Archive for January, 2010

TIAA-CREF plans offshore move for some jobs

January 31st, 2010

Financial-services giant TIAA-CREF said it plans to relocate some processing functions overseas in a move that could affect some positions at its Denver offices, where it employs about 1,400.

The firm is “entering a partnership with a company in India that specializes in a wide range of IT services and outsourcing,” said a company statement Friday. “Our goal over the next few years is to transition certain non-client-facing processing activities offshore.”

The company’s goal “is to effect this transition through normal attrition,” the statement added.

KUSA-Channel 9 reported Saturday that the move could affect about 70 Denver jobs.

Spokeswoman Jennifer Compton said Friday that TIAA-CREF has a “strong” commitment to its Denver office, one of its largest, and that no layoffs are currently planned here.

New York-based TIAA-CREF (Teachers Insurance and Annuity Association – College Retirement Equities Fund) was founded in 1918. Today it mostly serves employees in higher education and nonprofits. It has $400 billion in assets.

Source:http://denver.bizjournals.com/denver/stories/2010/01/25/daily87.html

Excend selected as one of ten organizations to participate in brazil’s ministry of commerce IT industry executive conference

January 31st, 2010

Due to the organization’s reputation as a global leader in outsourcing with international markets, Excend will participate in the Hosted Buyers Program per the invitation of APEX Brazil (Brazilian Trade and Investment Promotion Agency) and SOTEX (Association for Promoting Brazilian Software).

“Excend provides an excellent resource for our Brazilian IT services and software firms to connect with buyers and customers in the U.S. market” stated Glaucia Chiliatto, General Manager of the SOFTEX/APEX program, “Excend brings to our member companies a comprehensive understanding of the U.S. market and how to capitalize on those opportunities.”

Excend will engage in one-on-one meetings with Brazilian IT and software executives to explore specific outsourcing contract opportunities as well as discussing tactics for identifying niche opportunities in the U.S. and international markets.

Source:http://www.pr.com/press-release/208814

Wipro and British American Tobacco ink outsourcing pact

January 31st, 2010

Wipro Technologies, the global IT services business
of Wipro Limited, said that it has entered into a multi-year outsourcing engagement with British American Tobacco, to help the company improve the effectiveness and efficiency of application support services for its global business operations.

In a release, the Company noted that under the agreement, both companies will partner to leverage Wipro’s global scale and transformational capabilities to achieve step change results in productivity, IT costs and service quality. More specifically, Wipro said that the agreement will provide an enterprise-wide global application support delivery model and capability, reduce the total cost of ownership and allow more opportunities for value added services to business users of British American Tobacco.

Wipro will be delivering this global program across over 130 countries in which British American Tobacco operates.

Phil Colman, Chief Information Officer, British American Tobacco said, “The global capabilities of Wipro match very well with the needs of British American Tobacco as a Global Enterprise. We look forward to a successful and productive relationship.”

“We believe this is the right way forward for us in terms of our IT strategy. We will be considerably more effective across our global enterprise. These changes will help us improve the application support service quality, facilitate better integration, enable enhanced knowledge sharing and, ultimately, help us become more competitive,” added Ben Fourie, Head of Global IT Services at British American Tobacco.

Commenting on this agreement, Suresh Vaswani, Jt. CEO, IT Business and Member of the Board, Wipro Ltd, said, “Wipro is committed to provide value to British American Tobacco in delivering a successful transformational engagement. We are confident that our extensive experience in enterprise-wide global application support delivery model and capability will enable British American Tobacco to realize significant benefits and we are happy that British American Tobacco has offered us an opportunity to work with them.”

Bhanu Murthy B M, Sr. Vice President – Retail, CPG, Transportation and Government, Wipro Technologies said, “We are excited to be chosen for this transformational initiative at British American Tobacco. Wipro will bring in standardized processes, methodologies and governance to set British American Tobacco on a strategic cost optimization path while ensuring a high level of service to the business and will participate in bringing in clear business benefits.”

Source:http://www.tradingmarkets.com/news/stock-alert/bti_wit_wipro-and-british-american-tobacco-ink-outsourcing-pact-740115.html

ICG closes £440m CPA Global deal

January 30th, 2010

Intermediate Capital Group, a London Stock Exchange-listed mezzanine and mid-market private equity investor, has closed its investment in CPA Global, a Jersey-based patent and legal services firm.

The firm has not announced any details of the deal, but media reports suggest that it paid around £440m (€507.3m) for a 25 per cent stake.

The transaction is one of the largest UK mid-market deals agreed since the downturn.

Founded in Jersey in 1969, originally to solely manage patent renewals, CPA Global has expanded over the years to provide broader legal services outsourcing, including litigation support, document review and contract management.

CPA Global CEO Peter Sewell said, “Our growth prospects in the years ahead are the strongest we’ve ever seen as we continue to develop our intellectual property services and software businesses with an expanded range of products and services, while aggressively pursuing our diversification into the wider legal services sector. This sector is really taking off as corporate clients are increasingly turning to outsourcing providers for alternative, more cost effective ways of managing their legal work.”

Intermediate Capital was established in 1989 and listed on the London Stock Exchange in 1994. It currently manages around €3bn in direct mezzanine investments and €10bn in third party mezzanine and credit funds. In November, the firm said that it had raised €544m for its ICG Recovery Fund 2008, which has a target of €750m.

Source:http://www.altassets.com/private-equity-news/article/nz17801.html

Infosys and Wipro unfazed by Obama’s anti outsourcing cry

January 30th, 2010

Infosys and Wipro, two domestic global majors, appear unconcerned over US President Barack Obama’s anti-outsourcing proposal.

These two big players feel outsourcing was here to stay and the impact would be more on smaller companies.

Infosys mentor Narayana Murthy has told his colleagues that outsourcing cannot be washed away as it was more beneficial to US companies.

Obama in his state of union address said it was time to end tax breaks to American firms that farm out jobs overseas and help those who create employment within the country.
“To encourage … Businesses to stay within our borders, it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the USA,” he said.

IT industry circles said Obama’s plan poses a veiled threat to outsourcing destinations like India. India has been one of the biggest beneficiaries of outsourcing and, naturally, the move to end tax breaks would negatively impact the country’s BPO sector.

Som Mittal, president of Nasscom, the country’s association of software exporters, said the proposal would not have significant impact for the outsourcing industry. “We will be their solution and not the problem,” he said.

Infosys and Wipro assert that outsourcing was unavoidable, and the impact of Obama’s new tax proposal will be minimal.

Large companies like theirs have the breadth to expand their overseas presence but smaller companies will be forced to look at other ways to retain US clients.

Source:http://www.sakaaltimes.com/SakaalTimesBeta/20100129/4718702708548754715.htm

Internet marketing company HitzSoft merges with IT and business consulting company Authentic Infotech

January 30th, 2010

Authentic Infotech has been offering technology enabled business solutions for various industry verticals such as educational institutions, business enterprises and government organizations worldwide. Some of their specialized offerings include Online Business Identity creation, Search Engine Optimization, Internet Marketing, Social Media Marketing, Web Portal Development, E-commerce Solutions, Custom Application Development and Outsourcing Services.

Since Authentic Infotech is already providing IT and Business consulting for various organizations, this merger provides mutually beneficial business opportunities for both Authentic Infotech and Hitzsoft Technologies. Through this merger, Authentic Infotech becomes an end-to-end solution provider, which provides both consulting service and the products required for the businesses.

“Software applications for mass email, bulk sms, etc., have become one of the essentials for businesses to reach more people directly and promote business cost-effectively. Until this merger, we have been prescribing some third-party applications to our clients as part of our business consulting service. Now, with this merger, we can offer Hitzsoft applications to meet our clients exact requirements” said Ms. Ayesha Sadiq, Sr. Vice President – Authentic Infotech.

This merger has brought the industry expertise of Authentic Infotech together with the technical expertise of Hitzsoft. While creating more business opportunities for these two companies, this merger is also expected to bring more benefits for businesses worldwide to harness the power of technology.

Source:http://www.pr.com/press-release/208735

Excend selected as one of ten organizations to participate in Brazil’s Ministry of commerce IT industry executive conference

January 30th, 2010

Due to the organization’s reputation as a global leader in outsourcing with international markets, Excend will participate in the Hosted Buyers Program per the invitation of APEX Brazil (Brazilian Trade and Investment Promotion Agency) and SOTEX (Association for Promoting Brazilian Software).

“Excend provides an excellent resource for our Brazilian IT services and software firms to connect with buyers and customers in the U.S. market” stated Glaucia Chiliatto, General Manager of the SOFTEX/APEX program, “Excend brings to our member companies a comprehensive understanding of the U.S. market and how to capitalize on those opportunities.”

Excend will engage in one-on-one meetings with Brazilian IT and software executives to explore specific outsourcing contract opportunities as well as discussing tactics for identifying niche opportunities in the U.S. and international markets.

Source:http://www.pr.com/press-release/208814

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