Hexaware targets $900 billion SaaS market with AI software

Hexaware Technologies is targeting a share of the $900 billion global SaaS market by using AI to build custom software that can replace licensed enterprise applications. CEO R. Srikrishna said the company can develop such software in weeks or months, making it cheaper than traditional SaaS subscriptions. He cited an example where a $10 million annual SaaS spend could be replaced with a one-time $2 million custom build, though he noted that specific category is not an immediate target.

More than half of Hexaware's revenue is already AI-infused, Srikrishna disclosed for the first time. The company is launching Zerovity, an AI delivery layer with six 'zero' pillars including Zero License, Zero Vulnerability, and Zero Defects. Srikrishna said the combined addressable opportunity across the six pillars is roughly $200 billion, though he stressed Hexaware does not view the entire underlying markets as addressable.

Srikrishna acknowledged that some pillars like Zero Tickets and Zero Defects are 'deflationary' for core IT services revenue. He said the company is asking sales teams to proactively offer lower-cost delivery as AI makes services more efficient, and aims to offset pressure by expanding into new work areas. Hexaware's management team must now complete 20 hours of AI training, and sales employees who fail risk losing their bonus or termination.