Bangalore, India - March 4, 2010:
Wipro Technologies, the global IT services business of Wipro Limited (NYSE:WIT), today announced that it has entered into a seven year strategic agreement with The Main Street America Group, a leading provider of commercial, personal and surety insurance products exclusively, sold through independent agents to individuals, families and small businesses in 24 US states. Main Street will engage with Wipro for applications development, maintenance and quality assurance using Wipro’s CMMi Level 5 quality services.
Under terms of the agreement, Wipro will supplement Main Street America’s IT organization in its endeavor to support its present and future business needs. Main Street America will leverage Wipro’s global delivery model to achieve faster time-to-market capabilities and reduce operating costs by utilizing economies of scale. Wipro will support Main Street America’s Personal Lines business on its Main Street Station and legacy platforms. In addition, Wipro will support its Main Street Station Commercial Lines and Bond processing systems. Under the agreement, Wipro will bring Service Level improvements over the initial term of seven years.
“As The Main Street America Group continues to increase scale and productivity, we need to implement more efficient processes while reducing our operating costs,” said Ronald James, Main Street America’s chief information officer. “Because Wipro has more than 4,500 IT insurance professionals at its disposal, we will be able to better support specific phases of projects and maintenance/regulatory demands from our business units. Partnering with Wipro could also help us close timelines and accelerate delivery of some of our projects.”
“Wipro’s demonstrated capabilities to US insurers allowed us to become Main Street America’s trusted IT Services provider. We look forward to supporting their future growth,” said Ajoy Menon, Insurance Business unit Global Head, Wipro Technologies. “Main Street America has a strong customer service culture with its distribution force of independent insurance agents and employees. We are happy to partner with them as we are confident with our expertise and customer-oriented approach we will be able to deliver greater value and enable Main Street America to sustain its superior customer service culture.”
Wipro Technologies, a division of Wipro Limited (NYSE:WIT) is the first PCMM Level 5 and SEI CMM Level 5 certified global IT services organization. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application management, and datacenter managed services to corporations globally.
In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India, offering system integration, network integration, software solutions and IT services.
Wipro also has a profitable presence in niche market segments of consumer products and lighting. In the Asia-Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADS' are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange.
For more information, please visit our website at www.wipro.com
About The Main Street America Group
With roots dating back to 1923, The Main Street America Group is a super regional insurance company that operates six property-casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Main Street America Assurance Company, MSA Insurance Company, Great Lakes Casualty Insurance Company and Grain Dealers Mutual Insurance Company. Based in Jacksonville, Fla., Main Street America offers a wide range of commercial and personal insurance, and fidelity and surety bond products to individuals, families and businesses throughout the United States.
With more than $815 million in premium written exclusively by 1,500-plus independent insurance agents, the 87-year-old company insures more than 600,000 policyholders in 24 states. A.M. Best Company rates The Main Street America Group as an "A" (Excellent). Main Street America is the founding company partner of Trusted Choice®, the global branding program of the Independent Insurance Agents & Brokers of America.
For more information about Main Street America, please visit www.msagroup.com.
Mangala Koti Singhal
+ 1 (732).216.6242
UK: Rahul Kadavakolu
+44 792 020 5496
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.