Minneapolis, USA, and Bangalore, India - May 20, 2011:
Wipro Technologies, the Global Information Technology, Consulting and Outsourcing business of Wipro Limited (NYSE: WIT) will offer System Integration services to Wyde Corporation's insurance clients and prospects worldwide under a strategic partnership. Wyde is a leading international provider of core insurance software solutions.
The partnership will allow Wyde's clients to leverage Wipro's global resources. Wipro Technologies will be the lead Systems Integrator for implementing Wyde's ‘Wynsure' software, for the insurance sector. Wipro will also set up a Wynsure Center of Excellence in India that will be leveraged for sales initiatives, co-development programs, training purposes and customer demonstrations. With this partnership Wyde and Wipro are poised to address over 250 small to medium sized insurers in the United States alone.
"Wyde's Wynsure platform is a strong, capable platform across the spectrum of life, health, and P & C (Property and Casualty) insurers," said Ajoy Menon, Global Head of Insurance Practice, Wipro Technologies. "It provides Wipro a great platform to help insurers transform across the value chain."
John Barr, Wipro's Head of Insurance Business Advisory Services, and Life and Annuity Business Unit, adds "With Wyde's recent success with Wynsure adding 15 new clients over the past 30 months or so, they are an excellent partner as we jointly look to grow our solutions footprint in this insurance core systems space."
"This partnership gives life, health and property-casualty insurers an excellent option when implementing Wynsure," said Didier Lamour, Wyde's Chief Operating Officer. "As one of the biggest and best global IT service providers, Wipro is an ideal partner."
Wynsure is a comprehensive business administration technology solution for insurance that supports group and individual life and health insurance, and personal and commercial property and casualty insurance. Clients include insurance companies and managing general agencies of all types and sizes in the Americas, Europe and Asia. A fully supported component-based solution, Wynsure can be configured and easily customized to meet specific insurance business needs. Featuring an open service-oriented architecture, it can be easily integrated with other systems to provide powerful business solutions. Wynsure is recognized by analysts for its flexibility and ability to be deployed quickly.
Wipro and Wyde are jointly showcasing solutions at ACORD LOMA Insurance Systems Forum 2011 in San Diego from May 22 to May 24, 2011.
About Wipro Technologies
Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company, that delivers solutions to enable its clients do business better. Wipro Technologies delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology" – helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation and an organization wide commitment to sustainability, Wipro Technologies has 120,000 employees and clients across 54 countries. For more information, please visit www.wipro.com
Wyde (www.wynsure.com), a leading international insurance software vendor since 2000, has offices in the United States, Europe, Canada and North Africa, and leads projects in four continents. Led by an experienced leadership team, Wyde employs more than 200 employees worldwide. Wyde's strategic core values are excellence in technology, customer-centric product development, and a strong R&D commitment.
Wyde develops tight interactions with integrators, allowing it to couple its competencies with their skills. These partners, along with Wyde's customers, are involved in the development and the evolution of its technical tools and software.
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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.