Infosys awarded multi-year global BPO contract by Royal Philips Electronics

Infosys Technologies Ltd on July 25, 2007 has announced that it has signed a multi-million dollar outsourcing contract with Royal Philips Electronics' (NYSE: PHG, AEX: PHI) ("Philips") of the Netherlands. As part of the agreement, Philips will enter into a multi-year contract with Infosys BPO to provide Finance & Accounting (F&A) services and the processing of purchasing orders. The Company will also acquire three shared service centers located in India, Poland and Thailand from Philips. The contract is amongst the largest Finance & Accounting BPO engagements from India and will expand the Company's global network, particularly strengthening its European operations.

The deal extends the Company's global network with new centers in India, Poland and Thailand. The Company will gain approximately 1,400 Philips professionals who will add to the Company's BPO team a wide range of valuable skills and abilities, which include diverse language capabilities, technical expertise and domain knowledge.

"Global corporations require transformation partners like Infosys to enhance their competitiveness in the flat world," said S. Gopalakrishnan, CEO, of the Company. "We are excited to partner with Philips to take their F&A and procurement functions to the next level of transformation," he added.

The deal with Philips reinforces the Company's leadership position in transformation-based BPO services. The Company's BPO has seen significant growth of over 70% in revenues and an increase in client base of over one-third in FY 2007.

"During our interactions with the Philips employees, we found them to be very bright with a high level of energy and strong skill-sets. We look forward to welcoming them to the Infosys family," said Amitabh Chaudhry, CEO of the Company's BPO. "The deal will further enhance our capabilities and make us one of the top 5 players in the F&A outsourcing space in the world."

Source : Equity Bulls

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