Wednesday, December 17, 2008

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In meltdown, big IT and BPO deals cheer India


MUMBAI: Outsourcing fights back and lives to see another day. While everybody was rushing to write off the industry in the wake of Barack Obama's election and the global economic
slowdown, two major outsourcing deals in the hospitality and the pharma sectors have been
signed which should bring hope and cheer for the Indian IT and BPO sector.

Cognizant bags $100 mn US contract
Cognizant Technology Solutions, which competes with Indian offshore biggies such as TCS, Infosys and Wipro, continues to win new contracts from its existing customers, including
Astrazeneca and Merck, even as the industry prepares to cope with lower information technology spend in top markets of the US and Europe.

Genpact got Hyatt Corporation deal
The world's premier hotel company, Chicago-based Global Hyatt Corporation, has outsourced part of its financial and accounting transaction services to India's Genpact. The Hyatt agreement is a trend-setting move in the hospitality industry and follows in the footsteps of other
global banking and insurance giants who outsourced a large part of their processes to India's BPO sector to save costs.

Infosys bags AstraZeneca
In the other major deal, the $30-billion global pharma giant AstraZeneca has outsourced its
end-to-end maintenance services for a variety of corporate services (such as human relations,
finance) to Bangalore-based Infosys. While the values of the two deals have not been disclosed
yet, both envisage increasing the scope of the work over time.

HCL Tech completes Axon buy
HCL Technologies on Monday closed the acquisition of UK-based Axon Group for £441 million ($658 million), marking the largest tech buyout by an Indian firm. HCL Axon, the new entity formed after the buyout, is now chasing outsourcing deals worth $1.2 billion.

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