacity, India has a share of just three per cent.

The wave of digitisation, driven by the expansion of e-commerce, fintech platforms, online streaming, and gaming services, is anticipated to increase the number of internet users and boost internet penetration (internet users as a percentage of population) from approximately 63 per cent  in FY23 (refers to the period April 1 to March 31) to 87 per cent by FY29.

Data consumption to triple

Adoption of technologies such as 5G, IoT, and Artificial Intelligence are also expected to significantly augment demand for data and in turn data centre. Collectively, these demand factors are projected to triple data consumption in India and leading the way for large capacity addition plans.

A report by CareEdge Ratings highlighted that India’s data centre capacity is estimated to double to 1950MW by 2026, from 877MW in 2023, and estimates a capex of Rs500 billion in this space is needed over the next three years till 2026.

 “The data centre growth is driving/attracting large scale investments in the expansion of the network connectivity ecosystem which is critical for high volume data transfer at low latency levels. It is imperative that for such large scale capacity addition, data centre players incorporate mix use of renewable energy and low carbon technologies to ensure cost competitiveness for sustainability,”  Maulesh Desai, director at CareEdge Ratings, said.

 “The per MW cost in India for setting up data centre was close to Rs40-45 crore and it has witnessed escalation due to incremental land, equipment and other soft cost with new capacities being set up at a cost of Rs60-70 crore/MW. This cost of data centre is also contingent upon provisions for scalability, design and location.”

The capex cost for setting up a data centre in the country is roughly 45 per cent lower vis-à-vis the world average.

“The capacity addition of 1.1GW in data centre space needs to be corroborated with increased absorption in future/ medium term, as cashflow stability is an important consideration for the debt-funded investments,” Puja Jalan, associate director, CareEdge Ratings, said.  

However, she said that rising costs need to be weighed adequately with competitive pricing to balance the leverage and profitability.

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Core42 and Gecko to accelerate AI capabilities in UAE

TCN Bureau
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Core42 and Gecko to accelerate AI capabilities in UAE
  • Synergy seeks to expedite the development of AI-driven products tailored to empower customers, fostering enhanced safety, efficiency, and operational excellence across critical infrastructure.

Core42, a G42 company and full-spectrum AI enablement solutions provider, and Gecko Robotics, a pioneering force in advancing the integrity and health of physical infrastructure, have signed a memorandum of understanding (MoU) to deliver AI solutions for the UAE and regional markets.

The collaboration will delve into a partnership geared towards harnessing Gecko’s fusion of robotics and AI-driven software, particularly in sectors where Core42 boasts deep expertise such as energy and public infrastructure. This synergy seeks to expedite the development of AI-driven products tailored to empower customers, fostering enhanced safety, efficiency, and operational excellence across critical infrastructure.

 “With Core42’s extensive industry insight and robust network, we are poised to work closely with Gecko Robotics to amplify its reach and influence. Together, we are primed to enhance critical infrastructure across the UAE and beyond, seamlessly integrating Gecko’s AI-driven solutions with Core42’s expansive customer base to drive meaningful change,” Andrew Jackson, EVP – Chief AI Officer at Core42, said.

Gecko Robotics’ wall-climbing robots use advanced sensors to create detailed digital maps of important assets.

With Cantilever, Gecko’s software platform, this data is combined with operational insights, reshaping how critical infrastructure is built, operated, and maintained. Gecko’s technology is widely used in energy and public infrastructure, helping to extend the lifespan of crucial assets like power plants, refineries, and manufacturing facilities.

“Robotics come to life with AI. The combination of robotics and AI solutions is changing the way the world builds, operates and maintains itself. This is existential and why we are focused on that impact to critical industries and infrastructure,” Jake Loosararian, co-founder and CEO of Gecko Robotics, said.

“In many ways the UAE is the epicentre of that movement to find Industry 4.0 answers to today’s challenges. That’s why Gecko continues to invest here and why we’re excited to work with Core42 who is already making a name for themselves as an innovation leader in the region.”

AI-focused iPad Pro with M4 chip to hit shelves next week

Mohammed Fahad
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AI-focused iPad Pro with M4 chip to hit shelves next week
  • The new iPad Pro is thinner than the iPod Nano, making it the thinnest Apple product, and comes with a new 10-core GPU.

Apple unveiled a new artificial intelligence-focused iPad Pro and a larger iPad Air rather than a laptop, aiming to reinvigorate a tablet lineup that has languished over the past two years.

The new chip – M4 – is more power-efficient and can handle AI tasks.

Apple said the iPad Pro – its highest-priced model – will have upgraded OLED displays and start at $1,000 for an 11-inch model and $1,300 for a 13-inch model.

The iPad Pro comes in silver and space black colours 256GB, 512GB, 1TB and 2TB storage configurations  while the new 11-inch and 13-inch iPad Air models will be available in blue, purple, starlight, and space grey colors, with options for 128GB, 256GB, 512GB, and 1TB storage configurations.

The new iPad Pro is thinner than the iPod Nano, making it the thinnest Apple product, and comes with a new 10-core GPU that supports raytracing making the iPad Pros the first device to support raytracing in games. 

Overhauled pencil

Apple also unveiled an overhauled Pencil today too. The Apple Pencil Pro, priced at $129, has a new sensor in the barrel that accepts your squeezes. This action can do things like bring up tool palettes so you don’t have to manually tap into them with your free hand.

The refreshed Magic Keyboard accessory is designed to specifically work with the M4 iPad Pro line, though it doesn’t integrate with the iPad Air or any other model.

Apple says you can also use the gesture to activate shortcuts or and other actions. 

“The neural engine makes M4 an outrageously powerful chip for AI,” Tim Millet, vice president of platform architecture at Apple, said during the presentation.

“In fact, with this level of performance, the neural engine and M4 is more powerful than any neural processing unit in any AI PC today.”

Apple chips have featured a neural engine since 2017, but rivals such as Intel  and Qualcomm  have begun to tout their competitive technologies for personal computers.

M4 chip: A formidable contender

According to Apple, the M4’s neural engine boasts a staggering performance boost, purportedly surpassing its predecessor, the A11’s Neural Processing Unit (NPU), by a staggering margin of 60 times. The processing power positions the M4 chip as a formidable contender against established AI heavyweights, including Intel, AMD, and Qualcomm.

Pre-orders are open today, with shipping scheduled for next week.

The announcement of the M4 chip arrives hot on the heels of Microsoft’s impending Windows and Surface AI event scheduled for May 20th in Seattle. With speculation rife about the unveiling of new Arm-powered hardware, anticipation mounts as tech enthusiasts eagerly await Microsoft’s response to Apple’s latest gambit.

Apple also introduced new models of its mid-priced iPad Air, which will now come in a larger 13-inch screen size at $800, as well as the 11-inch size it previously came in for $600. The models come with Apple’s M2 chip, which first came to market in Apple’s MacBooks in 2022.

Apple rivals Microsoft  and Alphabet’s Google  have dived headlong into AI, introducing chatbots that aim to act as virtual assistants for tasks such as writing emails or tapping out lines of computer code.

Apple is developing a chip which will run on artificial intelligence (AI) software in data centres, the Wall Street Journal reported, citing people familiar with the matter.

The project, internally codenamed as Project ACDC (Apple Chips in Data Centre), aims to leverage Apple’s chip design expertise for its server infrastructure.

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