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August 17, 2006

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HEWITT ASSOCIATES REPORTS THIRD-QUARTER LOSS...Hewitt Associates reported net revenues (revenues before reimbursements) for the third fiscal quarter declined 2%, to $698.2 million, from $709.5 million in the comparable prior-year quarter. Outsourcing revenues declined 3%, and consulting revenues increased 4%. The net loss for the third quarter was $202.2 million, or $1.88 diluted loss per share, compared with net income of $33.0 million, or $0.31 per diluted share in the prior-year quarter. Last week, the company announced Russell P. Fradin as the company's new chairman and chief executive officer, beginning September 5, 2006. Fradin was previously president and CEO of BISYS which named Robert J. Casale, the chairman of the board, interim president and CEO while the company seeks a permanent successor.

EVEREST VP TO DELIVER KEYNOTE AT FAO WORLD...Phil Fersht, VP Research, Everest Research Institute, will deliver a keynote presentation on the Finance & Accounting Outsourcing Industry at FAO World, a one-day conference in New York on Tuesday, October 31, 2006. FAO World is the only event produced by the publishers of FAO Today magazine, the voice of the $64 billion Finance and Administrative Outsourcing (FAO) market.

OPI NAMES MD FOR BUSINESS DEVELOPMENT, SALES...Outsource Partners International, Inc. (OPI), a leading professional services firm dedicated solely to finance and accounting outsourcing, announced the appointment of George F. Evans as Managing Director. In this role, Evans will have national responsibility for OPI's business development and sales efforts. Evans will be based out of New York and will report directly to Clarence T. Schmitz, OPI's Chairman and CEO.

OFFSHORE IT OUTSOURCING STILL GROWING FAST...The global and U.S. markets for offshore IT services continue to grow at a remarkable rate, driven primarily by U.S. customer demand, according to IDC. IDC predicts that offshore IT services vendors will capture $29.4 billion in worldwide customer spending by 2010, with little sign of a market slowdown.

Posted by jbowles at August 17, 2006 08:32 PM