技术支出推动金融服务创新

Technology, Media, and Communications | IT Services Maggie Nolan, CPA+1 312 364 5090mnolan@williamblair.com Matt Dezort, CFA+1 312 364 8847mdezort@williamblair.comEllie Dyke+1 312 364 8936edyke@williamblair.com We're on IT Volume 16: Entering 2026 With Cautious Momentum; AI Pricing Takes Hold,Stabilizing Demand, Strategic M&A traction in the news, at industry events, and during our discussions with companies, experts,and investors. In this volume, we discuss: •AI Adoption Among Our Coverage:We talk pricing and look at AI adoption acrossmultiple variables in our IT services group. for early signals on IT services spending in 2026.•Other Thoughts Ahead of Fourth-Quarter Earnings:What matters going into the quarter with highlights by company. Accenture; and our recent initiation on Unisys. Our coverage list, broadly labeled “IT services,” comprises traditional IT services companies,custom software development companies, business process outsourcing, customer experienceservices, value-added resellers and solution providers, and distributors. Our coveredcompanies are Accenture, ASGN, CDW, Cognizant, CSG, Endava, EPAM, ePlus, ExlService,Genpact, Globant, Grid Dynamics, Infosys, Ingram Micro, Magic Software, TaskUs, TTEC, and Please refer to important disclosures on pages 25 – 26. Analyst certification is on page 25.William Blair or an affiliate does and seeks to do business with companies covered in its research reports. As aresult, investors should be aware that the firm may have a conflict of interest that could affect the objectivity ofthis report. This report is not intended to provide personal investment advice. The opinions and recommendations AI Adoption Among Our Coverage AI adoption and ways to gauge its impact on solutions and services providers is a key focus point for IT services investors. Inits most recentThe State of Enterprise AIreport, OpenAI disclosed that enterprise adoption of GenAI is still early but rapidlyaccelerating. The report found that ChatGPT enterprise seats grew 9x year-over-year in 2025 and weekly usage grew 8x.OpenAI also highlights the dramatic productivity improvements enterprises have experienced thus far with adoption of AI,and we believe that these early productivity proof points are the catalysts that will ultimately pull AI spend from pilots into Of particular interest to investors is the question of pricing with the increased use of AI in delivery of services and AIembedded in products. In June 2025, Grid Dynamics and Globant each announced agentic AI frameworks that combine AI andhuman expertise, disrupting the IT services industry with performance-based pricing and“services as software.”GridDynamics’GAIN Development Framework is a lean, AI-native model offered to large and complexFortune1000 enterprises toincrease the agility, quality, and speed of solutions. Its key features include prompt-driven incremental output, AIbenchmarked code quality, and a centralized client portal with credit-based pricing based on value instead of effort. CEOLeonard Livschitz suspects that moreFortune1000 companies will seek its expertise, given GAIN’s projected result of a 30%uptick in productivity, Grid Dynamics’strategic focus on agentic and autonomous systems, and GAIN’s role in scalinginnovation. Similarly, Globant’sAI Pods subscription pricing model replaces effort-based billing with a tokenized, outcome-driven model. Powered by agentic AI and supervised by Globant’sinternal experts to ensure quality, the model enables In the exhibit on the following pages, we highlight what each of our covered companies has messaged regarding AI adoptionover the last year and what they expect to happen over the coming year. Read-Throughs From Accenture’sand Infosys’s Results Below, we highlight potential read-throughs from Accenture’s strong fiscal first quarter for the rest of our coverage and the ITservices sector at large. Accenture’s fiscal first quarter highlighted a stable but moderated demand environment for IT services heading into 2026. Thecompany delivered 5% revenue growth in local currency, at the top end of its guided range, and new bookings increased 12% DOGE Fears Overdone.The U.S. federal government’s DOGE initiative was a headwind for Accenture exiting fiscal 2025and is expected to drag on 2026, but results in the first quarter were better than feared and management moderatelydecreased the expected annual revenue headwind from federal services (1% headwind expected vs. 1.0%-1.5% prior). Macro Largely Unchanged.Accenture pointed to a macro environment that is largely unchanged heading into 2026,where IT spending is not expected to contract. Although issues like tariffs are more in the rearview mirror now than inearly 2025, discretionary project spending remains muted, with AI the largest clear catalyst on the horizon. Further rate Industry Vertical Trends.Accenture’s print indicates that banks, insurers, and capital markets firms are on the verge ofpicking up th