TROY, Mich., March 9, 2011 (GLOBE NEWSWIRE) -- Syntel, Inc. (Nasdaq:SYNT), a global information technology services and Knowledge Process Outsourcing (KPO) firm, today announced that it has signed a Strategic Outsourcing Framework Agreement with the UK's FINANCIAL services statutory regulator, the Financial Services Authority (FSA). The FSA regulates 29,000 firms in the UK, ranging from GLOBAL INVESTMENT banks to very small businesses, and around 165,000 individuals.
Syntel is one of an elite group of technology partners that has been awarded eligibility to provide services in several areas. Syntel was selected as an approved provider for projects in four key operational areas: application development, application maintenance, testing and business process outsourcing (BPO).
This new Framework Agreement expands the FSA's vendor base with business partners that will enable the organization to meet its regulatory and operational goals, reduce business risk, be more responsive to dynamic market conditions, and minimize operating costs.
According to Syntel ceo and President, Prashant Ranade, the FSA can leverage Syntel's proven strength in the financial services industry to improve efficiency and drive more effective enforcement and transparency through technology innovation and integration of technology into business processes.
"Financial services is an area of deep expertise and strength for Syntel," said Ranade. "We provide a comprehensive suite of solutions and services for the financial services industry, including business analytics, anti-fraud, regulatory compliance and risk analysis solutions. Our domain-specific models for application development, maintenance and testing deliver significant value as well."
About Financial Services Authority
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
Syntel (Nasdaq:SYNT) is a leading global provider of integrated information technology and Knowledge Process Outsourcing (KPO) solutions spanning the entire lifecycle of business and information systems and processes. The Company is driven by its mission to create new opportunities for clients by harnessing the passion, talent and innovation of Syntel employees worldwide. Syntel leverages dedicated Centers of Excellence, a flexible Global Delivery Model, and a strong track record of building collaborative client partnerships to create sustainable business advantage for Global 2000 organizations. Syntel is assessed at SEI CMMi Level 5, and is ISO 27001 and ISO 9001:2000 certified. As of December 31, 2010, Syntel employed more than 17,300 people worldwide. To learn more, visit us at: www.syntelinc.com.
Safe Harbor Provision
This news release includes forward-looking statements, including those with respect to the future level of business for Syntel, Inc. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company's Annual report on Form 10-K for the year ended December 31, 2010.