Contract seen as a landmark deal in the IT services industry
Bangalore, Sept 1, 2005
Infosys Technologies (NASDAQ:INFY) today announced it has signed a five year global deal to develop, support and enhance a wide spectrum of applications for ABN AMRO. This is the single largest multi year multi million Euro contract ever won by Infosys. The Infosys share of the overall contract includes committed volumes in North America, Europe and Asia Pacific and the right to bid as a top five service provider for Application Development projects at the Dutch global bank.
Following a competitive tender, ABN AMRO has reached an agreement with the selected IT vendors to improve the performance of its IT services and realise significant efficiencies across the global IT organisation.
"This is a landmark deal for Infosys" said Nandan M. Nilekani, CEO, President and Managing Director, Infosys. "This deal clearly indicates that large offshore players like us have a competitive business model to deliver large, global, multi-year contracts. The deal also signifies a trend towards strategic global sourcing, where customers are selecting multiple, best-of-breed vendors to help improve efficiencies in their IT service delivery."
"Our differentiation in the marketplace enables us to be a premium player even in such large multi year contracts", he added.
Infosys has been aggressively expanding the depth and breadth of its service offerings over the years, investing in industry-specific capabilities and solutions, particularly in the Financial Services sector. This, along with the proven robustness and predictability of Infosys' global delivery engine were key factors that enabled the company to win this contract.
BG Srinivas, Senior Vice President EMEA, Infosys commented, "Our investments in building world-class capabilities are beginning to pay off. Blue-chip clients like ABN AMRO are seeing us as strategic partners because of our process and domain capabilities which help us deliver on business needs across multiple geographies around the world."
Jitin Goyal, Associate Vice President EMEA, Infosys summarised, "We are seeing increased acceptance of the Global Delivery Model for IT services amongst European companies, and we believe we are at the tipping point in this European evolution. We are looking forward to a long term partnership with ABN AMRO that delivers global value to the organisation both today and in the future."
Infosys (NASDAQ:INFY) defines, designs and delivers IT enabled business solutions. These provide our clients with strategic differentiation and operational superiority, thereby increasing their competitiveness. Each solution is delivered with the industry-benchmark Infosys Predictability that gives our clients peace of mind. With Infosys, they are assured of a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 39,000 employees in over 30 offices worldwide. For more information, visit www.infosys.com
This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology and consulting services, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings, including our Annual Report on Form 20-F for the fiscal year ended March 31, 2005 filed on April 26, 2005 and our reports on Form 6-K. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company.
For further information, please contact: PR_Global@infosys.com