LTIMindtree shares rise after sealing largest deal yet with Paramount Global, worth at least $585 million

The deal, from New York-based Paramount Global, comes as part of a vendor consolidation exercise, according to three people with knowledge of the matter. “At least three-fifths of this deal is new business for the company that it got as part of vendor consolidation," said one of the sources, translating to around $350 million in incremental revenue for LTIMindtree.

The win comes less than six months after the company announced its previous biggest contract with Chicago-based agri major Archer Daniels Midland (ADM). LTIMindtree did not disclose the name, value, or duration of the deal but said in a Monday press release that “this partnership builds on a long-standing relationship and represents LTIMindtree’s largest strategic deal to date."

According to another source, the contract arises amid a vendor consolidation move by Paramount, operator of channels such as MTV and Nickelodeon, which has reduced the number of IT service providers it works with.

The company won the deal from a larger peer, with the source noting that “Tata Consultancy Services Ltd was one of the incumbents for Paramount."

Under the contract, the company will modernise Paramount’s IT infrastructure and incorporate automation to enhance efficiency.

This marks the third instance in recent months where India’s largest IT outsourcer has lost business to a smaller rival. TCS earlier lost deals from Phoenix Group to Wipro and Zurich Insurance Group to DXC Technology.

CEO’s first major win

For Venu Lambu, who took charge as chief executive in June, the Paramount contract is a major early success. It surpasses LTIMindtree’s previous record deal—a seven-year, $450-million contract with ADM announced five months ago.

“Venu Lambu is on a roll. First ADM, now a record-breaking deal in media. This isn’t luck—it's leadership that blends courage, clarity, and client trust," said Phil Fersht, chief executive of HFS Research. “Venu has shown how to turn ambition into execution and reshape what winning looks like for services firms in the AI era."

“We are proud to deepen our collaboration with a world-class media and entertainment organisation to create a more agile operating framework for sustained growth," said Venu Lambu, CEO and MD of LTIMindtree, in a press release filed to the stock exchanges on Monday.

The company ended last year with $4.49 billion in revenue, up 4.8% on a yearly basis. Almost a fourth of this revenue came from media, tech and telecom companies. To be sure, the company does not individually call out revenue from media companies but clubs it under the “Technology, Media & Communications" vertical.

Almost three-fourths of the Mumbai-based firm’s business comes from North America, helping it maintain growth despite slower performance in other regions, including Europe.

Paramount, nearly seven times LTIMindtree’s size, closed last year with $29.2 billion in revenue, down 1.48% year-on-year. More than three-fifths of its revenue came from its TV channels.

Policy headwinds

The deal comes even as Indian IT firms face heightened US scrutiny. On 19 September, US President Donald Trump issued an executive order, restriction on entry of certain non-immigrant workers, introducing a $100,000 fee on new H-1B visa petitions. The move aims to curb alleged misuse of the visa programme that allows foreigners to take up specialized roles in the US.

Separately, on 5 September, Ohio senator Bernie Moreno proposed the Halting International Relocation of Employees (HIRE) Act, which would impose a 25% tax on payments made to foreign entities for services rendered to US clients from 31 December 2025.

For LTIMindtree, the Paramount win marks the third major deal by a mid-tier Indian IT player this year. In March, Coforge Ltd clinched a 13-year, $1.56-billion contract from Sabre Corp, a Texas-based travel tech company, to handle software delivery and AI-led operations.

Emails sent to LTIMindtree, Paramount Global, and TCS went unanswered.