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April 20, 2006

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INFOSYS INCREASES STAKE IN PROGEON...Infosys Technologies Limited announced an agreement with Citicorp International Finance Corporation to acquire its entire holdings in Progeon Limited, a majority-owned subsidiary of Infosys. Progeon is a provider (BPM) services to Global 1000 companies and is among the top 10 third-party BPOs in India. It has over 7,000 employees as of March 31, 2006. Infosys will buy all of Citi's holdings in Progeon (23% on a fully diluted basis) amounting to 8.75 million shares for approximately US$ 115.13 million. The purchase will be paid in cash and the transaction is expected to be completed by July 2006.

LUXOFT ACQUIRES ITCI...Luxoft announced the acquisition of New York City-based IT Consulting International (ITCI), a company which has been providing IT outsourcing, on-site staffing and project management services for Global 500 and middle market businesses since 1993. The combined company will have more than 1,500 employees worldwide, and combined revenue in 2005 of more than $45 million.

IBM EARNINGS IMPROVE IN FIRST QUARTER...IBM announced first-quarter 2006 diluted earnings per common share of $1.08 from continuing operations, compared with diluted earnings of $.85 per share in the first quarter of 2005, an increase of 27 percent. First-quarter income from continuing operations was $1.7 billion compared with $1.4 billion in the first quarter of 2005, an increase of 21 percent. Total revenues for the first quarter of 2006 of $20.7 billion decreased 10 percent (7 percent, adjusting for currency) from the first quarter of 2005.

UNISYS REPORTS LOSS...Unisys reported a first-quarter 2006 net loss of $27.9 million, or 8 cents per share, compared with a first-quarter 2005 net loss of $45.5 million, or 13 cents per share. Revenue for the first-quarter of 2006 increased 2% to $1.39 billion from $1.37 billion in the year-ago quarter.

AON CONSULTING NAMES CEO...Aon Consulting, the human capital and management consulting organization of Aon Corporation announced the appointment of Kathryn Hayley as chief executive officer of Aon Consulting U.S. Hayley, who has more than 25 years of experience in the consulting industry, has been with Deloitte Consulting LLP since 1984, serving in numerous leadership positions.

ACS INTEGRATES HR OUTSOURCING BUSINESSES...Affiliated Computer Services, Inc. has integrated its human resources outsourcing (HRO) businesses to improve service delivery and the company's ability to provide customized solutions. ACS provides HRO services for 3 million people, delivering services from more than 135 global locations in more than 60 countries and supporting 20 languages. ACS has named Howard Fine as Senior Managing Director of the newly integrated HRO business.

EMPLOYEASE PARTNERS WITH GOOGLE...Google has selected Employease as one of the first go to market partners for the new Google OneBox for Enterprise feature of the Google Search Appliance. All Google Search Appliances will be shipped with the capability to work with an uploaded Employease One Box for Enterprise module. Employee directory search is the first module from Employease for this appliance.

Posted by jbowles at April 20, 2006 04:05 PM