Infosys, TCS, Patni sign 5-yr deal with ABN Amro

 Infosys Technologies, Tata Consultancy Services (TCS) and Patni Computers, in releases issued to the BSE today, announced that they have signed a five-year, global deal to develop, support and enhance a wide spectrum of applications for ABN Amro Bank.

"This is a landmark deal for Infosys," Nandan M Nilekani, CEO, president and managing director, said. "This deal clearly indicates that large offshore players like us have a competitive business model to deliver large, global, multi-year contracts. The deal also signifies a trend towards strategic global sourcing where customers are selecting multiple, best-of-breed vendors to help improve efficiencies in their IT service delivery."

 According to the release issued by TCS, the engagement is expected to generate committed revenue for the company of over euro 200 million over the next five years.  "Leveraging its global delivery model through centres in Latin America and Hungary, the company will manage a major part of ABN Amro's application support and enhancement services for its operations in the Netherlands, Brazil as well as its private client business globally, " the release added.  S. Ramadorai, CEO and MD of TCS, said: "TCS has been investing continuously to build its global delivery model and best-in-class execution abilities. The milestone engagement with ABN Amro is a complete and irrevocable validation of our global delivery strategy."  Narendra Patni, chairman and CEO of Patni, said: "Over the years, Patni has helped companies transform business operations by using global delivery as a strategic tool. This win is an endorsement of our approach, and we look forward to partnering with ABN Amro to successfully meet and exceed their strategic and financial objectives."  All the three scrips finished at higher levels today. Infosys added over 2% (Rs 50) to Rs 2,427. While TCS was up Rs 13 at Rs 1,419, Patni was up Rs 3 at Rs 429.