Dear Dave: Dont know, but I do not remember seeing the details of the recent acquisition posted so am printing the press release below. Interesting their recent pick as #2 spot. JDN
TROY, Mich.--(BUSINESS WIRE)--Sept. 23, 1999--Syntel, Inc. (Nasdaq:SYNT), a leading advanced technology services firm, announced today the acquisition of Metier, Inc., a privately-held Los Angeles, CA-based technology consulting firm. The transaction will be accounted for as a purchase and is expected to be accretive to future earnings. Consideration includes a combination of cash and stock.
"The acquisition of Metier is a key step in our aggressive move to expand our advanced technology offerings, as we increasingly provide our global customers with cutting-edge solutions in the areas of e-business, CRM/ERM, web technologies, and data warehousing," said Bharat Desai, Syntel Chairman and CEO. "Metier will become a very important part of Syntel. The company's deep skills and experience as an Oracle Business Alliance Partner, combined with Syntel's global reach and heritage managing large-scale technology engagements, provide our current and prospective clients with an enhanced level of depth. We also gain a strong presence on the West Coast, and access to some strategic new customers."
Metier specializes in assisting middle market clients, particularly in the area of healthcare, manufacturing, and financial services, to successfully design and implement data warehousing, e-commerce, and ERM solutions. Metier's revenues for the twelve months ended June 30, 1999 were $25 million.
"We carefully evaluated several opportunities to partner with large IT services firms but we chose Syntel because we share a great deal in terms of our corporate cultures to service our customers beyond their expectations," said Vivian Chow, Metier CEO. "Further, Syntel has a unique global business model that enables us to achieve a worldwide reach instantly. Like Syntel, Metier focuses on helping our clients understand how to harness emerging technologies and then demonstrates a passion for rapid, cost effective delivery of those solutions."
Founded by Vivian Chow, Arabella Lam, Ronald Kong, and Yayoi Christiansen in 1995, Metier provides technology services to customers such as DreamWorks, Siemens, Earthlink Network, Rand Corporation, and Cal Tech University, among others.
Desai added, "Metier brings a depth of management consultancy, as well as a unique blend of Big Five experience and entrepreneurial drive and spirit. Metier's founders have built an impressive company and we are excited about the new frontiers we will explore together."
Desai continued, "Syntel has been very diligent and selective in our acquisition strategy. We require the combination to provide Syntel enhanced technology offerings, geographic presence, access to new customers, and very strong financial performance and controls. Metier meets all of these criteria."
About Syntel, Inc.
Since 1980, Syntel has helped major organizations harness emerging technologies to help them run their businesses better. Our 1,900+ employees do this with e-business solutions, data warehousing design and implementation, Customer Relationship Management (CRM) services, as well as comprehensive applications outsourcing solutions. Syntel has facilities in the US, Asia, and London and trades on NASDAQ under the symbol "SYNT." Recently, Syntel was ranked by Forbes magazine as No. 2 on its annual list of "The 200 Best Small Companies in America." Find out more about Syntel at: www.syntelinc.com.
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