iGate wins technology services contractUBS Nasdaq-listed iGate Corp said it won the largest outcomes-based contract to date with Swiss bank UBS. It did not disclose the value of the contract. In an outcomes-based model, the payment is linked to mutually agreed business or service level outcomes, unlike in the traditional model of outsourcinga service provider get paid for the number of engineers working on a contract and the number of hours they spend on it. The last big win iGate announced was an infrastructure deal with Metlife for $100 million. However, this contract was only part outcome based.This strategic initiative has significant benefits for UBS including improved standardisation, reduced risk, operational complexity and cost. This is a landmark initiative in financial services with an increasing number of financial institutions seeking to consolidate and standardise their instrument data operations and IT across various business units, said Derek Kemp, executive vice president and head of the EMEA for iGate said. Instrument data refers to information pertaining to financial instruments such as stocks, futures and options. Under the terms of the contract, iGate will help UBS migrate towards a globally managed service for instrument reference data acrossasset classes, the New Jersey headquartered IT services firm said. The initiative will benefit UBS through improved standardisation, reduced risk, operational complexity and cost, it added. As part of our industrialization efforts, we are simplifying our processes to increase effectiveness and reduce operational risk and cost. Moving towards a managed service model for the supply of financial instrument data is a good example of industrialization in action at UBS, said Adrian Boyd, Managing Director, UBS. He said iGate was chosen following a robust selection process. This is the first major deal the IT firm has won since former Infosys director, Ashok Vemuri, took over as its CEO. Vemuri who played a key role in growing Infosys financial services practice was expected to give fresh thrust to growthbanks and other financial services clients in iGate as well.
Posted on: Thu, 07 Nov 2013 06:05:10 +0000
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