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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (650)	2/10/2000 12:38:00 PM
From: Mohan Marette	Respond to of 1471

OT CITIL forges new alliances 10-02-2000 19:56:07 Corporate Address Unit 10-11, SDF I, SEEPZ, Andheri (East), Mumbai 400 096, India Tel : +91.22. 829 1020 Fax : +91.22. 829 2767 Website: citil.com Citicorp Information Technology Industries Ltd (CITIL), a Citibank group company, has announced that it was tying up with global firms to meet the online needs of the international financial services industry. The company is planning to enter into a Joint venture with the French computer services group, Atos. CITIL also plans to launch a financial portal with U.S. Internet software firm Viador Inc said its Chief Executive Officer, R Ravishankar. As part of its new focus, CITIL will change its name to i-flex solutions Ltd and invest $5mn to promote its new brand name. CITIL will use its alliances and partnerships to achieve revenues of $250 million in 2002/03 (April-March), up from a projected $100 million in 2000/01. "The new strategic theme is to help better capture opportunities of the future. As a part of this strategy, we have entered into a joint venture with ATOS-ODS of Spain, which is part of the French Atos group, to create a company in Latin America to sell, support and build services around our Flexcube product" Ravisankar said. He further added that CITIL`s plans last year to acquire two European firms fell through because there was a disagreement over their valuations. "We continue to be on the lookout for acquisitions but don`t have anything to report at the moment." For Q3FY99, CITIL posted a PAT of Rs667mn ($15.3 million) for the nine months ended December 31, 1999, compared with 455 million rupees in the year-ago period. Source:Reuters