iGATE in $20 mn outsourcing deal with ING Vysya
iGATE has signed an outsourcing deal worth around $20 mn with ING Vysya Bank, the BSE said.business Updated: Dec 17, 2003 14:58 IST
Indian software service firm iGATE Global Solutions said on Wednesday it had signed an outsourcing deal worth around $20 million with ING Vysya Bank, a leading private sector bank.
The deal, whose value would be evenly spread over five years, follows iGATE's recent acquisition of the business and assets of IdeaSpace, a firm controlled by India's GMR Group, the Dutch ING Groep NV's partner in the bank.
IdeaSpace earlier provided technology services for ING Vysya, iGATE said in a statement.
"iGATE Global will also take responsibility for all data centre operations, systems and network management and local or remote support at ING Vysya locations," iGATE said.
TG "Tiger" Ramesh, head of business process outsourcing at iGATE, said the deal could potentially open the doors for iGATE to do work for ING's global operations in addition to providing back-office and analytical work for ING Vysya.
ING owns 44 per cent in the Indian bank. Its officials did not make any immediate comments on iGATE's possible role in the Dutch group's global work.
iGATE, a unit of US-based iGATE Corp, is headed by Phaneesh Murthy, a former global sales head of Infosys Technologies Ltd, India's largest listed software services exporter.