Accenture is the world’s largest IT services company with $64.9 bn in FY’24 revenues and more than 774,000 employees. They serve more than 9000 clients with a presence across 49 countries. It is one of the most admired companies in the world with the strongest brand value amongst all IT services companies. Local currency growth in the last fiscal was 2% with EMEA being stagnant. Growth in the last declared quarter (Q4 of FY’24) was 3%.
​
Accenture has a very strong local presence in BeLux with a long history, top notch client portfolio and more than 1300 local employees.  With the acquisition of Arηs (pronounced Aris) in July 2024, Accenture added another 2100 people to its BeLux workforce. With 2500 people (the other 400 being in Greece) Arηs is a significant and well respected player within the European Institutions. With this acquisition, Accenture is now part of a large number of the European Framework Agreements. While most of Arηs activity is application development (Java, .Net), they also have capabilities around datacenter/cloud and end user services.
Accenture is praised by clients for its business understanding, transformation capabilities, and ability to bring and apply global knowledge for its clients. Despite its extensive size and global presence, it works as one integrated organization with a uniform way of working.
Accenture is present in three out of the four squares this year. They are a leader on two squares: Applications & Digital and Security services.
Applications & Digital
Accenture continues to be a Leader within our Applications & Digital square with the highest Market Impact score (together with TCS) and a strong CSAT of 3.76 (up from 3.70 last year). They have very strong capabilities across Systems Integration, Applications Management and Digital Transformation and had the maximum number of data points of any service provider with 24 clients. Arηs revenue figures have not been included in our Market Impact calculation this year – once that is done, we expect Accenture to move even higher on market impact.
​
Cloud & Datacenter
Accenture has a diverse cloud and datacenter capability that comprises of Sentia (local and nearshore cloud capability acquired 2 years ago), Avanade (with skills on Azure) and and its own homegrown cloud and datacenter capability. They are positioned as a Strong Contender with a CSAT of 3.29 (down from 3.70 last year). The Sentia acquisition brought a very strong hybrid cloud local capability in the BeNeLux with 400+ people. They have best in class capabilities in cloud control and optimisation backed up by a strong service catalogue. They specialize on Azure and AWS with 5 availability zones in BeNeLux. They also have a strong Digital Experience Monitoring capability. Accenture-Sentia will be a very strong fit for mid-tier clients who want local expertise. The challenge for Accenture is the extension of this niche local capability across their offshore delivery centers and into their larger clients.
Cybersecurity
Accenture is one of the leading cybersecurity providers in the world with more than 4000 professionals and $9bn in global revenue. They come out as a Leader on our security square due to the size of their local security business and mature capabilities. They are very strong on security advisory and implementation (roughly half of the business). They have an extensive network of security operations and delivery centres and Cyber Fusion centres focused on offensive security. Accenture are particularly strong in their identity and access management practice and have invested significantly on the application of AI in cyber security with a new Brussels AI security lab opened last year.
Main Sectors
-
Large & Medium enterprises across all verticals
# Contracts
40
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
Cybersecurity
✓
POSITIVES
-
Deep business understanding
-
Consulting / transformation orientation
-
Strong local capability and workforce
NEGATIVES
-
Contracting and negotiation is more difficult
-
Strong culture is sometimes conflicting with clients
-
Premium pricing
After only one year of being represented as two companies in our report, Atos and Eviden are together again. After years of uncertainty and changing leadership, there seems to be some light at the end of the tunnel. There still are ongoing discussions with the French government about the sale of the supercomputing business and discussions about the sale of the BDS division. Amidst the changes at the top, Atos employees have been diligently doing their jobs which is reflected in a strong CSAT improvement that we see this year. At their biggest customers in BeLux, Atos has been very resilient and transparent, with a direct line to their top management.
​
Atos is only one of three companies in our survey who are present in all four squares (the other two being Cegeka and Capgemini). They are a world leader in the areas of supercomputers, cybersecurity and managing global sports events. They appear as a leader in our new Security square.
Atos has 82,000 people across 70 countries and expects €9.7 bn in annual revenues this year (a decline of ~5%). An overall book to bill ratio of 66% (60% for Tech Foundations) remains worrying. The uncertain market environment also does not help. There is also pressure on the operating margin which is expected to be lower than €230mn (€467mn in 2023). While we see a lot of confidence and optimism, 2025 will reveal if Atos has finally turned the corner.
​
The European Institutions and public sector form a large portion of Atos clients, particularly for its applications and cybersecurity business. For Infrastructure services, they have a broader footprint across the industry.
​
Applications & Digital
Through its Eviden arm, Atos develops and operates modernized business application platforms. They offer for systems integration and applications management capabilities across custom platforms and packaged applications. They have a strong capability on Analytics through their BDS division. They have a particularly large footprint in the European institutions and public organizations. This year we have seen Eviden improve their CSAT to a healthy 3.49 (up from 3.28 last year). This year they are part of the Challenger category.
​
Cloud and Datacenter
Atos operates critical business workloads from the edge to the public cloud. They have their own private cloud solution, operate datacenters, manage networks and supercomputers. They are one of the leading mainframe operators in the world. We see a big improvement in CSAT to 3.39 (up from 2.80 last year). They sit within the Strong Contenders category with close to the median CSAT.
End User Services
Atos has a strong end user services capability that offers multi-lingual support from Tenerife and central eastern Europe. They operate what is probably the largest end user services contract in BeLux at the European Commission. CSAT for end user services is at 3.54 and they sit high within the Strong Contenders category in terms of Market Impact and Capability.
Cybersecurity
Eviden standout as a leader in cyber security services both globally and locally. With 6000+ security consultants it offers end to end security services including tailored solutions for digital identity, cloud security, IoT security, ADR and data privacy. Their acquisition of digital.security in 2020 cemented their status as a leading security supplier in BeLux. Eviden has a mature managed service offering with state of the art SOCs including their own patented platform AIsaac. It is widely deployed in Belgium with 20 of Eviden’s 30 SOC customers currently utilising AIsaac. Eviden have their own Identity management solution (Evidian) and continue to expand security capabilities by acquisitions such as Motiv (an ICT Security provider from Netherlands). Based on its offers, breadth of capability and experienced security resources, S-Square ranks Eviden as a leader on our Cybersecurity square.  
Main Sectors
-
Large & Medium enterprises
-
Government / EU
​
# Contracts
40
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
✓
Cybersecurity
✓
POSITIVES
-
Strong track record and capabilities in Cloud/DC and Security
-
Deep understanding of EU / public domains
-
Improved CSAT and client commitment
NEGATIVES
-
Returning to growth and profitability is a challenge
-
Perception amongst non-Atos clients
Capgemini is a global applications & technology and engineering services firm with €22.5bn in revenues and 340,000 people across 50 countries. Recent years of high growth have been replaced by 2-3% decline in the last quarters as market reality catches up. Global outlook for 2024 is a decline of 2-2.4%, though the rest of europe region could be in positive territory.
They have a strong focus on Europe (62% of revenues) and Belux (local workforce of ~2500). They are also well represented in all the industry sectors and government organizations and had the highest client participation in our survey.
They are only one of three firms in our survey who are represented on all four squares (the other two being Atos and Cegeka). Their 3 main service lines are: Strategy & Transformation (9%), Applications and Technology (62%) and Operations & Engineering (29%). They are able to seamlessly blend their offshore capability for support and operations, with its local workforce for consulting and transformation. With Capgemini Engineering, they are one of the leaders in product engineering.
Applications & Digital
Capgemini continues to remain a Leader square for Application & Digital Services in our Belux square with a very strong CSAT score of 3.80 (3.76 last year) measured across 22 clients. This assessment comes on back of the strength of their local business, maturity and completeness of service offering and high customer satisfaction scores. They have strong capabilities in SAP and are a leader in S/4 HANA transformations across Europe. They are one of the few companies to have a strong focus on testing services and low-code no-code applications.
Cloud and Datacenter
Capgemini appears as a Challenger on our Cloud & Datacenter square. While they have strong capabilities in this area, they are underrepresented on the BeLux market. CSAT squares remain on the lower side at 3.25 across 6 data points (up 0.16 on last year).
​
End User Services
Capgemini has a strong end user services capability leveraging their nearshore and offshore capabilities. Their vision for workplace of the future and capability in Poland comes in for praise from their clients. However CSAT measured across 7 clients remains low at 3.07, which also pushes them in the Challengers category.
​​
Cybersecurity
With 6,000+ experts and worldwide network of 13 cyber defence centers and SOCs, Capgemini is a global leader for the provision of security services. Their end-to-end security offerings include advisory, implementation, MDR and pen testing. They are a leader in IoT and industrial security skills and cloud security. In BeLux they provide MDR and pen testing services for a large number of customers. They had an excellent CSAT of 3.80 across 8 customers and sit within the Strong Contenders category for this square.
Main Sectors
-
Large & Medium enterprises
-
All sectors
​
# Contracts
40+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
✓
Cybersecurity
✓
POSITIVES
-
Very good mix of global and local capability
-
Capabilities across the entire IT stack
-
Flexibility and cultural alignment
NEGATIVES
-
Weakness on Cloud-DC and End User services
Cegeka is a Belgium based international IT services company with revenues of €1.4bn and close to 10,000 employees. CTG’s acquisition extends their European presence into North America. Belgium represented about half of Cegeka’s business (pre-CTG). They offer a wide portfolio of services that spans the entire IT scope. They are only one of three companies (the others being Atos and Capgemini) who are represented on all four squares in our study.
Cegeka’s core value is “in close cooperation”. They strive to differentiate from competition on proximity & cultural fit, something that is well recognized and appreciated by their clients. Cegeka is particularly active in the mid-market and lower end of the upper market. Public/Social and Healthcare are their two biggest areas combined with a strong market share at smaller banks and insurance companies.
With NSI, Cegeka have a strong Francophone connection with 600 people in Luxembourg and a growing presence in Wallonia and France and expected 1900 people by the end of the year. Cegeka’s strong local capability is supported by nearshore in Romania, Moldova, Greece and a small footprint in India through CTG.
Over the last 30 years, Cegeka has grown both organically and through acquisitions. They are now betting on the trinity of 5G, AI and cloud to drive their growth for the next decade. They are a partner for Digital Flanders for both Digital Workplace and Applications services.
Applications & Digital
Cegeka appears as a Strong Contender in our Applications and Digital square with a very impressive CSAT score of 3.81 (up from 3.43 last year), assessed across 16 clients. They offer a wide range of applications and digital services through their different divisions: Applications which is primarily software development on Java and .Net working in a natively agile way; Business Solutions which offers strong capabilities on Microsoft Dynamics and Power Platform; Data Solutions with 400+ people offering data and AI related capabilities; and, Professional Services which offers enhanced staffing. Through its digital platforms such as nexushealth and Smartschool, Cegeka is deeply embedded into the local society.
 
Cloud and Datacenter
Cegeka has a very strong hybrid cloud capability with a service offering covering public cloud, private cloud solutions (they own two datacenters) and edge computing. They have over 2000 employees across 10 countries. The Dexmach acquisition in 2022 gave them very strong capabilities on the Azure platform. Hybrid cloud is a key focus area and they have developed strong assets such as the Horizon observability platform and Kubeport, a cloud agnostic managed container. They appear as a Strong Contender on our Cloud and Datacenter square with a ​CSAT of 3.63 (up from 3.38 last year) across 11 interviewed clients.
End User Services
Cegeka marginally emerges as a Leader in our very first end user services square, the only one to do so. They offer digital workplace, service desk and ITSM services with a primary focus on Microsoft solutions. They also offer reselling solutions. Their digital workplace offering is powered by Nexthink and leverages their nearshore capabilities to offer price competitiveness. They achieved a CSAT of 3.57 across 6 clients. While they have strong capabilities, they do not have the global coverage of the rest of their peers.
​
Cybersecurity
Cegeka’s security offering covers security operations (SOC and NOC), secure networks, I&AM, and security assessments and advisory based on their Comprehensive Security Advisory Framework (CSAF). Their security observability dashboard incorporates AI capabilities and automation enabling rapid threat detection and response across the customer’s IT landscape. The acquisition of SecurIT brought strong I&AM capabilities and they are working to expand their security portfolio and coverage from IT towards also OT. They had a CSAT of 3.86 on the Security square and appear in the Challengers category.
Main Sectors
-
Medium & small enterprises
-
Public-Social, Healthcare
​
# Contracts
40+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
✓
Cybersecurity
✓
POSITIVES
-
Strong local presence and cultural fit
-
Strong hybrid-cloud capabilities
-
Proximity to leadership and local focus
NEGATIVES
-
Limited offshore capability
-
Weakness in Applications Management
-
Gaps in capability in certain domains e.g. SAP, Salesforce
CGI is a Montreal headquartered global IT and business consulting firm with 90,000 people working globally. Its revenue for FY 2024 was €10 bn (growth of 2.7% over the last year) and came at a healthy operating margin of 16%. CGI offers end-to-end services from business and IT consulting, systems integration, managed services (both IT & BPO) and IP-based services (platform-based services). A key differentiator for CGI is its broad industry clientele, it services customers across financial services, government, manufacturing, retail, communication, utilities and health sectors.
​​
CGI’s business is almost equally split into operations, 56% (both IT and business process) and business consulting and systems integration, 44%. They offer advanced analytics, cloud and IT modernisation, cybersecurity and digital transformation services. CGI works with customers through a local relationship model that is complemented by the global delivery network. They operate a higher onsite mix relative to other IT service providers, 60% of customers are in client proximity while 40% are in global delivery centers.
​​
CGI has long-standing and focused practices across all industries sectors. Their industry experts offer a combination of business knowledge and technology expertise that helps them solve client challenges. CGI has also been experimenting with communities of practices (CoP). The aim of CoP is to bring together practitioners from emerging practices and build internal expertise that can support delivery in these emerging areas. One such initiative is the AI CoP, with intent to employee knowledge and capabilities when it comes to AI.
​​
CGI has a large footprint in Europe with more than 44% of revenues generated here. Belgium is part of the Western and Southern Europe region which contributes to almost 22% of overall revenues. In Belgium majority of the work delivered by CGI is systems integration and implementation projects. However, CGI wants to increase its share of managed services work through account expansion initiatives. Utilities (22%), Retail (18%), Financial Services (14%) represent the industry mix of its customers in Belgium.
​​
Applications & Digital
Though CGI has a global scale and presence, they come across as very niche and local. Their client proximity approach suits customers operating in niche areas. Some of the delivery is augmented by nearshore centre in Portugal. Some of the surveyed customers appreciated the delivery capabilities of this nearshore centre. Clients have praised CGI personnel for their deep technical competence and domain knowledge. CGI recorded an impressive 4.0 in this year’s survey, the highest of any provider for Applications and Digital services. They sit within the Challengers section.
Main Sectors
-
EU, Manufacturing,
Telecom, Utilities
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
End User
Services
Cybersecurity
POSITIVES
-
Strong business understanding & consulting capabilities
-
Specialization in agile delivery models with consistent
track record of delivering on-time
-
Very competent local teams providing local relationships and accountability
NEGATIVES
-
Limited presence and impact in Belgium
-
Limited large managed IT services contracts in Belgium
Cognizant is a global IT services and digital transformation company with 340,000 employees across 50 countries and annual revenues of $19.4 bn. Born as the IT development and maintenance arm of Dun and Bradstreet in 1994, it was spun off as an independent company and since then has grown in size to be many times its original parent. While they retain their traditional strength in Financial Services and Healthcare, they have developed Products & Resources and CMT. Cognizant works for 29 of the top 30 pharma companies and 9 of the top 10 European banks.
North America still represents a large portion of their revenues at 74% with Europe at 20%. After 5 consecutive quarters of slight decline, they have returned to growth in the last reported quarter. Voluntary attrition has been controlled and is now in the range of 13-14%.
​
Cognizant is investing $1bn in gen AI initiatives over 3 years. In October 2024 they announced a significant enhancement of its Neuro AI platform that enables companies to rapidly discover, prototype and develop AI use cases. Their AI platform has a multi-agent discovery tool and several LLMs that help find suitable use cases. It has pre-built configurations for finance, healthcare and agribusiness.
​
In Belgium, Cognizant has a strong presence in Banking and Healthcare sectors and a growing presence in Industry. They have strong local leadership in Belgium focusing on account management and delivery, with 500 local associates and a strong global delivery network.
Applications & Digital
Cognizant offers application modernization and application management services for leading enterprise platforms and technology stacks. This is backed by deep industry expertise particularly in financial services and healthcare verticals where Cognizant works for most leading companies in their domain. In BeLux they are particularly strong in data management and analytics with several happy clients. CSAT levels for Applications and Digital services have improved further to a very impressive 3.85 (up from 3.61 last year) measured across 12 clients. They sit as one of the Strong Contenders on our square.
Cloud and Datacenter
While they do not feature on our local square, Cognizant offers cloud and datacenter management capabilities globally. Through their Skygrade platform they offer cloud migration, cloud modernization and multi-cloud management skills. They have good competencies on both Azure and AWS.
Main Sectors
-
Large & Medium enterprises
-
Financial services, Lifesciences
​
# Contracts
15+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
End User
Services
Cybersecurity
POSITIVES
-
Strong domain expertise in financial services and healthcare
-
Strong growth in and focus on the local geography
NEGATIVES
-
Low local footprint outside of Applications
Founded in 1991, the Cronos group has grown to 9000 individuals and €1.1bn in revenues serving 5000+ customers in BeNeLux. The group strategy is to select technologies and actively form independent competence centers. Today they have more than 650 such companies. The group is also an early stage investor and incubator. While the group keeps a low profile some of the brands like Flexso and Cloudar are better known. The combined entity is the largest IT services company in Belgium, a phenomenal achievement.
Cronos is typically active in the small and medium enterprises. Clients work with Cronos for projects and individual excellence of their “knowledgeable and likeable” employees, rather than managed service offerings which still need to mature. We increasingly see larger organizations choosing to add Cronos in their service provider mix. The strength of the independent competence center model also comes with some weaknesses: lack of integrated value propositions across Cronos entities and sometimes competing agendas at the same client.
We interviewed 32 Cronos clients this year and they are present in three of the four squares in our study this year (all except end user services).
Applications and Digital
Cronos offers varied application development and digital transformation capabilities acriss several application domains - ERP, CRM, front-end development, cloud native development, data and analytics, etc. In addition, they offer digital marketing, eCommerce, ITSM and enterprise architecture capabilities. Customer feedback remains very positive with a score of 3.81 (consistent with 3.85 last year). They sit within the Contender's category.
​
Cloud and Datacenter
Through its Uptime cluster, Cronos has a wide spectrum of infrastructure related services that include datacenter, cloud, connectivity, workplace, hardware and software resell and security solutions. They have more than 650 people in this cluster. There is less of managed services but more of projects, advisory and implementation. CSAT was a below median 3.27 across 6 interviewed customers and they sit within the Challengers category.
​
Cybersecurity
Cronos have a strong security practice with over 300 security specialists from 15 purely security competence centres. Cronos cover a wide range of security services classified as Identify (GRC and threat management), Prevent (I&AM, app and data security), Detect (endpoint protection), Respond (SOC/MDR, SOAR, CSIRT) and Recover(ITSCM, DR, Backup & Resilience). Their historical strengths have been strong security project and consulting capabilities. They have 3 SOCs and a SOAR automation platform. CSAT was an excellent 3.89 across 7 interviewed customers and they sit within the Strong Contenders category.
Main Sectors
-
Small and Mid-tier clients
-
Public Sector
​
# Contracts
30+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
Cybersecurity
✓
POSITIVES
-
Good cultural fit: local, easy to work with, deep skills
-
Strong technical competencies and project execution
-
Access to skills in niche and emerging technologies
NEGATIVES
-
Inability to drive an integrated value proposition
-
Weakness in global delivery and managed services
-
Competing agenda of various competence centers
Delaware is a Belgium based international technology services company that is focused on the mid-market segment. They have revenues of $500mn+ globally with exceptional growth in the last few years. They have a presence in 19 countries across Europe, US and Asia. Belgium represents about half of their global business.
Delaware has an employee strength of 5000+ people globally. They have both offshore (China, Malaysia, Philippines, Brazil, India) and nearshore (Brazil, Hungary, Morocco) capabilities. They are very present in the small to mid-tier segment in Belgium with strong representation within manufacturing and utilities. They are appreciated for their agility, cultural fit, and technical expertise. They have also started to build a management consulting practice with competences in Finance, Supply Chain, HR and Digital solutions.
Applications and Digital
Delaware offers broad based IT services around applications - primarily applications development and modernization, cloud transformation, and communication & collaboration. They have chosen to focus on a few selected platforms where they have built deep expertise. These are Microsoft (Dynamics, M365), SAP and Salesforce and OpenText. They have good capabilities on Mendix. Their applications business is primarily project based today, but they start to expand on managed services. They sit within the Strong Contenders category with an average CSAT of around the median 3.72.
Cloud and Datacenter
Delaware offers both on-prem and cloud based services covering advisory, cloud migration and infrastructure operations. They have strong capabilities for both Azure and AWS. While most of their business is project based, they do offer managed services for the small and medium clients in a flexible way. They sit in the Challengers category with an excellent CSAT of 3.8.
​
End User Services
Delaware does not offer a full DWP solution but rather focusses on providing communication and collaboration services based on the Microsoft 365 suite. They have a strong local team and competencies with outstanding client feedback. They provide both implementation services and managed services and clients praise their future vision for the digital workplace. They had a best in class CSAT of 4.13 across six clients and sit within the Challengers category.
Main Sectors
-
Small and Medium enterprises
-
Manufacturing, Utilities
# Contracts
30+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
✓
Cybersecurity
POSITIVES
-
Strong on SAP and Microsoft with deep technical skills
-
Good local presence driving strong relationship at customers
-
Partial FTE model works well for the small to medium sized customers
NEGATIVES
-
Scale and global reach is limited
-
Managed services not at par with competition
Deloitte is a global Tax, Audit, Business Consulting and IT services organization with revenues of $67.2bn in FY2024 (up 3.5%). They have 460,000 people worldwide and work with 90% of the Fortune Global 500 companies. Brand Finance has consistently recognized Deloitte as the strongest and most valuable commercial services brand in the world. Close to half of their workforce is under 30 years of age and also women represent close to half (48%) of the workforce in EMEA.
Deloitte is the largest professional services firm in Belgium. They closed FY’24 at €819mn (up by 4.3%). Consulting represented €275.6mn across technology and management consulting. In addition, they have strong teams in finance and supply chain / network operations.
Deloitte is praised for its business acumen, consulting and transformation mindset, ability to take the customer together on the journey and very positive relations with the business. They are seen as thought leaders and strategic partners who can combine both the business and technology aspects. Deloitte is not a company but a global network of independent firms. Their ability to coordinate across countries sometimes seems challenging for large client projects.
Applications and Digital
Deloitte has strong capabilities in SAP, Salesforce and digital transformation. They are generally quite strong in terms of technology transformation and can blend in their deep business knowledge to drive customer outcomes. Deloitte had a CSAT score of 3.26 (down from 3.36) for Applications and Digital services, across 10 clients.
Cybersecurity
Deloitte does not feature on our Cybersecurity square as they did not meet the minimum threshold of 5 datapoints in our survey. But they do have a strong security advisory practice and the few customers we spoke to were very appreciative. They also offer an MDR solution from nearshore.
Main Sectors
-
Large & Medium enterprises
-
All sectors
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
End User
Services
Cybersecurity
POSITIVES
-
Strong consulting mindset and business understanding
-
Their business model still affords the right attention to Belgium
-
Ability to engage and drive both business and IT stakeholders
NEGATIVES
-
Weaker global delivery model and ability to act as one global company
-
Limited portfolio of IT services
DXC is a global applications, digital transformation and infrastructure/cloud services company with $13.7 bn in revenues (decline of 4.1%) and 125,000 employees across 70 countries. DXC is organized along two major service lines. The first service line is Global Business Services (GBS) which comprises of Consulting & Engineering services which includes its applications business, and Insurance services where they are a leader in providing specialist software and services for the insurance industry. DXC serves 21 of the top 25 insurance companies worldwide. The second service line Global Infrastructure Services (GIS) comprises of hybrid cloud, digital workplace and security services.
While GBS revenue was up by 1.4% on an organic basis, GIS continued its steady decline with a 9.3% reduction, which is symptomatic of the infrastructure services industry. In BeLux GBS already represents 75% of the business.
DXC have close to 1000 people in Belgium and are a key player particularly within the government sector.
Applications and Digital
DXC wants to focus on building modern applications on a secure cloud platform. They are proving that in BeLux with innovative solutions for their customers leveraging the newest technologies. They are a key player within the government sector where they have strong credentials on digital transformation for the citizen. They support their many clients in all areas: front-end, back-end and organizational change management. This year they had a CSAT score of 3.53 (down from 3.89 last year) across 15 clients. They sit within the Strong Contenders category.
Cloud and Datacenter
DXC provides cloud advisory and migration and on-premise and public cloud services with half a million virtual servers under management. They have 38,000+ certified cloud professionals on the leading public cloud platforms. This year they had a CSAT score of 3.15 across 5 clients (down by 0.43), which pushes them into the Challengers category.
Main Sectors
-
Large & Medium enterprises
-
Government
​
# Contracts
20+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
Cybersecurity
POSITIVES
-
Strong digital transformation skills
-
Strong in custom applications development and digital transformation
-
Very strong in the government sector
NEGATIVES
-
Limited presence outside of the public sector
-
Global revenues still shrinking
This year, we welcome Econocom onto our End User services square, for which they have one of the biggest revenues on the local market. Econocom is a French headquartered European IT services company with 8800 people and a presence across 16 countries. Econocom is one of the few companies who offers clients a full spectrum of services starting from choice of solution, deployment of equipment, purchase or leasing services, customization and ongoing management, followed by reconditioning or end-of-life management.
​
After a strong period of growth until 2017, Econocom has plateaued in revenue. As part of their strategic 2028 plan, their ambition is to grow to €4bn with growth in each of the regions and a strong growth in Germany.
Econocom’s main service offerings comprise of Products & Solutions (distribution) which represents 45%, financing (37%) and services (18%). They have built a strong portfolio of services around workplace services (65%), the other being infrastructure and network (15%) and audiovisual and digital signage (7%).
Econocom delivers services for clients in France, Spain, Belgium and Netherlands and offer distribution & financing services in 16 countries. They have strong nearshore delivery capabilities in Morocco from where they deliver workplace services.
End User Services
In Belgium, Econocom has a relatively larger services portfolio (33%) compared to the group. Most of this is end user services where they deliver service desk, workplace and field services backed up by their strong financing and distribution business. They have a strong footprint in the public sector. They are a good choice for companies looking to serve a European footprint, but lack the global presence of their competition. They had a very good client satisfaction score of 3.7. They appear as a Strong Contender.
Main Sectors
-
Public institutions​
-
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
DATACENTER /
CLOUD
End User
Services
✓
Cybersecurity
POSITIVES
-
Full spectrum offering across resell, finance and services
-
Strength and focus on workplace services
NEGATIVES
-
Lack of a global footprint
-
Need to strengthen managed service offering
Fujitsu is a global technology services company that has 124,000 employees. Its last reported IT services revenues are $14.7bn. 64% of their revenues come from Japan, while Europe represents 18%. They are truly global with a presence in over 180 countries. Sustainability is high on their agenda with their global mission statement being - to make the world more sustainable by building trust in society through innovation.
Fujitsu provides hybrid IT and cloud services, digital workplace and service desk, network management and security, and a niche set of application services. With Fujitsu uvance, they want to offer eco-system solutions to meet global sustainability objectives. In industries such as retail and healthcare, Fujitsu offers end to end solutions spanning applications, hardware and devices.
 
In Belgium, they are a key player for Infrastructure and Cloud services. Fujitsu has 650 people in Belgium and another 700 working from global delivery centres for Belgian clients. Almost half of Fujitsu’s business comes from the European institutions and government sector. They are a strong fit for mid-market clients who appreciate their flexibility and culture alignment. Within the industry, while we see them often in the European arm of large Japanese conglomerates.
Applications and Digital
Fujitsu’s application expertise in Belgium is centered around two key capabilities – Blockchain and ServiceNow. They have a global Blockchain CoE in Belgium with several projects for European and global clients. They also have a strong ServiceNow practice with 60 consultants locally. They had a CSAT score of 3.58 (consistent with 3.56 last year).
​
Cloud and Datacenter
Fujitsu provides both on-premise and cloud infrastructure management services by leveraging their local and nearshore / offshore delivery capabilities under their hybrid IT service portfolio. They had an excellent CSAT of 3.82 (up from 3.35 last year) over 10 clients. While they have strong capabilities for Datacenter, at par with the top players, the scale is not the same as the peers putting them into the Challengers category. Also while they have the global capability for cloud services, we do not see sufficient datapoints locally yet.
​
End User Services
Under their Work Life Shift portfolio, Fujitsu provides AI driven digital workplace and service desk activities. They support 3 million+ end users through 8 delivery centers across the world. They had an average CSAT of 3.29 across 6 clients in BeLux and sit within the Strong Contenders category.
Main Sectors
-
Medium & Small enterprises
-
EU, Government, Industry
​
# Contracts
20+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
✓
Cybersecurity
POSITIVES
-
Flexible, client centric approach
-
Strong fit for mid-market clients
-
Ability to offer end to end digital solutions
NEGATIVES
-
Weaker presence outside of European institutions and Japanese companies
-
Low cloud footprint in BeLux
Hexaware is an IT consulting and services firm with $1.3bn in revenues (up 7.7% last year). They have 32,000 employees with offices in 19 countries who serve 370+ customers. Europe represents about 20% of their revenues and grew 18% last year. They have 4 service lines: Digital & Software (build/modernise digital platforms), Transformation (cloud, application modernization and Data/AI), Business Process services, and Digital IT Operations.
​
While they offer services for all major industry sectors – their two most important verticals are Banking & Financial services and Healthcare & Insurance which together form 50% of their revenues. In Belgium, Hexaware is particularly active in the Insurance sector where they work for all the major insurance companies.
​
While Hexaware offers a full service portfolio across applications services, cloud and infrastructure and BPO we find them particularly strong in RPA / automation and testing services. They have developed specific solutions such as PaymatiX – a banking specific DWH offering and Amaze which is their platform for cloud migration and transformation.
​
Applications and Digital
Hexaware offers digital transformation, applications management and development capabilities on different technologies and application platforms. Their enterprise platforms cover SAP, Salesforce, Adobe, ServiceNow amongst others. They had a high CSAT score of 3.83 (down from 3.98 last year).
Main Sectors
-
Insurance
# Contracts
5-10
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
End User
Services
Cybersecurity
POSITIVES
-
High client satisfaction
-
Very strong presence in the Insurance sector
-
Good feedback on RPA and Testing
NEGATIVES
-
Smaller scale compared to the larger providers
-
Need to grow the business outside of Insurance
HCLTech is a global IT services company with revenues of $13.3 bn (up 5.3%) and 227,000 employees across 60 countries. HCLTech expects to grow between 3.5-5% in the current fiscal. They are organized into the following business segments: IT & Business services (74%), Engineering & R&D services (16%), and Products & Platforms (10%). Europe represents 27% of their global business.
 
HCLTech has a wide portfolio of services across applications, cloud/infrastructure, digital workplace and BPO with sizeable business in each of these areas. They are amongst the leaders for provision of engineering services. Platform solutions such as HCL Notes, Domino and Unica provide certain stickiness with their customers. Clients appreciate HCLTech for their knowledge, service delivery, flexibility and willingness to work together with a positive mindset.
​
Application and Digital
While HCLTech does not make it to our applications square locally, they have good competencies across applications management, development, modernization and testing. Applications business constitutes close to half of their global business. They use their AI Force platform to enhance the software development lifecycle and drive efficiencies and outcomes for their customers.
Cloud and Datacenter 
HCLTech offers comprehensive cloud migration, cloud operations and cloud native development capabilities. While they don’t have the market share of the leaders in BeLux, they have a small number of clients who are top names within their industry. They have a public cloud first mindset. They have an agreement with Proximus’ Enterprise Business Unit to focus on the small and mid-tier market for the provision of hybrid cloud services. This year they had a client satisfaction score of 3.43 across 7 contracts (up from 3.13 last year) and sit within the Strong Contenders category.
End User Services
While HCLTech does not make it to our end user services square locally, they are one of the global leaders for end user services. They have 30,000+ people working for 300+ clients, managing more than 10mn devices. HCLTech offers service desk, digital workplace, mobility, collaboration and field support. They are recognized by Gartner as a Leader in this category. They have partnerships with leading software companies and hardware vendors.
Main Sectors
-
Large & Medium enterprises
-
All sectors except Public
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
DATACENTER /
CLOUD
✓
End User
Services
Cybersecurity
POSITIVES
-
Strong cloud transformation capabilities with cloud first mindset
-
Ability to offer all services for a CIO
NEGATIVES
-
Limited local client footprint compared to competition
-
Lack of local workforce and presence on the ground
Inetum is a French headquartered European IT services, software solutions and value-added reseller with revenues of €2.5bn in 2023. They operate primarily in the four countries of France, Spain, Portugal and Belgium. Inetum is owned by the Bain Capital PE group. They are present in 19 countries and have global service centers across Europe, Africa, South America and Asia. They have 28,000 people globally of which about 4000 people at offshore-nearshore locations.
​
Public health and financial services represent over half of Inetum’s business. The others being travel and transportation; energy, chemicals and utilities; industry; retail and CPG; and telco, media and technology.
​
Inetum has grown over the last years fuelled by an ambitious acquisition strategy. It acquired Real Dolmen in 2018 giving it a strong foothold in Belgium. Inetum employs about 1500 people in Belgium spread across its offices in Mechelen, Brain-L’Alleud, Ghent and Leuven.
They are a strong value-added reseller. They extended their partnership with the City of Bruges in 2024 for purchase and software management of Microsoft and other licenses for several Flemish cities, municipalities and OCMWs in a deal worth €295mn.
Applications & Digital
This year marks the debut of Inetum in our Applications and Digital square, where they sit in the Challengers category. They had a below median CSAT of 3.26. Interviewed clients were mostly in the Utilities and public sector. While clients praise Inetum consultants for their skills, we have mostly seen them as a Tier II player next to the primary applications partners. There have been issues with attrition in the last few years with several clients talking about this topic. Clients also talk about a capacity sourcing mindset (vs managed services).
Main Sectors
-
Public sector
-
Utilities
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
End User
Services
Cybersecurity
POSITIVES
-
Strong local presence with 1500 people
-
Good reselling capability
NEGATIVES
-
Not seen as the primary partner
-
Lack of a professional managed service capability
Infosys is a global technology services and digital transformation company with $18.5 bn revenues (FY24). Revenue growth for FY24 is at 4.7% YoY, while the growth in last two quarters have been 3.1% and 3.4% respectively. The company operates at a healthy operating margin of 21%. It is the 2nd largest IT company in India by market cap and employs 317,200 IT professionals. The top 25 clients at Infosys contribute to over 35% of revenue, underlining their focus on managing and growing top customers. A strategy that continues to yield rich dividends – much of their customers in Europe are long standing and big.
Infosys has set its focus on two strategic areas – AI led transformation and cloud transformation. Topaz is a set of AI-first services, solutions and platform that uses Gen-AI technologies to drive business value. With 250k AI aware employees and an assistive AI platform, Infosys is well positioned to support customers in their ongoing AI initiatives.
Revenues from Europe grew 15% YoY, contributing to 27.6% of global revenues. This year saw a renewed focus and vigor in Belux. We consider them to be the ‘mover and shaker of the year 2024’. They renewed their partnerships with Credendo and Telenet with large contracts where they extended their scope. They were selected by Proximus to help them setup the India GCC. They also had wins at new customers within manufacturing and life-sciences.
Applications & Digital
Infosys continues to be a strong player in AM/AD and systems integration. We consider them to be the strongest Indian company for large systems integration programs. Their strength emerges from strong proficiency in agile development, process efficiency and integration of GenAI capabilities into application lifecycle. Customers appreciate Infosys for quality of delivery, account management and client centricity. Infosys had a client satisfaction score of 3.85 (up from 3.3 last year).
​
Cloud & Datacenter
While they do not feature on our Square due to lack of sufficient local credentials, they have a strong capability around cloud and datacenter, which we have witnessed first hand as part of a recent RFP process. This is powered by the Infosys Polycloud platform a hybrid cloud management platform that enables delivery of cloud services across multiple cloud platforms. Customers appreciate Polycloud’s digital command center that can ingest, analyze and correlate cloud data enhancing observability.​
​​
Main Sectors
-
Financial Services
-
Telecom, Manufacturing
​
# Contracts
10
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
End User
Services
Cybersecurity
POSITIVES
-
Long established client relationships in Belgium
-
Deep industry knowledge and capability
-
Strong account and relationship management teams
NEGATIVES
-
Vertical Europe wide P&L structure leads to lack of a country focus
Kyndryl is the world’s largest provider of infrastructure services. With 4400+ customers including 75% of the Fortune 100, Kyndryl continues to be the preferred partner for mission-critical managed infrastructure and transformation projects. Kyndryl manages approximately 6.2 million MIPS (Million Instructions Per Second), representing over 50% of the managed mainframe market.
.
Kyndryl ended 2024 with revenues of $16bn (down from $17bn in 2023). Revenue continued to decline by 6% year on year. Some of it is attributable to voluntary actions undertaken to reduce unprofitable engagements. As a result, EBITA has improved 20% compared to the previous year. Kyndryl continues to focus on its three A strategy – Alliances (with hyperscaler to drive cloud revenues), Advanced Delivery (strengthened automation via Kyndryl Bridge) and Accounts (focus on key accounts and improving profitability).
Kyndryl’s core offerings are cloud (34% of revenue) and core enterprise and z-cloud (31%). Other services include Security & Resiliency (14%), Application, Data & AI (6%), Network & Edge (8%) and Digital Workplace (7%). Kyndryl acquired Skytap this year further augmenting its strength in migrating traditional systems to public cloud.
 
In Belgium they are one of the largest IT services companies. They support large customers in running mainframe, multi-cloud environments and end user support. The onsite teams provide local anchorage and while core delivery is from India or Poland delivery centers.
​
Cloud & Datacenter
Kyndryl builds and provides managed services for customers’ multi-cloud environments. Kyndryl has 41,000 certified cloud consultants to deliver critical managed service operations and transformation projects onto cloud. They have a best in class service delivery and governance framework underpinned by Kyndryl Bridge’s AIOps that is built on open architecture and seamlessly integrate all hyperscalers. They have long standing customer relationships and are one of the most mature in Cloud operations. They had a highest CSAT for this square at of 3.86 (maintaining similar score to last year) and remain the sole leader on this square by a large margin.
​
Cybersecurity
While they do not feature on our Cybersecurity square this year due to lack of sufficient datapoints, they have a very mature global capability. They have 7500 security consultants globally and a comprehensive security portfolio across Assurance (advisory, GRC, threat hunting), MDR, MFA and network security and incident recovery services. We have assessed their security offering during a recent proposal and found them to be very solid.
Main Sectors
-
Financial Services including banks and insurance companies
-
Manufacturing, Retail, Government / EU
​
# Contracts
10+
APPLICATIONS
MANAGEMENT
DATACENTER /
CLOUD
✓
End User
Services
Cybersecurity
POSITIVES
-
Leader in complex infrastructure / mainframe services
-
Strong hybrid cloud capability with own datacenters with shared solutions
-
Long standing customer relationships across industry segments
NEGATIVES
-
Several scope dependencies on IBM in certain areas (particularly linked to consulting and applications)
NRB is a Belgium based IT services company with revenues of €577mn in 2023 and having over 3500 employees. NRB offers full range of IT services right from application development and management, infrastructure and cloud services and security. NRB offers development services across both custom software and ERPs such as SAP. They have a nearshore center Athens, specializing in mobile and web development. Part of the larger NRB group, their sister company Prodata is a specialist in providing security solutions.
NRB primarily services the Belgian market, with strong focus on public sector and European institutions. Their strength in delivering proximity and regulatory compliant services make them a good partner for public sector institutions. International customers are serviced through its subsidiary Trasys International. Going forward NRB wants to not only strengthen its presence in Belgium, but extend its market presence internationally.
​
NRB appears on 3 out of our 4 squares with generally very positive feedback. Clients appreciate the local approach and character of NRB. Their understanding of the local regulatory requirements and strong local workforce make them very well suited to the public sector and European institutions.
Applications & Digital
NRB offers end-to-end applications services from development to maintenance. They have strong capabilities in cloud native development (Java, .net, Python), data, mainframe modernization, SAP and Salesforce. NRB achieved a customer satisfaction score of 3.38 out of 5. This is the largest of their different capabilities. They are a leading partner for the SPW serving the Walloon public institutions.
​
Cloud and Datacenter
NRB has strong hybrid cloud capability with the NRB enterprise cloud services (NECS) which integrates both private and public cloud solutions from across hyperscalers such as AWS, Azure and GCP. Additionally, they have a best in class mainframe and AS/400 capability and are one of the few companies still investing heavily into developing these capabilities. NRB operates two Tier III+ high availability datacenters in Belgium and are a suitable partner for the large banks, payroll organizations or any other organization requiring huge computing power situated locally. NRB had an excellent CSAT of 3.83 for Cloud and Datacenter services.
​
End User Services
NRB offers both digital workplace and service desk capabilities to local clients. They offer 24x7 support in English, French and Dutch out of two locations in Belgium. The services are integrated within their security framework built on IBM QRadar, Splunk and the Microsoft Defender suite. While this is a very suitable offering for locally situated customers, they are limited in their ability to provide global coverage. They had an excellent CSAT of 3.80.
​
Main Sectors
-
Medium & Small enterprises
-
Public-Social, Healthcare
# Contracts
40+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
✓
Cybersecurity
POSITIVES
-
Strong local presence and proximity services
-
Ability to deliver to stringent regulatory and cybersecurity standards
-
Offers end-to-end services from cloud, applications and security
NEGATIVES
-
International footprint remains limited
-
No offshore capability
-
Limited presence outside of the french speaking sector
NTT Data is a Japan-based global IT service provider with revenues of $30bn. For the last 3 years the company has grown at a CAGR of 30% maintaining a health operating margin of 10%. Last year saw the integration of NTT Ltd with NTT Data, NTT Ltd mainly focused on cloud-infrastructure and network services whilst NTT Data focussed on systems integration capabilities. With combined capabilities of two entities NTT Data becomes a full-stack IT provider uniquely positioned to serve clients across system integration, managed services, and AI. The company has 194,000 employees across 50 countries.
​
NTT is also deeply invested in developing GenAI capabilities. Recently it has launched commercial service for its LLM model “Tsuzami”, the service is now available in Microsoft Azure. Users will be able to use “Tsuzami” to tune and develop business applications through Azure AI studio. The service is available in Japan and will be rolled out to globally at a later stage.
​
NTT works with a vast majority of Fortune 500 clients with manufacturing and financial services being the two largest verticals. They are one of the largest service companies in Belgium by revenue with a very impressive client portfolio across manufacturing, financial services, utilities, telecom and the European institutions. They are market leaders in some niche areas such as Network and Telephony.
​
Cloud & Infrastructure
NTT is the 3rd largest data center provider in the word and operates 120 data centers globally. With the increased proliferation of AI, and demand for sovereign clouds NTT anticipates higher demand for data center operations. NTT is investing over $10 billion in new energy efficient datacenters. The asset-heavy strategy of NTT is contrary to the asset-light strategy adapted by most IT service providers. NTT also has partnerships with leading hyperscalers and offers clients AI-powered cloud services including multi-cloud management, industry cloud solutions and cloud transformation services. In Belgium, NTT works with several companies architecting, transforming and managing their cloud platforms. They had a low client satisfaction score at 3.04, which pushes them into the Challengers category.
Cybersecurity
NTT Data has a mature cybersecurity offering with 49 SOCs and 7500 professionals. In Belux NTT Data has over 160+ security professionals supporting local customers. They offer a full range of security services including managed security services, SOC and Managed Detection and Response (MDR). They also have partnerships with major security software providers such as Zscaler, Microsoft, SecurityBridge and Qualys. NTT had a client satisfaction score of 3.45 in this year’s survey.
Main Sectors
-
Manufacturing, Financial Services, European Institutions
​
# Contracts
15-20
APPLICATIONS
MANAGEMENT
DATACENTER /
CLOUD
✓
End User
Services
Cybersecurity
✓
POSITIVES
-
Outstanding capability on Network and Telephony
-
Very strong relationships with leading hardware and software providers
NEGATIVES
-
Low CSAT for core datacenter and cloud offering
-
Lower market visibility and perception (compared to capabilities)
-
Inconsistent feedback on managed services offering
nviso is a pure play cyber security company based in Belgium. Founded in 2013 it has over 300 cyber security experts. The company has experienced double digit growth over the last few years. They have now expanded beyond Belgium to Germany and Austria. In 2022 a delivery center was setup in Greece from where 24/7 security operations are delivered. nviso features on our brand new security square as a Strong Contender.
​
nviso offers full range of security services including Managed Detection and Response (MDR), offensive security, advisory and GRC, cloud & application security. They also offer digital forensics and in​cident response. They have partnerships with all leading security software providers such as Microsoft and Palo Alto. It is a top-tier partner for Microsoft security solutions. Across Europe they have over 70+ customers which include most of the large financial services customers in Belgium.
​
nviso continues to invest and strengthen its security offerings. Nitro their security automation platform is deployed at many customer sites. The platform offers 200 automation and playbooks, it integrates seamlessly to various security stacks including Microsoft Sentinel. It enables 24/7 MDR services and real-time threat detection and response.
​​
nviso customers are happy with their service and they get an excellent CSAT of 4.18. They complement nviso's ability to leveraging automation and aggregate feeds thereby improving security intelligence. Customers called out penetration testing as a key area of strength. They like the fact that nviso is transparent on outcomes that can be achieved and generally deliver to their commitments. The advisory and GRC is another area of strength. Clients praise the focus on security and the high skill of their employees. Managed security operations however seems an area where they lag behind some of their larger competition.
Main Sectors
-
Financial Services
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
DATACENTER /
CLOUD
End User
Services
Cybersecurity
✓
POSITIVES
-
High client satisfaction
-
Very good on projects and point security services
-
Focus on security and specialization
NEGATIVES
-
Scalability can be a challenge as more customers are onboarded
-
MDR services not at par with leading competition
Orange Cyberdefense (OCD) is the cybersecurity division of the Orange Group. They have 3000+ skilled professionals who support businesses in identifying, detecting, and responding to cyber threats. OCD offers services like proactive threat prevention, detailed vulnerability assessments, and comprehensive solutions for protection to networks, applications, and data.
​
Through 18 SOCs operating from multiple locations to serve the customers across the globe, Orange Cyberdefense specializes in MDR (managed detection and response), incident response and digital forensics, OT security, threat intelligence, and managed security services. As one of the key Cybersecurity provider in Europe, they also operate advanced facilities like the Cyber Experience Center in Antwerp aimed at educating C-Suite on critical cybersecurity investments, and they are one of the few providers that run an onshore Security Operations Center (SOC) in Belgium. Their R&D team of 250+ researchers and analysts uses AI for dark web surveillance and threat intelligence. With 12 CERTs running 24x7, providing forensics and recovery along with updates to C-Suite during a major cyber-attack and 4 scrubbing centers to mitigate DDoS attacks, Orange Cyberdefense stands out in the league of Cybersecurity providers.
​
Orange Cyberdefense utilizes their key partnership with Microsoft and uses advanced technologies like SASE 2.0 and Zero Trust architectures to ensure immediate protection and resilience against future challenges. Their innovative security strategies and wide-ranging services make them a reliable partner in protecting digital assets and maintaining business continuity.
Given their strong capabilities and market share, they emerge as a Leader in our Security square with a CSAT of 3.63.
Main Sectors
-
Financial Services
-
Healthcare
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
DATACENTER /
CLOUD
End User
Services
Cybersecurity
✓
POSITIVES
-
Very strong capabilities in threat intelligence
-
Offers comprehensive range of security services
NEGATIVES
-
OCD organization units are siloed and difficult to navigate
-
Still perceived as a telecom driven security company
PwC is one of the world’s leading professional services companies delivering Audit & Assurance, Advisory services, and Tax & Legal services. They service 86% of the Global Fortune 500 companies and had revenues of $55.4bn last year (up by 3.7%). PwC has over 370,000 people across 149 countries (of which 120,000 in advisory).
Advisory services represent about $22.7bn globally. This includes both business advisory (majority) and technology advisory. In terms of Technology capabilities, PwC offers technology strategy, business application services, cloud, data & analytics cybersecurity, and services on new technologies like AI.
PwC Belgium has a large local presence with 2270 employees and 427mn of annual revenues across all services. They are well integrated into the local community with several pro-bono and social initiatives.
PwC has invested $2bn into expanding and scaling up its AI capabilities. In 2024 they introduced ChatPwC on a global basis offering a secure and private domain access to all their employees.
Applications & Digital
PwC’s strength lies in their ability to combine a deep understanding of business challenges with the latest technical know-how. They are very strong at designing and implementing digital solutions to business problems. They have strong capabilities in Salesforce and Workday. They continue to have very high scores in the Applications and Digital square with a CSAT of 3.8 (down from 4.1 last year).
Main Sectors
-
Very well represented
across all sectors -
Government
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
End User
Services
Cybersecurity
POSITIVES
-
Combine deep business understanding and technology
-
Strong local presence and integration with society
NEGATIVES
-
Smaller scale compared to the larger competition
-
Lack of operations footprint at BeLux clients
Stefanini is global technology company with roots in Brazil. It has over 38,000 people and presence in over 40+ countries worldwide. It’s revenue in 2023 was $1.3bn and expected to grow to $1.7bn in 2024. They offer service desk, workplace and infrastructure services, application and digital services and cybersecurity services with particular strength in end user services that represent close to half the business. While 20,000 of their people are in South America, they have 3500+ employees in Europe.
Brussels is the European HQ of Stefanini and they have delivery centers in Romania, Moldova and Poland. Locally they have 150 consultants in Belgium, who together with the nearshore centers support clients in all European languages. Stefanini is growing at a rapid pace in Belgium where they work with large clients with a European or global footprint. They are particularly strong in the Manufacturing sector.
​
Stefanini has established a Gen AI center of excellence and has been successfully applying AI solutions in its client engagements. By integrating AI across all its operations, it has elevated the value delivered to customers. Stefanini AI platform - SAI has built-in capabilities in NLP, machine learning and intelligent automation. SAI is deployable across all 7 core areas of Stefanini including applications, cybersecurity, digital workplace and marketing.
End User Services
Stefanini has demonstrated strong capabilities in End User Services. Innovative tech solutions such as SophieX (Gen AI assistant) and Chameleon (self-adaptive portal) have helped improve productivity and employee engagement at customers. SophieX performs real-time translations in 40 languages and offers human like interactions. With a customer focused workforce, strong process and intelligent tools, Stefanini is a top pick for end user services and we consistently include them in all end user RFPs. They have a best in class CSAT of 4.35. Customers appreciate Stefanini for their customer focus, service delivery, and cultural fit. They sit high in the Strong Contenders section.
Main Sectors
-
Manufacturing
​
# Contracts
5-10
APPLICATIONS
MANAGEMENT
DATACENTER /
CLOUD
End User
Services
✓
Cybersecurity
POSITIVES
-
Consistently top-notch client feedback
-
Client focus and flexibility
-
Strong governance and open communication
NEGATIVES
-
Credentials limited to Digital Workplace and Service Desk
-
Brand visibility needs improvement in Europe
Sopra Steria is a French headquartered European technology services company with the ambition ‘to become a compelling alternative to global providers for major European clients’. They reported revenues of €5.8bn in FY’23 (growth of 6.6%) with close to 56,000 people. France (48%) and UK (18%) are the two largest geographies, with rest of Europe being about 32%. With the recent acquisitions of Tobania and Ordina, Sopra Steria has a developed a formidable presence in the BeNeLux with 4000 employees and €700mn in revenues (close to half in BeLux).
With the sale of Sopra banking software to Axway, the group now focusses predominantly on digital transformation and systems integration services. At a group level, they have a strong focus on the public sector, defence, aeronautics and financial services which together represent 70% of the business. The acquisition of Ordina and Tobania gives them a footprint also within the industry in BeNeLux. Jo Maes, the BeNeLux lead is part of the global Executive Committee.
Applications & Digital
This year marks the debut of Sopra Steria in our Applications and Digital square. We interviewed clients mainly within the financial services industry and public sector. The clients are in general quite satisfied, with a very close to the median CSAT of 3.74. Sopra Steria is praised for the very strong domain skills within financial services, and a strong local presence and connect. Lack of a strong offshore capability and therefore higher cost is also frequently mentioned.
Main Sectors
-
Financial Services
-
Public sector and European Institutions
-
Industry
# Contracts
5-10
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
End User
Services
Cybersecurity
POSITIVES
-
Strong domain skills in Banking
-
Tier II player to complement global providers
NEGATIVES
-
Price competitiveness of onshore profiles
-
Lack of a strong offshore / global capability
Part of the Tata group, India's largest multinational business corporation, TCS is also the largest and most impactful of the Indian IT services companies. TCS has over 610,000 consultants across 55 countries. TCS had FY’24 revenues of $29 bn and an industry leading operating margin of 24.6%. They are also the most visible of the Indian IT services companies both globally and locally. Continental Europe represents 15% of their revenues.
TCS has a long history in Belgium with a presence dating back to almost 30 years. They have close to 5000 people working for 35+ very satisfied Belgian customers. They have a presence in 3 out of the 4 squares on our study (all except Security).
TCS is praised by clients for their very strong delivery capabilities, their reliability and partner mindset that puts the client first. They are well diversified in Belgium with a strong presence across financial services, manufacturing, retail, CPG, transportation and logistics and telecom.
Applications and Digital
TCS continues to remain a Leader within our Applications and Digital square, with a client satisfaction score of 3.48 (down from 3.62) across 20 clients. They have a broad based presence on the Belgian market with market leading AMS capabilities and a strongly improved systems integration performance. TCS offers what is probably the broadest technology footprint on the market. The CSAT scores, though still healthy, are quite a decline compared to a few years ago as they are under pressure at some key customers.
​
Cloud and Datacenter
TCS offers a comprehensive infrastructure services portfolio across both cloud and on-premise. They have strong skills on all public cloud platforms, strong tooling/ automation and a good offshore capability to make it price competitive. They had an excellent CSAT of 3.83 across 6 clients and sit within the Strong Contenders category.
End User Services
TCS provides digital workplace, global field services and multi-lingual service desks for global clients through their network of global delivery centers and strong tooling and automation. They have received top CSAT scores of 3.89 across 6 clients in BeLux and sit within the Strong Contenders category.
Main Sectors
-
Large & Medium enterprises
-
All sectors
​
# Contracts
30+
APPLICATIONS
MANAGEMENT
✓
DATACENTER /
CLOUD
✓
End User
Services
✓
Cybersecurity
POSITIVES
-
Client focused and reliable partner
-
Proactive in driving continuous service improvements and automation
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Vast coverage of technologies and skills
NEGATIVES
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Lack of consulting / transformation culture
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​Weakness at some long term clients