General Electric (GE) may increase its IT spending by about 20-25 percent for 2010-11, a step that can turn out to be a boon for several Indian information technology (IT) vendors.
Software firms like Tata Consultancy Services (TCS), HCL Technologies, Patni Computer Systems and iGate, who generate a significant amount of revenue from GE, are likely to benefit most from the increase in its IT budget.
A person close to this development said, "GE has allotted an additional $500-600 million for its IT budget during 2010-11. The firm may be looking to extend contracts with vendors like iGate and Polaris by three to four years and significantly increase its spending with large capital firms like TCS and HCL going forward."
GE has already extended its IT contract with Birlasoft, estimated to be worth $50 million and $100 million and with Mahindra Satyam, worth $100 million by three years. The existing contracts for iGate, Polaris Software Lab and Birlasoft will end in December this year.
Agencies
Showing posts with label GE. Show all posts
Showing posts with label GE. Show all posts
Wednesday, September 30, 2009
Saturday, September 26, 2009
IT services deal signed between GE, Mahindra Satyam
Mahindra Satyam today said it has received an extension of its multi-million dollar contract with GE for next three years January 1, 2010.
GE, which is among the top five customers of Mahindra Satyam for over a decade now, gets support in the specialised areas of Application Development Maintenance, Business Intelligence and engineering services, Satyam Mahindra said in a statement.
"We thank the leadership at GE, for having reposed their confidence in us, and reinforce our resolve to excel in our deliverables to our esteemed partner, for years to come," Mahindra Satyam Global Account Executive Arvind Malhotra said.
GE has signed a similar contract with 11 other vendors. "GE recognizes the support extended over the years by Mahindra Satyam, and their commitment to delivery excellence, even during trying times," GE GDC Leader Steve Morrison said.
Satyam management had been in constant dialogue with its major clients, including GE and others to continue working with it.
"Mahindra Satyam has gained 32 new customers in the last four months," a top official had said earlier.
"Some of the large clients we had lost earlier are coming back and are reassigning new business," Atul Kunwar, the company's president of the Middle East, Europe, India and Asia Pacific regions, said on the sidelines of an industry conference.
The company, currently has about 420 clients, he said, compared with 480 in January before it was left battling for survival after Satyam's founder revealed India's biggest corporate fraud.
Satyam was acquired by Tech Mahindra in an auction in April and subsequently renamed. The number of employees the company has on reserve has come down to 7,000 from 8,500 in July, Kunwar said.
"With the business improving and new deals coming in, we have slowly started taking in employees from the virtual pool."
Agencies
GE, which is among the top five customers of Mahindra Satyam for over a decade now, gets support in the specialised areas of Application Development Maintenance, Business Intelligence and engineering services, Satyam Mahindra said in a statement.
"We thank the leadership at GE, for having reposed their confidence in us, and reinforce our resolve to excel in our deliverables to our esteemed partner, for years to come," Mahindra Satyam Global Account Executive Arvind Malhotra said.
GE has signed a similar contract with 11 other vendors. "GE recognizes the support extended over the years by Mahindra Satyam, and their commitment to delivery excellence, even during trying times," GE GDC Leader Steve Morrison said.
Satyam management had been in constant dialogue with its major clients, including GE and others to continue working with it.
"Mahindra Satyam has gained 32 new customers in the last four months," a top official had said earlier.
"Some of the large clients we had lost earlier are coming back and are reassigning new business," Atul Kunwar, the company's president of the Middle East, Europe, India and Asia Pacific regions, said on the sidelines of an industry conference.
The company, currently has about 420 clients, he said, compared with 480 in January before it was left battling for survival after Satyam's founder revealed India's biggest corporate fraud.
Satyam was acquired by Tech Mahindra in an auction in April and subsequently renamed. The number of employees the company has on reserve has come down to 7,000 from 8,500 in July, Kunwar said.
"With the business improving and new deals coming in, we have slowly started taking in employees from the virtual pool."
Agencies
Monday, April 13, 2009
Tech Mahindra bags Satyam Computers sale bid
IT services provider Tech Mahindra is the new owner of Satyam Computer Services. The company bid the highest at Rs 58 per share,
pipping rivals engineering firm Larsen & Toubro and billionaire investor Wilbur Ross to the post.
Engineering firm L&T bid at Rs 45.90 per Satyam share, Kiran Karnik, chairman of the govt constituted Satyam board told reporters.
Karnik also said that the Cognizant-Wilbur Ross combine had put in their bid at Rs 20/share for the fraud hit IT co.
Tech Mahindra will have to pay Rs 1,757 crore to buy a 31% stake in Satyam Computer Services. The IT co will have a market cap of Rs 5,666 crore on expanded equity. Tech Mahindra will have to pay a total of Rs 2890 crore for 51% stake in Satyam.
The acquisition will help the company, an arm of the Mahindra & Mahindra Group, to diversify into new areas instead of just depending on the telecom sector.
The Satyam acquisition will help Tech Mahindra diversify its software services business, and compete aggressively with bigger rivals such as TCS, IBM, Infosys and Wipro.
Satyam, which serves customers such as GE, GM and Ford will also help Tech Mahindra build a better portfolio of customers.
Satyam has a 46,600 strong work force, land assets of 450 crore, besides the order book position. Its liabilities include the legal liabilities arising out of the class action suits filed by shareholders in the US, besides any liability arising out of the tussle with UK based mobile payments services provider Upaid.
Agencies
pipping rivals engineering firm Larsen & Toubro and billionaire investor Wilbur Ross to the post.
Engineering firm L&T bid at Rs 45.90 per Satyam share, Kiran Karnik, chairman of the govt constituted Satyam board told reporters.
Karnik also said that the Cognizant-Wilbur Ross combine had put in their bid at Rs 20/share for the fraud hit IT co.
Tech Mahindra will have to pay Rs 1,757 crore to buy a 31% stake in Satyam Computer Services. The IT co will have a market cap of Rs 5,666 crore on expanded equity. Tech Mahindra will have to pay a total of Rs 2890 crore for 51% stake in Satyam.
The acquisition will help the company, an arm of the Mahindra & Mahindra Group, to diversify into new areas instead of just depending on the telecom sector.
The Satyam acquisition will help Tech Mahindra diversify its software services business, and compete aggressively with bigger rivals such as TCS, IBM, Infosys and Wipro.
Satyam, which serves customers such as GE, GM and Ford will also help Tech Mahindra build a better portfolio of customers.
Satyam has a 46,600 strong work force, land assets of 450 crore, besides the order book position. Its liabilities include the legal liabilities arising out of the class action suits filed by shareholders in the US, besides any liability arising out of the tussle with UK based mobile payments services provider Upaid.
Agencies
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