IT firm Hexaware Technologies today bagged a contract worth $250 million (nearly Rs 1,265 crore) from a UK-based client for a period of five years, starting January 1, 2012.
The company will garner an estimated $60 million worth of incremental business through this contract. The additional revenue from this engagement will begin to accrue from the first quarter of 2012, Hexaware Technologies said in a filing to the BSE.
Under the contract, Hexaware is expected to ramp up the team servicing the client to a peak strength of 800 personnel operating in dedicated global delivery centres.
"Over the last six quarters, Hexaware has won six large deals, each in excess of $25 million, out of which three are over $100 million. Cumulatively, these six deals are worth over $600 million," Hexaware Technologies Chairman Atul Nishar said.
As part of this engagement, Hexaware will continue offering services to this strategic customer that will cut across verticals, including enterprise solutions, application management services and remote infrastructure and testing services.
"In the current economic condition, it is satisfying that Hexaware has been able to sign a contract that provides enhanced visibility to our revenue streams over the next five years," Hexaware Technologies CEO and Vice Chairman PR Chandresekar said.
Last month, Hexaware increased its annual revenue guidance for the 2011 calendar year for the third time this year, to a minimum of $306 million, translating into an annual growth of at least 32% over 2010.
"This is our single largest contract till date. Over the last four quarters, Hexaware has seen significant growth in Europe business and has added 12 new clients in this region," Hexaware Technologies Senior Vice-President and Head - Europe Operations Ramanan Seshadri said.
The company added 12 new clients across all key focus areas in the third quarter. It had 194 active clients at the end of Q3, 2011.
The client will be served by a team of 800 personnel from centres in Chennai, Mumbai, Pune and Mexico and various client locations globally spanning 20 countries in the Americas, Europe and Asia-Pacific, the company said.
Shares of Hexaware Technologies were trading at Rs 87.15 on the BSE, up 0.75% from their previous close.
