DGAP-News: Syntel Inks Strategic Outsourcing Framework Agreement With UK Financial Services Authority
ID: 363579
09.03.2011 14:30
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TROY, Mich., 2011-03-09 14:30 CET (GLOBE NEWSWIRE) --Syntel, Inc. (Nasdaq:SYNT), a global information technology services and
Knowledge Process Outsourcing (KPO) firm, today announced that it has signed a
Strategic Outsourcing Framework Agreement with the UK's financial services
statutory regulator, the Financial Services Authority (FSA). The FSA regulates
29,000 firms in the UK, ranging from global investment banks to very small
businesses, and around 165,000 individuals.
Syntel is one of an elite group of technology partners that has been awarded
eligibility to provide services in several areas. Syntel was selected as an
approved provider for projects in four key operational areas: application
development, application maintenance, testing and business process outsourcing
(BPO).
This new Framework Agreement expands the FSA's vendor base with business
partners that will enable the organization to meet its regulatory and
operational goals, reduce business risk, be more responsive to dynamic market
conditions, and minimize operating costs.
According to Syntel CEO and President, Prashant Ranade, the FSA can leverage
Syntel's proven strength in the financial services industry to improve
efficiency and drive more effective enforcement and transparency through
technology innovation and integration of technology into business processes.
'Financial services is an area of deep expertise and strength for Syntel,' said
Ranade. 'We provide a comprehensive suite of solutions and services for the
financial services industry, including business analytics, anti-fraud,
regulatory compliance and risk analysis solutions. Our domain-specific models
for application development, maintenance and testing deliver significant value
as well.'
About Financial Services Authority
The FSA regulates the financial services industry and has four objectives under
the Financial Services and Markets Act 2000: maintaining market confidence;
securing the appropriate degree of protection for consumers; fighting financial
crime; and contributing to the protection and enhancement of the stability of
the UK financial system.
About Syntel
Syntel (Nasdaq:SYNT) is a leading global provider of integrated information
technology and Knowledge Process Outsourcing (KPO) solutions spanning the
entire lifecycle of business and information systems and processes. The Company
is driven by its mission to create new opportunities for clients by harnessing
the passion, talent and innovation of Syntel employees worldwide. Syntel
leverages dedicated Centers of Excellence, a flexible Global Delivery Model,
and a strong track record of building collaborative client partnerships to
create sustainable business advantage for Global 2000 organizations. Syntel is
assessed at SEI CMMi Level 5, and is ISO 27001 and ISO 9001:2000 certified. As
of December 31, 2010, Syntel employed more than 17,300 people worldwide. To
learn more, visit us at: www.syntelinc.com.
Safe Harbor Provision
This news release includes forward-looking statements, including those with
respect to the future level of business for Syntel, Inc. These statements are
necessarily subject to risk and uncertainty. Actual results could differ
materially from those projected in these forward-looking statements as a result
of certain risk factors set forth in the Company's Annual Report on Form 10-K
for the year ended December 31, 2010.
CONTACT: Syntel
Jon Luebke
(248) 619-3503
jon_luebke@syntelinc.com
News Source: NASDAQ OMX
09.03.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Syntel, Inc.
US
Phone:
Fax:
E-mail:
Internet:
ISIN: US87162H1032
WKN:
End of Announcement DGAP News-Service
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Datum: 09.03.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 363579
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