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 Yet despite significant investments in cloud, DevOps, and containerization, outdated execution models, siloed governance, and manual processes derail modernization efforts, failing to keep pace with dynamic business needs.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

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

During a time of economic uncertainty, tough macroeconomic conditions, pricing pressures, and the emergence of new competitors, insurers must transform their role from being mere risk insurers to risk guardians, and they must focus intently on core modernization. To achieve this goal, insurers need to drive front-to-back modernization that addresses both growth and efficiency mandates. They must establish a modern core foundation and leverage a core technology partner ecosystem. In this report, we explore the need for core modernization and present a three-pronged agenda for insurers to maximize the value from their core systems. While insurers are investing in the right infrastructure, it is vital for them to select the best-fit core to realize value from their investments. Insurers must take a long-term view of core transformation to guide their broader IT strategies, future-proof their technology estates, and establish scaled data-driven decision-making capabilities. Scope: Industry: insurance Geography: global Contents: In this report, we: Provide a three-pronged agenda for insurers to maximize value from their core systems Discuss enterprise considerations for selecting the right core platform Examine enterprise considerations for selecting the right integration partner Membership (s) Insurance Information Technology Sourcing and Vendor Management

The travel, transportation, logistics, and hospitality industry was among the most severely impacted industries during the pandemic. In the next 18 to 24 months, it is expected to experience a slow, staggered, and phased recovery. The key reason for this sluggish recovery is a prodigious change in consumer behavior and consumer expectations. Most enterprises face technology or strategic deterrence in dealing with rapidly evolving consumer needs, and they need to transform their legacy systems to fulfill the changing customer needs in a post-COVID-19 landscape. This viewpoint explores enterprises’ need to modernize legacy IT systems and adopt cloud-centric business strategies to stay relevant, resilient, and agile. We also explore the key considerations for effective core modernization and cloud adoption by outlining the top challenges that enterprises face with these initiatives and recommending an execution strategy. Scope Industry: travel, transportation, logistics, and hospitality Geography: global Contents In this viewpoint, we discuss: The need for core modernization and migration to cloud-based operating models Enterprise objectives from core modernization investments ‒ by industry Typical methods that enterprises adopt for core modernization Why cloud adoption is a fundamental building block for core modernization Key considerations for effective core modernization and cloud adoption – challenges and takeaways for enterprises Everest Group’s execution framework for effective core modernization and cloud adoption Membership(s) Digital Services Sourcing and Vendor Management

Application transformation is an ongoing and continuous process, in which the application’s environment and features constantly evolve based on changing business needs and technology advances. To compete in a digital world, enterprises are not only looking to substitute legacy applications with flexible and modular cloud-based ones, but also reimagining their processes to align with a cloud-first strategy. They want to achieve faster time-to-market, cost savings, enhanced and immersive experiences, and scalability through such transformation initiatives. In this research, we present detailed assessments of 29 IT service providers featured on Everest Group’s Application Transformation Services PEAK Matrix® and categorize them as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings. Each profile provides a comprehensive picture of the service provider’s service focus, key Intellectual Property (IP) / solutions, and domain investments. Scope All industries and geographies The assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading application transformation service providers, client reference checks, and an ongoing analysis of the application transformation services market Contents This report features 29 application transformation service provider profiles, each of which includes: A detailed assessment of the service provider’s strengths and areas of improvement An overview of the provider’s application transformation services business and offerings – revenue split across the value chain and details of projects by buyer size, industry, and geography Assessments of the provider’s application transformation services case studies, delivery capabilities, domain investments, and key solutions Membership (s) Application Services Sourcing and Vendor Management

Application transformation is an ongoing and continuous process, in which the application’s environment and its features constantly evolve based on changing business needs and technology advancements. To compete in a digital world, enterprises are not only looking to substitute legacy applications with flexible and modular cloud-based ones, but also reimagine their processes to align with a cloud-first strategy. They want to achieve faster time-to-market, cost savings, enhanced and immersive experiences, and scalability through such transformation initiatives. This report examines the dynamics of the global application transformation service provider landscape. We present detailed assessments of 29 application transformation service providers featured on Everest Group’s Application Transformation Service PEAK Matrix®. Scope All industries and geographies The assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading application transformation service providers, client reference checks, and an analysis of the application transformation services market Contents In this report, we focus on: Everest Group’s PEAK Matrix® evaluation of 29 application transformation service providers Characteristics of Leaders, Major Contenders, and Aspirants in the service provider landscape Key strengths and limitations of each of the 29 application transformation service providers featured in the assessment Membership(s) Application Services Sourcing and Vendor Management