Thursday, October 22, 2009

Mahindra Satyam bags $8-mn deals in Middle East, Africa

Mahindra Satyam bagged contracts valued at $8.17 million (30 million UAE dirhams) in the Middle East-North Africa (MENA) region in the banking, financial services and insurance sector, the global consulting IT services firm said Wednesday.

"Our new corporate identity has helped us to secure these sizeable deals in these growth markets. We are strengthening our resources to meet the demand from government, banking, telecom and real estate sectors in the MENA region," the company said in a statement here.

The contracts are from clients across eight countries -- Bahrain, Jordan, Kuwait, Morocco, Oman, Qatar, Saudi Arabia and United Arab Emirates (UAE).

The contracts include repeat orders from three active clients for delivering sustainable SAP, Oracle and business intelligence solutions.

"With customers regaining confidence in us, expectations are high on getting similar deals from leading firms in the region," Satyam's regional head Manojeet Chowdhury said.

As the company's dominant market, UAE accounts for 38 percent of its revenues in the region, Kuwait 18 percent and Qatar and Bahrain 13 percent each.

"The Middle East market is a key component of our revival. As part of our growth plans for the region, we will bring global service offerings to help customers improve their business in the present economic conditions," Chowdhury said.

Mahindra Satyam has eight regional offices -- UAE, Kuwait, Qatar, Oman, Bahrain, Saudi Arabia, Yemen and Jordan -- apart from a global solution centre in Egypt.

The scam-hit company was taken over earlier this year by Tech Mahindra, the IT arm of the $6.3-billion Mahindra group, and renamed Mahindra Satyam.

Satyam founder Ramalinga Raju stunned corporate India Jan 7 by admitting to a Rs.78-billion accounting fraud. The accused face charges of cheating, criminal conspiracy, falsification of records and forgery.
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