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Technology Stocks : SYNTEL (SYNT) - Upcoming Year 2000 IPO -- Ignore unavailable to you. Want to Upgrade?

To: JDN who wrote (2637)	1/26/2000 1:43:00 PM
From: JDN	Read Replies (2) \| Respond to of 2761

To all: Well, this is a new twist, based upon price and volume market seems to like it. JDN Syntel Launches Web Incubator; First Two Companies to Market Launch Q1'00 TROY, Mich.--(BUSINESS WIRE)--Jan. 26, 2000--Syntel, Inc. (Nasdaq:SYNT), a leading e-business and application integration firm, today announced it has developed a web incubator business program that enables the corporation to invest in and spin off web-based businesses. The first two such businesses will be launched later this quarter. Syntel will be investing to fund the start-up of these businesses as well as provide operating funds. The first new company is a business-to-business e-commerce site and the second is a vertical portal with robust, daily updated content for a very targeted, affluent audience. These first two web businesses were not only able to leverage Syntel's financial backing, but also internal intellectual capital for additional talent, as well as infrastructure support and the company's Global Delivery Service for speed of development. "As an emerging e-business solution provider, this move makes sense for Syntel for several reasons," said Bharat Desai, Syntel Chairman and CEO. "By aggressively building web-based businesses ourselves and funding others, we provide an outstanding environment for our employees to learn new skills, cultivate new business models, not to mention provide outstanding shareholder value and valuation for our stakeholders. We began establishing the foundation for this web incubator program last fall and we're pleased to see the first two companies rapidly accelerating to market launch later this quarter." Syntel will not only create its own start-up companies, it will also take a majority or minority ownership position in other early or expansion-stage firms. New business concepts are being evaluated from a variety of sources, including entrepreneurs, Syntel employees, and venture capital firms. According to Desai, additional business concepts are currently incubating and will be launched at a later point. "As we communicate with our customers about the power of a fully integrated e-business approach, Syntel is in a much stronger position when we've personally lived through all of the nuances and challenges of building e-businesses ourselves," Desai added. "This move has released an array of outstanding ideas and concepts that we are presently evaluating. It is a very exciting time for all of us at