TROY, Mich. - January 10, 2005 - Syntel, a leading global IT services firm, announced today that it has been named to the 2005 'Offshore 100' ranking of top global suppliers by Managing Offshore and offshore outsourcing advisory expert neoIT. This is the first year that Managing Offshore and neoIT have issued the rankings. The complete list appears in the January 2005 issue
of Managing Offshore and is available online at www.theoffshore100.com.
Founded in 1980, Syntel has grown from a Michigan-based IT staffing company to a leading global provider of custom outsourcing solutions with over 4,300 employees, offices around the world, a Blue Chip customer base and a market cap of more than $650 million.
"We are delighted to be honored by neoIT and Managing Offshore as one of the largest worldwide providers of outsourced technology services," said Bharat Desai, Syntel's Chairman and CEO. "At Syntel, we've long believed that our global delivery model is a cost effective, robust method of providing IT solutions to today's businesses. Global delivery has been steadily gaining acceptance, and we hope that this annual award will focus more attention on
the benefits that may be reaped by pursuing a global IT strategy."
"The ranking reflects the growing strength of the global outsourcing industry," stated Vice President of neoIT, Eugene Kublanov. "The Offshore 100 firms are witnessing the tangible effects of the offshoring trend representing over $90 billion in outsourcing revenues, and growing at a compounded annual rate of 20 percent from 2003 to 2005."
Over 250 data points were analyzed from a wide range of service providers that included large multi-national firms, emerging BPO providers and small domestic IT services firms. The data points were clustered in four categories that included general company information, client data, operational capabilities and human resource policies. Respondents to the survey included firms from 13 countries around the world representing many of the most popular offshoring destinations such as India, The Philippines, China, Russia, Malaysia and Mexico.
The Offshore 100 awards ceremony will be held on January 19, 2005 at neoIT's Global Outsourcing Conference at the Metropolitan Hotel in New York.