Wednesday April 14, 8:04 am Eastern Time
Company Press Release
Syntel Awarded Multi-Million Dollar Contract
Renewal With Blue Cross Blue Shield of Georgia
TROY, Mich.--(BUSINESS WIRE)--April 14, 1999--Syntel, Inc. (Nasdaq:SYNT -
news), a leading information technology consulting firm, today announced it has expanded
and renewed a multi-million dollar IntelliSourcing(SM) agreement with Blue Cross Blue Shield (BCBS) of Georgia. BCBS
became a Syntel client in January 1998.
The contract calls for Syntel to build upon the success it has had at BCBS utilizing a Global Delivery Model to deliver
mainframe and client-server applications development and maintenance services on-site, at BCBS facilities in Georgia, as well
as at Syntel's Global Development Center in Chennai, India. Syntel's primary focus has been to enable BCBS to make
significant enhancements to Q/Care® -- a GTE managed care system -- in order to support the business requirements of its
member organizations. The effort also involves migration and conversion from an older system to Q/Care.
''We are very pleased with the performance of Syntel,'' said Gardner Wright, Chief Information Officer of Blue Cross Blue
Shield of Georgia. ''The quality of deliverables has exceeded our expectations and we look forward to even more success with
Syntel in the future.''
''We view our relationship with BCBS as a true partnership,'' said Bharat Desai, Syntel Chairman and Chief Executive Officer.
''Syntel is uniquely positioned to leverage our extensive experience in designing and building healthcare systems in a very cost
effective manner, thanks to our Global Delivery approach. We believe this strategy will continue to serve us well in the future.''
About Blue Cross Blue Shield of Georgia
Blue Cross Blue Shield of Georgia, Inc. is the state's largest insurer providing or administering health benefits to more than 1.4
million Georgians.
About Syntel, Inc.
Syntel provides cutting-edge Applications Management and technology consulting services to Fortune 500 companies such as
AIG, Dayton Hudson, Ford Motor Company, and Borders, among others. Syntel helps its clients better manage their business
applications to improve time to market, productivity, and competitiveness through integrated applications solutions. The
company has approximately 2,100 employees in North America, Europe, and Asia and operates four world-class Global
Development Centers in the US and India. Syntel reported1998 revenue of $168 million, a 35 percent increase over 1997. To
learn more about Syntel, visit the company web site at: www.syntelinc.com
Safe Harbor Provision
This news release includes forward-looking statements, including 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 10-K document dated
March 30, 1998. Factors that could cause results to differ materially from those set forth above include trends and
developments in the information technology industry generally, which is subject to rapid technological change and the
Company's concentration of sales in a relatively small number of large customers, as well as intense competition in the
information technology industry, which the Company believes will increase.
Q/Care is a registered trademark of GTE Data Services Incorporated. |
