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Satyam bags outsourcing contracts worth $75 M
By siliconindia
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Wednesday, 18 July 2007, 19:30 IST
Hyderabad: Satyam Computer Services has pocketed four outsourcing contracts aggregating to $70-75 million in Singapore, the United Arab Emirates and Australia.
Virender Aggarwal, Director and Senior Vice-President (Asia Pacific and Middle East), Satyam said that while the size of the deal is not too significant for a company like Satyam, we are excited about our increasing presence in Singapore and West Asian markets. The deals are also in line with our strategy to reduce dependency on the U.S. market by increasing business in Europe and other parts of the world, including West Asia. The work on the two contracts had already begun and the rest would come into force in August.
On the renewal of the contracts after six years, Aggarwal said that they could be extended. "There is no anti-incumbency factor in IT industry and the clients generally tend to extend them to the same vendor," he added.
In the Rest of the World (ROW) region consisting of all geographies other than Europe and Americas, the company was also in the process of negotiating a few deals. The size of these deals can go up to $2 - 8 million.
"We made almost 17 percent of our revenues from ROW region. The long-term target is to increase this to over 20 percent. The idea is to bring down the revenue from the U.S. to 50 per cent from current 64 percent and to generate 50 per cent from Europe and ROW over the next three years," Aggarwal said.