iGate inks $20-M deal with US firm
Monday, 19 January 2004, 20:30 IST
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NEW DELHI: iGate Global Solutions, one of India's leading software services firms, Monday said it had entered into a $20 million deal with a US-based financial services firm for managing back-office processes. iGATE Global will manage California-based GreenPoint Mortgage's back-office processes for a period of five years to enhance the company's efficiency and operational excellence, said an iGate press statement issued here. "We will help GreenPoint Mortgage compete with much larger players by providing superior analytics, process and technology optimisation and relocating certain services to India," said Phaneesh Murthy, CEO of iGATE Global Solutions. "We are entering into this deal, expected to exceed $20 million in contract value, to help GreenPoint achieve this goal," he added. GreenPoint focuses on specialty mortgage loans and 85 percent of its business comes from independent mortgage brokers. The rest comes from other banks and the company's retail channel. Headquartered in Bangalore, iGATE Global is present in 12 countries and maintains development centres in the US, Britain, Canada, China, Malaysia and India.
Source: IANS
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