Hyderabad (INDIA), July 24th, 2007: Satyam Computer Services, Ltd. (NYSE: SAY), a global consulting & IT services, today announced strategic initiatives to strengthen its presence in South Africa. At a press conference held in the city, the media was addressed by Virender Aggarwal, director and senior vice president, Satyam APAC and MENA and Eddie Woods, Vice president, Strategic Deals Group, Satyam APAC and MENA. The guest of honor was Francis S Moloi, RSA High Commissioner to India.
“With South Africa constituting more than 60% of the IT market of African continent and a 20 % annual growth in the IT spends, the country offers tremendous business opportunities. Supplementing this is the local manpower pool which can be honed into talented software professionals with Satyam's training. Given the potential, both in terms of business and human capital, we have set an aggressive target of 75 % yoy revenue growth and we will invest heavily in further developing the local human capital through various skill enablement initiatives. In the next two to three years, we plan to achieve a leadership position in South Africa amongst our Indian peers,” said Mr. Aggarwal.
The company is banking on a sizeable number of contracts emanating from South Africa in the coming years and sees potential in providing IT solutions to the Banking & Financial, Energy & Utilities and Government sectors.
As part of its global strategy, the company has also recruited and trained 50 South African technical graduates in the last one year. The first batch of 20 has been successfully deployed in projects in South Africa. Essentially an employment and skilled enablement program supporting the RSA's BEEC, the company plans to hire almost 200 more local technical graduates, train them in India and bring them back to South Africa to associate with various customer projects.
Speaking at the conference, His Excellency Sehloho Francis Moloi, High Commissioner for South Africa to India said, “Our country requires an economy that can meet the needs of all our people and their enterprises - in a sustainable manner. This will only be possible if our economy builds on the full potential of all persons and communities across the length and breadth of our country. Broad-based Black economic empowerment is not affirmative action, although employment equity forms part of it. It is a strategy through which our Government seeks to bring into the main stream of economic activity those who were previously excluded by discriminatory laws and practices of the past. It is also a growth strategy, targeting the South African economy's weakest point: inequality. Additionally, South Africa as a market is under serviced and I am glad that a global IT giant like Satyam has partnered with us to associate with the country's inclusive strategy of growth and development and serve the economy in a meaningful way. Partnering with Satyam and other companies will also contribute to the development of the kind of skills that South Africa needs in order to sustain the current economic growth that we are enjoying, especially the 6% growth we have envisaged in our economic outlook. "
Currently, Satyam serves 6 of the largest firms in the country, employs over 120 technical resources at customer locations and has offices in Johannesburg and Cape Town.
About Satyam
Satyam Computer Services Ltd. (NYSE: SAY) is a global IT consulting and services provider, offering a range of expertise aimed at helping customers re-engineer and re-invent their businesses to compete successfully in an ever-changing marketplace. Nearly 42,500* highly-skilled professionals in Satyam work onsite, offsite, offshore and nearshore, to provide customized IT solutions for companies in several industry sectors.
Satyam’s ideas and products have resulted in technology-intensive transformations that have met the most stringent of international quality standards. Satyam Development Centers in India, the USA, the UK, the UAE, Canada, Hungary, Malaysia, Singapore, China, Japan and Australia serve 570* global companies, of which 165* are Fortune Global 500 and Fortune US 500 corporations. Satyam’s presence spans 57 countries, across six continents. For more information visit: www.satyam.com.
* As on June 30,2007
Satyam
India-Shakuntala Sarkar, Shakuntala_sarkar@
US and Europe-Priti Thakker, Priti_thakker@
Asia- Pacific-Violet Yeo, Violet_Yeo@satyam.com, +614 184 00 833
Safe Harbor
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading “Risk Factors” in our report on Form 20-F concerning the quarter ended March 31, 2007, furnished to the United States Securities Exchange Commission on April 30, 2007 and the other reports filed with the Securities Exchange Commission from time to time. These filings are available at http://www.sec.gov.
