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| GCI continues global expansion; secures $30 million equity funding from oak investment partners |
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| Morristown, NJ - May 4, 2006 |
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| Global Consultants, Inc. (GCI), one of the fastest growing providers of end-to-end information technology services and solutions worldwide, today announced a $30 million round of financing from Oak Investment Partners for a minority stake in the business. |
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| GCI will use the proceeds to expand its global service and delivery capacity and to further strengthen its distinctive, value-added service components. In addition, the company plans to add centers in Brazil and China, while strengthening its global development centers in Europe, India and the U.S. |
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| According to a recent forecast from technology market research firm, IDC, "The worldwide IT consulting market will increase at a compound annual growth rate of 5.2% for the 2005-2010 period, with slightly rising growth rates each year." IDC analysts attribute the forecasted growth to a few key trends and factors, such as stabilization in pricing, continued bundling of IT consulting with outsourcing, and the reemergence of growth as a spending driver. |
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| "We decided to partner with Oak because of their tremendous track record of helping portfolio companies plan and execute aggressive growth strategies. GCI plans to build its employee base from 3,000 to over 7,500 over the next three years," said Hiten Patel, chairman and chief executive officer of GCI. "It's also a testament to our underlying philosophy of delivering the highest service level to our clients. We take pride in our personalized and 'hands on' approach to ensure our clients are not only satisfied, but also successful in their respective industries on a global scale." |
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| "We recognized GCI to be an outstanding platform for building a top-tier global services company," said Ed Glassmeyer, general partner of Oak Investment Partners. "Given its strong management team, vision, scale, service platform, and Fortune 100 client-base, GCI is fast becoming a leader in providing outsourced services worldwide." |
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| GCI's global delivery model global engagement model helps leverage capacity, capabilities, competitive pricing and competencies across geographies to improve delivery and predictability, resulting in greater customer satisfaction and loyalty. "These services are delivered through a unique combination of company owned frameworks and intellectual property as well as value-added service models and thought leadership, which has helped us retain and grow our client relationships over the years," added Patel. |
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| About GCI |
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| Established in 1991, Global Consultants, Inc. (GCI) is one of the fastest growing end-to-end information technology services and solutions firms worldwide. GCI's client-centric philosophy, commitment to service excellence and global delivery model global engagement model enables its Fortune 500 clients to succeed in today's global digital economy. With over 3000 IT professionals globally, GCI provides onsite, off-site and offshore technology services and solutions to leading financial services, telecommunications, manufacturing, retail and logistics corporations. The privately-held company has offices in the U.S., Europe, and India including six existing global delivery centers with plans to expand into Brazil and China in 2006. |
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| About Oak Investment Partners |
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| Established in 1978, Oak Investment Partners is a venture capital firm with a strong track record as a multi-stage investor. Oak's investment strategy focuses on growth opportunities in enterprise application and infrastructure software, outsourced services, communications equipment and services, advanced semiconductors, financial information technology, healthcare technologies, and retail. With offices in Westport, CT, Minneapolis, MN, and Palo Alto, CA, Oak concentrates on building long-term relationships with experienced management teams to develop successful companies that deliver consistent performance over time. These include 2Wire, Compaq, EquaTerra, Genzyme, Geotrace Technologies, Inktomi (acquired by Yahoo!), Parametric Technology Corporation, Polycom, Seagate Technologies, Sutherland Global Services, Sybase, Synopsys, TeleAtlas, Virata, Wireless Facilities (WFII), etc. |
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| U.S. Media Contact: |
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Chris Faust
Fast Lane Communications
973.582.3498
cfaust@fast-lane.net |
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| India Media Contact: |
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Mahesh S
Brand-Comm
+91 94482 59429
mahesh@brand-comm.com |
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