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Syntel Jumps Ahead in the Global Outsourcing 100
TROY, Mich.-(Business Wire)-May 1, 2008 - Syntel, Inc. (NASDAQ:SYNT), a global information technology services and Knowledge Process Outsourcing (KPO) firm, today announced that it has been ranked #32 in the 2008 edition of the Global Outsourcing 100 by the International Association of Outsourcing Professionals (IAOP). It was also named one of the "Best 20 Companies by Industry Focus: Insurance" in the Global Outsourcing 100 sublists.
The Global Outsourcing 100 rates the world's top outsourcing providers by size, growth, ability to create value for customers, depth and breadth of competencies, and top management talent. Syntel's #32 position overall marks one of the largest year-over-year improvements in rank, and landed Syntel a spot in the top ten "Climbers" sub-list as well.
"Our commitment to giving Insurance providers a competitive edge has never been stronger," said Anil Jain, Syntel SVP and Insurance Business Unit head. "Syntel brings our clients well over 10,000 person-years of insurance experience and a strong thought leadership position, through partnerships with organizations like the Insurance Institute of America, LOMA, and ACORD."
In addition to its inclusion on the "climbers" and insurance sub-lists, Syntel's employee management processes received the highest possible rating from the judges.
"Our passionate, talented employees are Syntel's most valuable asset," said Srikanth Karra, Syntel's VP of Human Resources. "They are the key driver of our success as an organization, so their development and advancement are at the forefront of our growth efforts."
"Syntel has made significant investments in our people, processes, and infrastructure over the past year," said Keshav Murugesh, Syntel's President and COO. "Clearly, IAOP's judging panel has recognized the strides we are making in our growth and our ability to deliver value to clients."
The selection process for this list, by design, mirrors what customers do when they select a provider for outsourcing services. Revenue is just one factor that was used to rank the companies, but it was not the dominant factor. Other elements, such as customer outcomes, capabilities, relationship management approaches, management talent and experience were just as, if not more, important.
The complete rankings will be published in a special advertising feature produced by IAOP in the May 5th issue of FORTUNE(R) magazine.
About Syntel
Syntel (NASDAQ: SYNT) is a leading global provider of integrated information technology and Business Process Outsourcing (BPO) solutions. The Company's mission is to create new opportunities for its clients by harnessing the passion, talent and innovation of Syntel employees worldwide. It leverages dedicated vertical and service Centers of Excellence along with its flexible Global Delivery Model to deliver solutions that drive innovation, improve quality and reduce costs for Global 2000 customers in the Financial Services, Insurance, Healthcare/Life Sciences, Telecom, Retail, Aerospace, Manufacturing, and Automotive industries. Recognized by customers to be "Small enough to listen, Big enough to deliver(TM) for its responsiveness and ability to build collaborative partnerships, the Company is known for solutions that deliver sustainable business advantage. Recently named to The Black Book of Outsourcing's "50 Best Managed Global Outsourcing Vendors" list, Syntel has more than 12,000 employees worldwide, is assessed at Level 5 of the SEI's CMMI, ISO 27001 as well as ISO 9001:2000 certified. To learn more, visit us at www.syntelinc.com.
About IAOP
The International Association of Outsourcing Professionals (IAOP), with 40,000 corporate, professional, and associate members worldwide, is leading the effort to transform the world of business through outsourcing. Its client-side members are, on average, responsible for $60 million per year of outsourcing spending with some overseeing outsourcing programs in the billions of dollars. Through professional and ethical standards, the Certified Outsourcing Professional (COP) Program, educational programs including The Outsourcing World Summit(R), and recognitions such as The Outsourcing Hall of Fame and The Global Outsourcing 100, IAOP is advancing one of the 21st century's most important new management fields - outsourcing. To learn more, visit www.outsourcingprofessional.org.
About The Global Outsourcing 100
The Global Outsourcing 100, produced annually by the International Association of Outsourcing Professionals (IAOP), is devoted to featuring the best of today's leading outsourcing service providers and tomorrow's rising stars. Along with its publication by IAOP, the list appears each year in FORTUNE(R) magazine in the special advertising section produced by IAOP. Companies must demonstrate excellence in categories such as size and growth, customer experience, depth and breadth of competencies, and management capabilities. Because of the rigorous application and judging process employed, The Global Outsourcing 100 defines the standard for excellence in outsourcing service delivery.
Safe Harbor Provision
This news release includes forward-looking statements, including 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 Form 10-K document dated March 15, 2008. Factors that could cause results to differ materially from those set forth above include general trends and developments in the information technology industry, which is subject to rapid technological changes, and the Company's concentration of sales in a relatively small number of large customers, as well as intense competition in the information technology industry, which the Company believes will increase.
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