IBM Corp has bagged a US$ 5 billion technology contract from the
investment bank JP Morgan Chase. As per the 7-year contract, IBM
would take over the global computing operations for J.P Morgan
in areas like retail banking, trading and securities processing.
The J.P. Morgan Chase outsourcing deal would be the largest of its
kind since Chase Manhattan bought J.P. Morgan at the end of
New Delhi-based HCL Technologies has won a back-office services
deal, worth US$ 75 million from British Telecom. A newspaper
report says that this deal would be spread over five years , and
the expected ramp up
is about 500 people by June-03.
Investment banking firm Lehman Brothers has announced that it
has finalized an outsourcing deal with Tata Consultancy Services
and Wipro. As a part of the agreement, both the companies would
manage computer networks for Lehman.
Wipro and Tata
Consultancy Services (TCS) reached a preliminary deal worth up
to US$ 70 million annually to manage computer networks for
investment bank Lehman Brothers.
Lehman's order for Wipro and TCS
is the second biggest the Indian software services industry has
won after TCS' US$ 100 million order from GE .
Covansys Corp. won
an US$ 11 million contract from the Public Employees Retirement
Association of New Mexico to implement a new system
administering 27 pension plans. Covansys said the system is
scheduled for completion in 32 months. The pension system is
expected to improve internal efficiency and data management,
while giving some 54,000 active members Internet access to their
Genesys International Corporation, a niche Engineering & IT
services player, has bagged a US$ 7.8 million contract for
providing comprehensive mapping solutions for the State of
Florida (USA). This is the first time that a complete end to end
digital mapping solution has been outsourced to any company in
, the company claimed in a press release. The order has been
given by a Joint venture between one of the world's largest
reinsurance broking company and a leading German technology
firm. This order, which has to be executed over a period of two
years, involves creating state-of-the-art geo data for the real
estate information services market in the
the project would then extend to entire US.
Cranes Software International Ltd., a total solution provider in
the scientific software & engineering domain, has bagged an
order from ADC India for AdventNet's simple network management
protocol. This is said to boost Cranes Software’s presence and
consulting capabilities in this domain. ADC India, a wholly
owned subsidiary of ADC Telecom Inc, the Broadband Company,
would be AdventNet’s reference site in
and would also be a beta testing site for the agent Tester
toolkit, which is a software product, designed to test the SNMP
in the pipeline
Kshema Technologies Limited has started consultancy services and
has won its first customer recently in
Canada. Although the name of the client was not disclosed, it is reported that the client is operating in the financial space. The company is negotiating with six to seven of its existing customers to offer its newly started consultancy service. The company is also looking at acquisitions to complement its core services.
Anglo-Dutch computer services firm Computer Management Group
(CMG) and Logica are in talks on a possible merger. The merger, if,
materialized, will be one of
's biggest IT services groups that can give a Siemens and Nokia,
a run for the money in multimedia messaging services.
Software maker Polaris Software Lab Ltd is
understood to have acquired Delhi-based call-centre outfit ATS
Services Pvt. Ltd for close to US$ 2.5 million. ATS is believed
to have a capacity of 250 seats and counts CitiCorp as one of
In a move to get a foothold in the economy of the neighboring
, MphasiS group has announced its plans to acquire Navion, a
Shanghai-based software development company.
MphasiS said it would acquire Navion
(Shanghai). Software Development Co. Ltd., which has about 80 employees, but however no financial details were disclosed. Navion is part of the Capital One Group and does software development for Capital One.
The BPO wave
Daksh eServices which hit the
headlines after bagging one of the biggest BPO deals from
Amazon.com, is about to strike it rich again. The company has
bagged a global customer services outsourcing contract from
CitiMortgage - the mortgage subsidiary of US financial giant,
Citigroup. Daksh will run CitiMortgage's back office operations
through its call centers in Delhi and Mumbai. Indications are
that Daksh will dedicate a 100 member team to handle the
CitiMortgage BPO job.
NIIT has signed
a US$ 10 million deal with a British firm for providing business
process outsourcing (BPO) services. As part of the agreement,
NIIT SmartServe, the BPO services arm of NIIT, will set up a
"quality assurance" centre for Misys Independent Financial
Advisory Services' (MIFAS) business processes. The process will
be executed at NIIT SmartServe's new 560-seat facility in
Gurgaon, on the outskirts of
. This is one of a series of outsourcing projects by companies
financial services industry looking to improve the quality of
their processing by opening outsourcing centers in India.
America's third-largest carrier
Delta Air Lines has tied up with Spectramind eServices, a
subsidiary of domestic software major Wipro, to offer customer
reservation services for its Indian operations. The airline said
the relationship with Spectramind will help it reduce its
distribution costs and improve the customer travel experience.
The airline did not disclose the financial details of the
agreement with Spectramind. The scope of work through the tie-up
includes expanding the call handling capabilities of Delta's
phone representatives to move customers out of line and through
select airports more quickly.
Solutions, a Nasdaq-listed software services company, is setting
up a business process outsourcing (BPO) unit in
to exploit growing opportunities in the financial sector. They
are planning to initially set up a 150-seater call
centre-cum-back office process centre in the first quarter of
2003 -- January-March.
iGate Corporation, a U.S.-based IT solutions major, plans to
enter India's business process outsourcing (BPO) industry by end
of the current fiscal year with an investment of US$ 40 million.
They are planning to launch BPO services either through the
acquisition route or by setting up their own unit.