Infogain Recognized as 3rd Fastest Growing Company in Everest Group’s Engineering Services Top 50™ 2020

Infogain, a Silicon Valley based digital platform and software engineering company­, is pleased to announce that it ranked 3rd in revenue growth and 32nd overall in Everest Group’s Engineering Services Top 50™ 2020, a global list of the 50 largest providers of outsourced engineering services. In addition, ChrysCapital-backed Infogain’s buys of Microsoft (NASDAQ:MSFT) Azure Expert MSP Silicus Technologies and strategy and design firm Revel Consulting featured in the report’s list of key acquisitions made by engineering companies in 2019.

Third-party providers were evaluated and ranked based on their CY 2019 engineering services revenue and year-on-year growth. This is the second year Everest Group has released an Engineering Services Top 50™ list, with this year’s Top 50™ accounting for $45.9 billion in revenue as compared to $40.5 billion in CY 2018.

Infogain was credited for offering key engineering services across select verticals, including Software Products, Computing Systems, Consumer Electronics, Healthcare & Medical Devices, Industrial & Energy, and Automotive.

Ayan Mukerji, President and Chief Operating Officer at Infogain, said, “We are pleased to make Everest Group’s Engineering Services Top 50™ 2020 list and to be recognized as 3rd for revenue growth. 2019 was a great year for us: we closed several large deals and joined hands with two outstanding companies offering niche, high-value-add services. This ranking is a great testament to Infogain’s software engineering expertise and relentless commitment to delivering value to our customers.”

The Top 50™ list helps enterprises get a better sense of the global third-party engineering services landscape, make more informed sourcing decisions, and identify new ways to leverage third-party engineering services providers. This list also helps service providers make better assessments of their competitive positions compared to their peers.

The Everest Group Engineering Services Top 50™ 2020 report can be viewed here.

About Infogain

Infogain is a Silicon Valley headquartered company with digital platform and software engineering expertise in the travel, retail, insurance, healthcare, and high technology industries. We accelerate design-led transformation and delivery of digital customer engagement systems and platforms. Infogain engineers business outcomes for Fortune 500 companies and digital natives using technologies such as cloud, microservices, robotic process automation, IoT, and artificial intelligence.

A ChrysCapital portfolio company, Infogain has offices in California, Washington, Texas, London, Dubai, India, and Singapore, with delivery centers in Austin, Kraków, New Delhi, Bangalore, Pune, and Mumbai.

Analytics company SPSS Inc to be acquired by IBM

IBM plans to buy technology services company SPSS Inc for about $1.2 billion in cash, the companies said on Tuesday.

SPSS shareholders will receive $50 a share, a 42% premium to Monday's closing price of $35.09 on Nasdaq.

Chicago-based SPSS provides predictive analytics software and services. Predictive analytics are used by companies to forecast future trends and spot shifts in consumer patterns, helping them control costs and use resources more wisely.

IBM said the deal will help expand its Information on Demand software portfolio and business analytics capabilities.

Shares of SPSS jumped 41 per cent in premarket trade to about $49.50. The shares had already enjoyed a gain of about 30 per cent this year.

The deal values SPSS at about 25 times analysts' estimated 2010 earnings per share, and the $50 per share price represents an all-time high for the stock, topping its previous all-time top of $47.87.

The deal is subject to SPSS shareholder approval and regulatory clearances, and is expected to close later in the second half of 2009, the companies said.

Separately, IBM said it has acquired closely-held Ounce Labs Inc, whose software helps companies reduce the risks and costs associated with security and compliance concerns. Financial terms were not disclosed.

Back in May, IBM's chief financial officer, Mark Loughridge, told the Reuters Technology Summit that the valuations of potential acquisition targets were attractive. IBM has spent $20 billion buying more than 100 companies since 2000, paying prices that range from as little as $50 million to as much as $5 billion.

Agencies

Citi posts $8.29 bn loss, splits up company

Citigroup Inc unveiled a broad restructuring plan designed to shed weaker businesses and troubled assets, and also reported an $8.29billion fourth-quarter loss, its fifth straight quarterly loss.

The company also said on Friday that it anticipated more departures from its board, which is losing Robert Rubin as a director later this year. Nevertheless, Citigroup shares rose 8.6 percent to $4.16 in premarket trading.

Citigroup's fourth-quarter loss equaled $8.29 billion, or $1.72 per share, and compared with a year-earlier loss of $9.8 billion, or $1.99 a share.

"I think people knew it was going to be bad, but I'm surprised it's this bad," said Matt McCormick, portfolio manager at Bahl & Gaynor Investment Counsel in Cincinnati.

The bank said it was splitting into two operating units, one of which will focus on universal banking, the other on brokerage and retail asset management, local consumer finance, and a pool of assets that require special management.

Revenue fell 13 percent to $5.6 billion, reflecting weak capital markets. The company's global credit card business saw revenue decline 27 percent on weakness in North America.

Consumer Banking revenues declined 22 percent, driven by a 47 percent drop in investment sales. And its institutional clients group, securities and banking revenues were negative $10.6 billion, mainly due to net losses and write-downs of $7.8 billion.

"Our results continued to be depressed by an unprecedented dislocation in capital markets and a weak economy," Chief Executive Vikram Pandit said.

Agencies