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September 29, 2005

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GECIS IS NOW GENPACT...One of the pioneers and major players of global outsourcing have taken a new name. Gecis Global is now Genpact. The company says its new name reflects both new name reflecting both its GE heritage and its outlook for the future. Genpact President & CEO Pramod Bhasin said the company expects to pass the $1 billion mark in annual revenues by 2007-2008 and have a global workforce of 30,000.

FAO OUTSOURCING REACHES RAPID GROWTH STAGE...The finance & accounting outsourcing (FAO) sector, which primarily serves the Global 500 marketplace, has reached the rapid growth stage, according to Everest Research Institute, which estimates total contract value currently at US$12 billion. In an in-depth report on the FAO sector between 1991, when the first FAO contracts were signed, and April 2005, Everest Research Institute analysts also found that 41 companies signed large, multi-process FAO contracts over the past 18 months, resulting in 58 percent market growth. Of the 108 multi-process FAO contracts signed since 1991, about 70 percent were signed in the past four years.

PAYCHEX ANNOUNCES RECORD INCOME...Paychex, Inc. announced record net income of $115.0 million, or $0.30 diluted earnings per share, for the three months ended August 31, 2005, a 31% increase over net income of $87.7 million, or $0.23 diluted earnings per share, for the same period last year. Total revenues were $403.7 million, a 17% increase over $345.0 million for the same period last year.

NEW COO FOR FISERV INTERACTIVE TECHNOLOGIES UNIT...Fiserv, Inc. said its Interactive Technologies business unit appointed Linda A. Weber chief operating officer. In her new role, Weber will initially focus on further integrating the Interactive Technologies Advantage Fee System software and complementary Fiserv solutions, significantly expanding the utility to clients.

SILICON VALLEY LOSING JOBS TO INDIA...About half of Silicon Valley’s outsourced jobs are winding up in India, with other Asian nations and China trailing behind in the jobs race, say area managers recently surveyed by a team of faculty at Santa Clara University’s Leavey School of Business. The survey has tracked outsourcing by regional companies over the last three years, and registered a slight decline in the number of companies taking jobs out of Silicon Valley last month.

Posted by jbowles at September 29, 2005 10:07 PM