Sets up a World Class dedicated Operation Technology Center (OTC) for the Bank
PITTSBURGH, Dec. 4 /PRNewswire-FirstCall/ -- iGATE Corporation (Nasdaq: IGTE), a Pennsylvania corporation and a global provider of IT and BPO services, today announced that the Company's offshore subsidiary, iGATE Global Solutions, Ltd. ("iGS") signed a key technology services agreement with the Union Bank of California, the 25th largest bank in the US based on assets.
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In accordance with the agreement, iGS has initially set up a 100 people Operation Technology Center (OTC) for the bank at its software development campus in Whitefield, Bangalore, India. iGS currently provides a full range of IT services spanning Application Development and Maintenance, Infrastructure Management Services (IMS), Data Warehousing, Quality Assurance, Business Intelligence, Consulting and technology work.
"This is an exciting partnership for us and we are proud to be associated with Union Bank of California and to help them enhance their process and service capabilities. We are especially pleased that they chose us after working with a few other IT vendors. This partnership also gives us confidence that our integrated Technology and Operations ("iTOPS") model is gaining more acceptance and momentum," said Phaneesh Murthy, CEO, of iGS.
"We were looking at opportunities to re-engineer our processes and alter our customer-facing and the core back-office processing tasks. As iGS clearly understands technology and operations and is the only Company in India with integrated Technology and Operations capabilities, we found a lot of synergy and decided to work with them," said James Yee, Executive Vice-President and Chief Information Officer, Union Bank of California.
About iGATE Corporation
Pittsburgh, Pennsylvania-based iGATE Corporation (Nasdaq: IGTE) is the first fully integrated technology and operations firm with a global service model. iGATE Corporation, through its offshore subsidiary, iGATE Global Solutions Ltd., enables clients to optimize their business through a combination of process investment strategies, technology leverage and business process outsourcing and provisioning. Services include consulting, enterprise data management and data warehousing, business intelligence and analytics, design, development, systems integration, package evaluation, and implementation, re-engineering and maintenance. iGATE Corporation also offers IT Professional Services in the areas of packaged application implementation, custom development, web services and business intelligence.
The Company services more than 300 clients across five continents. Clients rely on iGATE for high quality service, responsiveness, and cost- effective global reach. More information about iGATE is available at http://www.igatecorp.com.
About iGATE Global Solutions
iGATE Global Solutions is the first fully integrated technology and operations firm with a global services model. iGATE enables clients to optimize their business and gain substantial and sustainable benefits year-on- year through a combination of process investment strategies, technology leverage and business process outsourcing and provisioning. Services include consulting, IT Services, Data Analytics, Enterprise Systems, BPO/BSP, Contact Center and Infrastructure Management Services. The Company has been assessed at SEI-CMM Level 5, follows Six Sigma methodologies and is BS7799 & COBIT certified, ensuring the highest levels of quality and data security. Founded in 1993 and listed on three stock exchanges in India, iGATE Global Solutions is present in 12 countries and maintains development centers in the US, UK, Canada, China, Malaysia, and India. iGATE is an equal opportunity employer that actively encourages diversity. For more information, please visit www.igate.com.
Some of the statements contained in this news release that are not historical facts are forward-looking statements. These forward-looking statements include the company's financial, growth and liquidity projections as well as statements concerning the company's plans, strategies, intentions and beliefs concerning business cash flows, costs and the markets in which it operates and the proposed delisting. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify certain forward-looking statements. These statements are based on information currently available to the company and it assumes no obligation to update the forward statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from the forward-looking statements. These risks include, but are not limited to, the pricing of the shares to be purchased in the delisting, the company's ability to predict its financial performance, the level of market demand for its services, the highly-competitive market for the types of services offered by the company, the impact of competitive factors on profit margins, market conditions that could cause the company's customers to reduce their spending for its services, the company's ability to create, acquire and build new businesses and to grow existing businesses, attract and retain qualified personnel, reduce costs and conserve cash, currency fluctuations and market conditions in India and elsewhere around the world, political and military tensions in India and South Asia, changes in generally accepted accounting principles and/or their interpretation and other risks that are described in more detail in the company's filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2006.
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|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding iGATE Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.