HEADSTRONG – ANOTHER STRONG QUARTER AND SEEKING LEADERSHIP POSITION FOR IT SERVICES IN US SECURITIES MARKET

Fairfax, VA - 30 November 2006

Headstrong, a global consultancy, today announced its results for the quarter ending September 30, 2006. The third quarter results highlights:

- Revenue and profitability continues to grow robustly. North America revenues in Q3 grew at over 40% over the last year third quarter.
- Offshore revenues grew at 43% during the quarter compared to the quarter last year.
- Improved backlog and strong growth with the leading Investment Banks worldwide.

“We are very pleased with our results for the quarter. We achieved these result based on the team’s strong execution globally and continued focus on offering value added services in our domain led niches. The market is very responsive to our model and our pipeline of existing and potential clients stays robust,” says Arjun Malhotra, Chairman and CEO. He added, “We continue to invest in building truly world class infrastructure to support the best of breed clients that we serve.”

The continued market consolidation of domain-led IT consulting companies, especially in Financial Services, leveraging distributed global delivery model has further strengthened Headstrong’s position as the leading service provider in the Investment Banking and Securities Market space. Headstrong currently works with the 8 of the top 10 Investment Banks worldwide.

“Our results truly show the investments made by us in the tools, processes and infrastructure to attain leadership in the Securities Market space. We continue to be well covered by the leading Research and Analyst community in the US Financial Services as one of the leading FS provider and fastest growing IT services company,” says Nicki Mehra, Managing Director, Corporate Strategy.
Headstrong’s global employee strength crossed 2300 during the quarter.

Headstrong’s Global Delivery Centers (GDC), both in India and Philippines, continue to grow rapidly. Headstrong unveiled its newest development center earlier this month in NOIDA, India with over 150,000 square feet, state-of-art facility to house 1500 consultants.

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