Merrill Lynch to shift Satyam contracts to TCS (TATA)

[OhioChick]

Source: Economic Times India

16 Feb 2009, 0027 hrs IST, Jessica Mehroin Irani, ET Bureau

MUMBAI: Investment bank Merrill Lynch (ML) is in the process of shifting a majority of its contracts with troubled software company Satyam to India’s largest IT vendor Tata Consultancy Services (TCS), according to software industry sources familiar with the matter. The account contributes around $40 million to Satyam’s yearly revenues.

ML had sent a team in early February to assess the ground situation at Satyam’s headquarters. The bank had told the Satyam team of their intention of handing over most of the IT services to another vendor. ET had reported in its edition dated January 31, that ML would be sending its team to the company’s office.

While the bulk of the contract will now be handled by TCS, Satyam will continue to service parts of the contract. Currently, there are no plans of terminating the contract completely, these persons said. Merrill contributes more than $50 million to TCS’ topline and is one of the top 10 clients for the company. Citigroup is TCS’ number one client contributing revenues close to 9%.

Merrill Lynch and TCS spokespersons declined to comment on the developments. Satyam’s chairman Kiran Karnik told ET, “IT companies win and loose contracts all the time. I do not know why the media has to report it all the time.” He did not confirm or deny ML’s move.




Read more: http://economictimes.indiatimes.com/Merrill_Lynch_to_shift_Satyam_contracts_to_TCS/articleshow/4133486.cms

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So glad they're using our taxpayer dollars to hire Americans. :sarcasm:

Also glad to see that Citigroup is TATA's number #1 client.

[madrchsod]

1. tata..taking over the world one company at a time

[ChromeFoundry]

2. Our tax dollars hard at work in another country....

I think there is a sale at Sears this weekend...

[Jim Sagle]

3. Tata to our jobs, and our tax dollars.

[ihavenobias]

4. Well said. n/t

[babylonsister]

5. They're bound and determined to not hire Americans, aren't they. nt

[jody]

6. Not to worry, IT professionals can find new jobs on "shovel ready projects" but they must provide

their own gloves.

Blisters expected until their hands become callused! :shrug: