Enterprises have long recognized application modernization as essential to achieving agility, resilience, and innovation. Yet despite significant investments in cloud, DevOps, and containerization, outdated execution models, siloed governance, and manual processes derail modernization efforts, failing to keep pace with dynamic business needs. Traditional modernization approaches treat transformation as a one-time initiative, rather than a continuous capability, resulting in costly delays, limited scalability, and persistent technical debt. The report introduces Systems of Execution (SoE) as a transformative paradigm to application modernization, embedding perception, reasoning, execution, and learning into a self-optimizing, autonomous modernization execution mechanism. SoE-enabled modernization facilitates real-time decision-making and execution through intelligent agents powered by telemetry, AI, and policy-as-code. By shifting from static modernization programs to intelligent systems of execution, enterprises can reduce risk, accelerate outcomes, and continuously align IT with evolving business priorities. This Viewpoint provides a detailed roadmap to implement SoE-enabled modernization for enterprises, covering foundational system architecture, phased adoption strategy, and real-world examples from early enterprise adopters. It also outlines key strategic imperatives for both enterprises and providers and serves as a strategic guide to operationalizing SoE-enabled modernization at scale to close the long-standing execution gap prevalent in current application modernization strategies. Scope All industries and geographies Contents In this report, we examine The execution gap in traditional modernization approaches SoE’s role in transforming application modernization execution A phased implementation roadmap for enterprises adopting SoE-enabled modernization The core components of an SoE-enabled modernization architecture Real-world examples of agentic adoption Strategic imperatives for enterprises and providers

As enterprises build and modernize cloud and on-premise applications, growing architectural complexities and limited IT landscape visibility are driving a greater focus on Application Management Services (AMS) to ensure smoother modern application operations. Enterprises want to reduce their AMS costs and improve productivity by adopting next-generation technologies such as generative AI and hyperautomation. They are increasingly bundling their run scope with services such as application modernization and infrastructure management to derive more value from their investments. To address these evolving enterprise priorities, providers are expanding their capabilities, strategically partnering with technology providers, and developing proprietary IP to offer differentiated services. Additionally, they are expanding delivery centers and investing in specialized talent to deliver tailored, high-impact solutions that align with enterprises’ unique needs. In this compendium, we provide detailed and fact-based snapshots of 31 global AMS providers featured on Application Management Services (AMS) – Provider Compendium 2025. Each profile offers a comprehensive picture of the provider’s operational overview, delivery presence, solutions and investments, and case studies. Scope All industries and geographies Service: AMS Contents In this report, we provide 31 global AMS providers’ detailed and fact-based snapshots and include: Each provider’s overview and revenue range Adoption by buyer size, industry, and geography Key investments and case studies Proprietary solutions and partnerships Membership(s) Application Services Sourcing and Vendor Management

As enterprises build and modernize cloud and on-premise applications, growing architectural complexities and limited visibility into IT landscapes are driving a greater focus on Application Management Services (AMS) to ensure smoother operations of modern applications. Enterprises are looking to reduce their AMS costs and improve productivity by adopting next-generation technologies such as generative AI. They are increasingly bundling their run scope with other services such as application modernization and infrastructure management to derive more value from their investments. To address these evolving enterprise priorities, providers are expanding their capabilities, forming strategic alliances with technology providers, and developing proprietary IP to offer differentiated services. Additionally, they are expanding delivery centers and investing in specialized talent to deliver tailored, high-impact solutions that align with enterprises’ unique needs. In this report, we assess 30 providers featured on the Application Management Services PEAK Matrix® Assessment 2025 and categorize them as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other. Scope All industries and geographies Service: AMS Contents This report features detailed assessments, including strengths and limitations, of 30 providers delivering AMS to mid-market enterprises. Membership(s) Application Services Sourcing and Vendor Management

Current macroeconomic uncertainty and intense competition are compelling enterprises to become more agile to stay ahead of the curve. Most organizations are pursuing transformation initiatives to build efficient and scalable IT ecosystems. To support these efforts, enterprises seek solutions that enhance productivity and enable faster time-to-market. As a result, they are turning to technology providers to lead the transformation, utilizing next-generation technologies such as generative AI and hyperautomation to boost productivity and strengthen business resilience. In response to this growing demand, numerous technology providers have entered the market. However, with many overlapping solutions, each offering its own set of features and integrations, it becomes challenging for enterprises to select the right tool. The ProdTech Trailblazer report evaluates technology providers driving productivity efficiency in IT services. This report assesses 15 providers, with an in-depth analysis of five providers each in application modernization, API management, and SaaS management platforms. These providers offer solutions that address various use cases in building a robust IT landscape, positioning them as ProdTech Trailblazers for 2024. Scope All industries and geographies This report is based on Everest Group’s interactions with leading technology providers in application modernization, API management, and SaaS management Contents In this report, we: Evaluate 15 technology providers, including five key providers each in application modernization, API management, and SaaS management platforms Provide an overview of each provider's capabilities and relevant use cases Provide featured technology providers’ detailed profiles, including Everest Group’s point of view Membership(s) Application Services Cloud and Infrastructure Services Cybersecurity Digital Workplace Sourcing and Vendor Management

Mid-market enterprises are increasingly outsourcing Application Management Services (AMS) due to macroeconomic uncertainty, accelerated competition, and growing IT complexities. They are turning to third-party providers to minimize the cost of maintaining application landscapes and increase productivity and business resilience through next-generation technologies such as generative AI and hyperautomation. Recognizing these specific needs, providers are tailoring their strategies to offer personalized support and advanced solutions, capitalizing on the growing mid-market demand. Providers are investing in strengthening their delivery footprint and expanding their portfolios with integrated offerings and differentiated IPs. In this report, we assess 14 providers featured on the Application Management Services for Mid-market PEAK Matrix® Assessment 2024 and categorize them as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other. Scope All industries and geographies Service: AMS Contents This report features detailed assessments, including strengths and limitations, of 14 providers focusing on delivering AMS to mid-market enterprises. Membership(s) Application Services Sourcing and Vendor Management

The significance of application transformation has increased for enterprises due to customers’ evolving needs and businesses striving to achieve greater efficiency. Enterprises are embracing transformation efforts to leverage emerging technologies and migrate from legacy systems. Amid ongoing macroeconomic uncertainties, European enterprises prioritize application transformation initiatives to unlock business value across their transformation journeys. In response, providers are refining their offerings through strategic partnerships with technology and platform providers and developing Intellectual Property (IP) to maximize RoI and gain enterprise confidence. Additionally, they are strengthening their European delivery centers to improve local service delivery and ensure better proximity to customers. This compendium provides accurate, comprehensive, and fact-based snapshots of 26 application transformation services providers’ capabilities and offerings in the European market. Each profile presents a detailed overview of the provider’s vision and strategy, scope of services offered, key IPs/solutions, partnerships, and case studies. The research will enable buyers to select the best-fit provider for their needs and empower providers to benchmark themselves against their competition. Scope All industries Geography: Europe This report is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading application transformation services providers, client reference checks, and an ongoing analysis of the application transformation services market Contents In this report, we examine: An overview of the application transformation services business, including its vision and strategy, revenue, and revenue composition across geographies, industry segments, value chain functions, and buyer sizes Providers’ case studies and proprietary solutions Top five providers for SAP mid-market enterprises Partnerships and investments in the application transformation services domain Membership(s) Application Services Sourcing and Vendor Management

Application transformation has become vital for enterprises due to dynamic customer expectations and the rising demand for better productivity and efficiency. As a result, enterprises are adopting innovative technologies to achieve tangible benefits, particularly amid economic uncertainties. Additionally, the C-suite is more involved in implementing transformation initiatives and prioritizes consistent value realization, prompting enterprises to seek better transformation strategies. Given these expectations, continuous transformation is the way forward for enterprises to minimize technology debt while driving higher efficiency, productivity, cost savings, and other benefits. This approach also enables enterprises to achieve sustainability, compliance, and regulatory adherence mandates. In this report, we examine how enterprises need to leverage their transformation strategies to drive better business outcomes. The report also features leading technology providers and their capabilities in the application transformation space. Scope All industries and geographies Market segment: Application Services (AS) This report is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading application transformation services providers, client reference checks, and an ongoing analysis of the application transformation services market Contents In this report, we: Examine the application transformation landscape Evaluate key drivers for application transformation services’ adoption Offer market insights into application transformation services and their enterprise adoption imperatives Assess application transformation approach’s modification for enterprises to drive value realization Membership(s) Application Services Sourcing and Vendor Management

Enterprises are investing in application transformation initiatives to improve consumer experience and enhance productivity. To unlock the potential of emerging technologies, they are accelerating their application transformation journeys and migrating from legacy estates. However, heightened macroeconomic uncertainties and cost pressures have led to increased scrutiny on the business value realized from these transformation initiatives. In response, providers are enhancing their offerings through strategic collaborations with technology and platform providers, developing in-house solutions to improve service capabilities and address enterprise concerns about value realization. Notably, providers are strengthening their transformation service portfolios with innovations such as low-code/no-code and gen AI. IThis compendium provides accurate, comprehensive, and fact-based snapshots of 28 application transformation services providers’ capabilities and offerings in the North American market. Each profile presents a detailed overview of the provider’s vision and strategy, scope of services offered, key IPs/solutions, partnerships, and case studies. The research will enable buyers to select the best-fit provider for their needs while providers will be able to benchmark themselves against their competition. Scope All industries Geography: North America This report is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading application transformation services providers, client reference checks, and an ongoing analysis of the application transformation services market Contents In this report, we examine: An overview of the application transformation services business, including its vision and strategy, revenue, and revenue composition across geographies, industry segments, value chain functions, and buyer sizes Providers’ case studies and proprietary solutions Partnerships and investments in the application transformation services domain Membership(s) Application Services Sourcing and Vendor Management

As customers’ needs evolve and businesses strive for greater efficiency, the importance of application transformation has substantially increased for enterprises. Enterprises are actively embracing transformation efforts to fully leverage emerging technologies and transition from outdated legacy systems. Amid ongoing macroeconomic uncertainty, European enterprises are prioritizing application transformation initiatives to unlock business value at every stage of their transformation. Furthermore, there is a persistent emphasis on sustainability, compliance, and regulatory adherence. In response, service providers are enhancing their offerings through strategic partnerships with technology and platform providers and developing IPs to maximize RoI and gain enterprise confidence. Additionally, they are making substantial investments to expand their regional delivery centers in Europe to strengthen local service delivery and ensure better proximity to customers. In this report, we examine the dynamics of the European application transformation service provider landscape and assess 26 application transformation service providers featured on Everest Group’s Application Transformation Services PEAK Matrix® – Europe. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other. Scope All industries Geography: Europe The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading application transformation service providers, client reference checks, and an ongoing analysis of the application transformation services market Contents In this report, we examine: Everest Group’s services PEAK Matrix® evaluation of 26 application transformation service providers Characteristics of Leaders, Major Contenders, and Aspirants in the provider landscape Providers’ key strengths and limitations Membership(s) Application Services Outsourcing Excellence

Recognizing the increasing demands of customers and business imperatives for meeting productivity mandates, enterprises are increasingly acknowledging the significance of application transformation. To unlock the full potential of emerging technologies, businesses are accelerating their application transformation journeys and migrating away from legacy estates. However, rising macroeconomic uncertainty and cost pressures have led to increased scrutiny on the business value realized from these transformation initiatives. In response to these evolving expectations, providers are enhancing their offerings through strategic collaborations with technology and platform providers. Additionally, they are actively developing in-house solutions to not only enhance their service capabilities but also to address enterprises’ concerns on value realization. Notably, providers are investing to strengthen their transformation service portfolio by leveraging next-generation technology themes such as low-code/no-code and generative AI. These initiatives collectively enhance the efficiency and innovation potential of businesses to ensure sustainable growth and competitive positioning in their respective industries. In this report, we examine the dynamics of the North American application transformation service provider landscape and assess 28 application transformation service providers featured on Everest Group’s Application Transformation Services PEAK Matrix® – North America. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other. Scope All industries Geography: North America The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading application transformation service providers, client reference checks, and an ongoing analysis of the application transformation services market Contents In this report, we examine: Everest Group’s services PEAK Matrix® evaluation of 28 application transformation service providers Characteristics of Leaders, Major Contenders, and Aspirants in the provider landscape Providers’ key strengths and limitations Membership(s) Application Services Outsourcing Excellence