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| GCI and Planetasia to Create New Generation Global Service Offerings |
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| Morristown, NJ - February 2005 |
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| New Jersey based Global Consultants, Inc. (GCI), one of the fastest growing IT services and solutions companies in the US, today announced the acquisition of a majority stake in Planetasia, a Microland Group company. GCI caters to Fortune 500 companies in the US. The synergies between the two companies will result in several combined offerings to the market and provide unique value to existing and prospective clients. Amongst the first of the initiatives is a BESTSHORE global delivery model (GDM) that has several unique features not found in the traditional offerings by current vendors |
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| With this, GCI, a US based USD 130mn company with over 2500 employees will broaden its service offerings and provide off-shore based services to its clients. Planetasia, currently India's leading e-Technology offshoring company for mid market enterprises in the web Online, ISV, Manufacturing/Retail and Media/Publishing sectors, will now also deliver and execute solutions and services to GCI's Fortune 500 companies in the Telecom and Banking, Financial Services and Insurance segments. |
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| Planetasia will continue to work with its existing clients, and will now be able to offer its customers a new set of services by leveraging GCI's capabilities. While GCI will be the largest stakeholder in Planetasia, Planetasia's current management will continue to run the company, given its depth and strength. As a result of this event, GCI sees job additions due to increased business to both itself and to Planetasia. |
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| "GCI has always had a customer centric approach to business and consistently enhanced its engagements and offerings to clients. With this investment, we expand the suite of service offerings and also give our customers access to a truly global resource pool. " said Hiten Patel, Chairman & CEO, GCI. "Our customers can now leverage an entire spectrum of services including onsite consulting, onsite/ offsite fixed price projects and offshore services." |
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| Subsequent to GCI becoming the majority shareholder, Planetasia will become 'the Solutions Arm of GCI'. Planetasia will focus on mid market enterprises and GCI will focus on bringing its Fortune 500 clients offshore. Planetasia will retain all its employees and continue to offer end to end solutions. |
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| All existing investors including ICICI, JP Morgan Chase, Microland and Pradeep Kar in his personal capacity will continue to be shareholders in the company. |
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| "This is a very exciting development given the tremendous synergies between the two companies and the potential to bring significant value to our clients. Planetasia has always represented innovation and value to its client base. We can now offer a much wider range of services including onsite and proximity capabilities, domain knowledge in specific verticals and technology enrichment," Said, Jawahar Bekay, CEO, Planetasia. "This partnership will help in providing strategic business impact, cost reduction, and quality improvement to our clients." |
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| About GCI |
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| Established in 1991, Global Consultants Inc. (GCI), , is one of the fastest growing Information Technology Services & Solutions firms in the U.S. GCI implements business and technology strategies and provides IT solutions for Global Fortune 500 corporations to stay ahead in today's dynamic environment. With select clients, GCI create lasting relationships by providing services that consistently deliver value. This value is created by using a multi-faceted approach - apply business domain expertise in specific industry segments, utilize a highly-skilled technology workforce, leverage a proven Global Delivery Model (Onsite/Offsite/Offshore), implement CMMi Level 5 quality processes & methodologies and be extremely cost-effective. |
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| About Planetasia |
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| Planetasia.com Ltd (www.planetasia.com) is a Microland promoted company and is India's first and leading e-technology off-shore outsourcing company. It provides world-class technology consulting, application development and technology enabling services to the global enterprise. Founded in 1997, the company has offices in Chicago, San Jose, London and Hong Kong with the Corporate Headquarters and offshore delivery centre at Bangalore, India. Its unique blend of Technology Focus, Teamwork and Temperament allows it to consistently deliver tangible business results to global customers. With proven competencies in software engineering, technology consulting, innovative architecture and design and usability engineering, it delivers cost-effective, high quality solutions to global clients. |
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