Wednesday, May 6, 2009

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Hewlett-Packard-owned EDS closes in on Fidelity BPO

Hewlett-Packard (HP)-owned EDS is leading the race to acquire Fidelity’s IT captive operations in India in a transaction worth roughly $150 million, three people close to the development said. ET has also learnt that the deal is expected to close in 3-4 weeks, with EDS securing a long-term outsourcing contract worth over $500 million from Fidelity, the world’s largest mutual fund company.

Fidelity is also a significant client for Infosys Technologies, with over 3,000 employees working on the account. The domestic tech giant secures roughly $50 million annually from the contract. People familiar with the discussions said Fidelity could consolidate its outsourced work, if a deal with HP-EDS combine is concluded.

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