- This multi-million dollar deal further strengthens iGATE's 10-year long partnership with MetLife
- Five-year Managed Services contract reiterates iGATE's global leadership in the Insurance space
FREMONT, Calif., June 25, 2013 (GLOBE NEWSWIRE) -- iGATE Corporation (Nasdaq:IGTE), the first Business Outcomes driven integrated Technology and Operations (iTOPS) solutions provider, today announced a new five-year contract valued at over $100 million for providing global infrastructure services for MetLife, Inc., a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers.
Celebrating the completion of 10 years of partnership in providing services globally to MetLife across North America, EMEA and Asia-Pacific, this additional deal deepens iGATE's relationship with MetLife, further increasing its level of engagement to include complex and mission critical services. Post the ALICO acquisition, MetLife has been executing on its strategy to simplify operations to realize the benefits of its global footprint and be better positioned to meet customer needs, reduce operating costs and operate as a truly global company. iGATE participated in a competitive bid to assist MetLife in building out an Innovative Infrastructure model to manage its IT systems towards greater efficiency and flexibility, in order to drive lower costs and increase business agility. The bid was awarded to iGATE on its quality and creativity of the solution, as well as innovative commercial structuring based on the industry leading ITIL based Infrastructure support model.
Jim O'Donnell, Senior Vice President, Enterprise Infrastructure & Architecture (CTO) MetLife, Inc. said, "We are delighted to further strengthen our 10-year association with iGATE. With iGATE's support in technology and operations, MetLife is committed to provide a best-in-class customer experience whilst we continue to drive efficiency, eliminate redundancies that add cost and complexity & improve our understanding of customers. The year-on-year productivity and quality improvement parameters were clearly visible through the Managed Services program it provides."
Commenting on this engagement and the MetLife relationship, Sanjay Tugnait, EVP, Head of Sales - North America and Global Head of Alliances, iGATE, said, "This win is a strong validation of iGATE's domain and technology expertise in the insurance industry. Our 10-year long relationship with MetLife has given us deep understanding of the company's global businesses and will enable us to achieve definitive business imperatives for them in terms of both cost rationalization and high levels of service delivery. We remain committed to our long standing partnership with MetLife and will work to further strengthen their service offering and customer experience driven by our proven outcomes-based model."
The solution cuts across a portfolio comprising of Data Services Engineering and Implementation, Middleware Support and Implementation, Infrastructure Application Development Services, Enterprise Networking and Messaging, Infrastructure Project Management and Infrastructure utility services. iGATE's solutions will also be differentiated by its flexible technology stack to enable SLA measurement.
"Through this contract, we will enable MetLife to transform its service delivery framework from a resource and capacity based model to a scope and service level based one. With our operating model design and a predictable cost model, we will significantly increase our accountability in the engagement; accelerate multi-skilling, effort rationalization and process harmonization, thereby creating the foundation for an optimized pay for performance construct," further added Ganesh Iyer, Senior Vice President, Insurance, iGATE.
About MetLife, Inc.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About iGATE
iGATE Corporation is the first integrated technology and operations (iTOPS) company providing full-spectrum consulting, technology and business process outsourcing, and product and engineering solutions on a Business Outcomes-based model. Armed with over three decades of IT Services experience and powered by the iTOPS platform, iGATE's multi-location global organization has a talent pool of more than 28,500 employees and consistently delivers effective solutions to over 300 companies including Fortune 1000 clients spanning verticals such as: banking and financial services; insurance and healthcare; life sciences; manufacturing, retail, distribution and logistics; media, entertainment, leisure and travel; energy and utilities; public sector; and independent software vendors. Please visit www.igate.com for more information.
iGATE Corporation is listed on NASDAQ under the symbol "IGTE."
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About Business Outcomes
iGATE's industry-first Business Outcomes-based approach focuses on the realization of tangible and measurable results, unlike traditional models which are driven by work, effort, time and manpower. By integrating technology and processes in a proprietary way and pricing services on results, iGATE exchanges fixed costs for a variable cost structure in an attempt to get clients to 'pay for results only' while enabling them to adjust to the peaks and valleys of their demand.
Forward-Looking Statements
Statements contained in this press release regarding the business outlook, the demand for the products and services, and all other statements in this release other than recitation of historical facts are forward-looking statements. Words such as "expect", "potential", "believes", "anticipates", "plans", "intends" and other similar expressions are intended to identify such forward-looking statements. Forward-looking statements in the press release include, without limitation, forecasts of market growth, future revenues, future expectations concerning growth of business, cost competitiveness and expansion of global reach following the acquisition, and other matters that involve known and unknown risks, uncertainties and other factors that may cause results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in integrating business; whether certain market segments grow as anticipated; the competitive environment in the information technology services industry and competitive responses to the Company's acquisition of iGATE Computer; and whether iGATE can successfully provide services/products and the degree to which these gain market acceptance. Furthermore, in connection with the iGATE Computer acquisition, the Company has borrowed significant amounts, including through the issuance of high yield notes, and will need to use a significant portion of its cash flows to service such indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past. Additional risks relating to the Company are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as well as the Company's other reports filed with the Securities and Exchange Commission. Actual results may differ materially from those contained in the forward-looking statements in this press release. Any forward-looking statements are based on information currently available to the Company and it assumes no obligation to update these statements as circumstances change. This document does not constitute an offer to purchase or to sell securities in any jurisdiction.