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September 24, 1999
Desai's Syntel Continues Acquisition Spree
A P Kamath in Troy, Michigan
Syntel, Inc, ranked by Forbes magazine as No 2 on its annual list of 'The 200 Best Small Companies in America', announced, on September 23, the acquisition of a California firm that provides technology services to customers like film-maker Steven Spielberg's DreamWorks SKG, Fremont Compensation Insurance Group, Princess Cruises, PacifiCare Health Systems, Sony Trans Com and the California Institute of Technology, among others.
Specific details of the deal in the deal were not available.
"The acquisition of Metier is a key step in our aggressive move to expand our advanced technology offerings, as we increasingly provide our global customers with cutting-edge solutions in the areas of e-business, CRM/ERM, web technologies, and data warehousing," said Bharat Desai, Syntel chairman and CEO.
Syntel, founded 20 years ago, helps major organizations harness emerging technologies with e-business solutions, data warehousing design and implementation, Customer Relationship Management services, as well as comprehensive applications outsourcing solutions Syntel has more than 1,900 employees in offices across North America, Europe, and Asia, and four Global Development Centers in the US and India.
It was one of the first US firms to successfully launch a Global Delivery Model in 1992. With technical teams working from networked facilities in different time zones, Syntel executes a virtual "24 hour workday" that saves customers money, speeds projects completion and provides for 24-hour support for key software applications 365 days a year.
Metier, established four years ago, is an Oracle Business Alliance Partner. Its reach and experience, combined with Syntel's own expertise "will provide our current and prospective clients with an enhanced level of depth. We also gain a strong presence on the West Coast, and access to some strategic new customers," Desai said.
In May, Syntel announced the acquisition of a smaller company, IMG Incorporated, a technology consulting company based in Beaverton, Oregon that provides IT consulting services in a variety of advanced technology areas like web-accessible data marts, e-business and electronic data interchange, and web application development. Named one of the top 25 fastest growing private companies in the region by the Portland Business Journal in both 1999 and 1998, IMG generated $ two million in revenue in 1998.
Metier specializes in assisting middle market clients, particularly in the areas of healthcare, manufacturing, and financial services, to successfully design and implement data warehousing, e-commerce, and ERM solutions. Metier's revenues for the twelve months ended June 30 were $ 25 million.
"We carefully evaluated several opportunities to partner with large IT services firms but we chose Syntel because we share a great deal in terms of our corporate cultures to service our customers beyond their expectations," said Vivian Chow, Metier CEO. "Further, Syntel has a unique global business model that enables us to achieve a worldwide reach instantly.
"Like Syntel, Metier focuses on helping our clients understand how to harness emerging technologies and then demonstrates a passion for rapid, cost effective delivery of those solutions," Desai said.
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