Under this deal, the company will be offering IT services to support the Client’s Banking and Investment Management business. Hexaware has a long standing relationship with this large and well established Financial Services firm head-quartered in the United States. In addition to its traditional offerings in Application Development and Support, Hexaware will also offer Remote Infrastructure Management Services (Remote IMS) to this Client.
As a part of the core strategy; Hexaware deployed dedicated client partners and an engagement director at its key accounts. In addition, the vertical structure has enabled greater cross-sell of all major horizontal service lines in to such accounts. Having executed this deal, the Company expects to generate revenues worth $10-$15 million annually from 2011 onwards from this BFSI Client which was just a one-million dollar Client for Hexaware in 2009.
“While we have already demonstrated our leadership position in the Asset Management micro-vertical, we have now proven our strong capabilities in our horizontal service lines to this customer. We are further providing value to the customer by offering all these services utilizing our major Global Delivery Centers in the US, Mexico and two centers in Chennai & Mumbai”, said P. R. Chandrasekar, CEO and Vice Chairman, Hexaware Technologies Limited.
Hexaware had been selected as a Vendor of Choice for its core domain strength in the Capital Markets Space (micro-vertical in Banking, Financial Services and Insurance (BFSI) Vertical) and has since grown leveraging its solid technological capabilities in the Enterprise Solutions Space and tapping its intellectual assets of tools, methodologies and solutions in the Asset Management domain.
Earlier in the year, Hexaware indicated that revenues for the year 2011 would be at least $ 290 million; with an annual revenue growth of at least 25% over 2010. The Company remains confident of attaining double-digit Operating Margins (EBIT) during the current year.
Hexaware (hexaware.com) is a leading global provider of IT & BPO services and consulting. The Company focuses on key domains such as Banking, Financial Services, Insurance, Travel, Transportation, Hospitality, Logistics, Life Sciences and Healthcare. Our business philosophy,“Your Success is Our Focus”, is demonstrated through the success we ensure for our clients. Hexaware focuses on delivering business results and leveraging technology solutions by specializing in Business Intelligence & Analytics, Enterprise Applications, Quality Assurance and Testing, Remote Infrastructure Management Services and Legacy Modernization. Founded in 1990, Hexaware has a well-established global delivery model armed with proven proprietary tools and methodologies, skilled human capital and SEI CMMI-Level 5 certification.
Safe Harbor Statement
Certain statements on this press note concerning our future growth prospects are forward-looking statements, which involve 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 fluctuations in earnings, our ability to manage growth, intense competition in IT 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, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.
Issued on behalf of Hexaware Technologies by:
Sushmita Sarkar, Adfactors PR Private Limited
T: +91 98206 61186 / E: sushmita.sarkar[.]adfactorspr.com.