NEW DELHI: As part of the agreement, NIIT Technologies, the IT services arm of NIIT Ltd., will provide "application development and maintenance services" to Thrivent Financial for Lutherans, a Fortune 500 company. The value of the contract is $10 million and it will run for a period of five years, said Arvind Thakur, president of NIIT Technologies. "This is one of the biggest contracts for us in recent years. We secured this contract against competition from many tier one Indian companies," Thakur told a press conference here. "We will basically maintain all the existing insurance back-office applications for Thrivent Financials." Thrivent manages about $57 billion in assets. Its revenue in the last year touched $4.19 billion. Thakur said that NIIT Technologies, which accounts for 55 percent of the group's global revenue, was exploring the possibility of expanding its software services capacity either on its own or by joining hands with other companies. "I think we are reaching a situation where we need to expand. We are looking at partnering with companies with specific skill sets," he said. NIIT Technologies, which has customers in Asia Pacific, Europe, India, Japan and North America, has alliances with global tech majors such as IBM, Microsoft, SAP and Sun. Global customers of the company include British Airways, ING Group, Office Depot, Singapore Airlines, SEI Investments and Toshiba.
Source: IANS