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Two major outsourcing deals in the hospitality and the pharma sectors have been signed which should bring hope and cheer for the Indian BPO sector. The worlds premier hotel company, Chicagobased Global Hyatt Corporation, has outsourced part of its financial and accounting transaction services to Indias Genpact. The Hyatt agreement is a trendsetting move in the hospitality industry and follows in the footsteps of other global banking and insurance giants who outsourced a large part of their processes to Indias BPO sector to save costs.
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Indian legal process outsourcing LPO sector is currently experiencing a positive effect of U.S. financial crisis as bankruptcy filing incidents as that of the major investment firm Lehman Brothers make many corporate houses and investment banks to shift their credit crisisrelated work to lawyers in India as it is a more viable and costeffective option.With more international firms turn to India for LPO, the sector is expected to witness a surge in business. Major LPOs such as Pangea3, Quislex and Mindcrest have seen a significant increase in the number of outsourced projects in the last few months.
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The global sub prime crisis will force financial institution to offshore more work to cut cost. Business Process Outsourcing BPO from the financial services sector will increase 40 to 45 times the current market size over the next five years, with key drivers of growth coming from cost pressures and the timely advent of more vertical specific offerings by offshore suppliers, predicts the Everest Research Institute.
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Indian IT service providers are poised to look at a larger share of the global USD 28 billion addressable remote infrastructure management RIM services in the next five years, on account of cheaper labour and deeper skillsets, according to a recent report jointly prepared by Nasscom and advisory firm Mckinsey. Indian IT service providers already account for about 60 percent of the global RIM services. RIM, a general term used for the management of various IT services such as applications, network, IT helpdesk, software deployment and support, forms a part of the broader IT BPO outsourcing industry.
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Indias knowledge process outsourcing KPO industry dealing with financial services is set to become USD 5 billion by 2010, global consultancy firm KPMG said in a report.The KPO industry is booming in India. The industry is expected to grow to USD 10 billion to USD 17 billion by the year 2010, KPMG said.
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Sitel, the provider of outsourced customer interaction services, today announced that its Bangalore BPO centre a joint venture with ITC Indian Tobacco Company Infotech will be rebranded as Sitel India.The company, which boasts revenues of USD1.8 billion, described India as an important region for its growth strategy, as there has been consistent delivery and excellent customer service with high returns on investment for all its clients.
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Its flooding assignments for Indian legal process outsourcing LPO companies in spite of having a worst economic condition, while law graduates in the country are not at all interested in choosing LPO as a profession. It is the least preferred profession among law students, finds a new survey. Due to its costeffectiveness, Indian LPOs are the most preferred destination for multinational companies.
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HCL Technologies, which is going to close the largest acquisition by an Indian IT firm, is already considering more buyouts. The countrys fifthlargest IT services firm is interested in engineering services, remote infrastructure management RIM and platformbased BPO firms, its CEO said. HCL will acquire UKbased consultancy Axon Group for GBP441.1mn USD655 mn on Monday. We will acquire more companies. This Axon is one of the acquisitions. We are homing into a few things, HCL Technologies CEO Vineet Nayar said.
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After having won a majority of contracts from large BPOs during the last year, leading software firms with back office arms are all set to become bigger players in the BPO market, says research firm Datamonitor.Companies such as Tata Consultancy Services TCS and Cognizant accounted for almost 80 per cent of the total value of large BPO contracts awarded in the past year. According to the research firm, 54.3 per cent of all large BPO deals were signed by IT services vendors having BPO arms, and not specialist BPO firms.
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India Shining is, probably, what Kelly Services India is trying to suggest in its first white paper with reference to knowledge process outsourcing KPO in India. The KPO white paper, based on the study by the independent research company, Asset Management, offers insight into current trends and growth in the KPO industry and what it will take for India to become a KPO hub as it has been for the BPOs.
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Raman Roy headed Quatrro BPO Solutions is on an acquisition spree. Over 300million funding has been lined up for the acquisitions. The company, which employs around 2, 500 people, is in talks with more than six companies on the same.It is an exciting environment to acquire. Some good companies are available at very good prices and we are likely to complete one acquisition, valued at over 100 million, before March 2009, says Roy, Managing Director, Quatrro.
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Telus International, the contact centre arm of Canadas second largest telco Telus Mobility, is planning to set up captive operations in the country. The company has identified a few people for senior positions in India. It is likely to recruit a few hundred people to begin with. The exact location and city has not yet been finalised, The Canadian operator is planning to set up back office functions from the captive and may also look at IT functions at a later date, he added.
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