Satyam’s New CEO Assures Singapore “It’s Business As Usual”
Issued On Behalf Of Satyam By:WeR1 ConsultantsReshma Jain/Eric WongTel: 67374844/98140507/98756283
First overseas trip to reinforce company’s commitment to critical region, where business remains strong
Singapore, 3 March 2009: Satyam Computer Services Ltd’s. (NYSE: SAY’s), newly appointed Chief Executive Officer (“CEO”), Mr. A.S. Murty, today assured Singapore “It’s business as usual at Satyam” on his first overseas trip to meet staff, customers and government officials, since his appointment on 5 February 2009.
Murty’s trip underscored the company’s ongoing commitment to Singapore, headquarters for its “Rest of the World” operations, which include Asia-Pacific, the Middle East, India and Africa. The visit also helps restore stakeholder confidence and ensure business continuity in the republic.
Since 2000, Singapore has been an integral part of the leading global consulting and information technology services provider’s global growth strategy.
Murty also used his two-day visit to address key considerations about Satyam’s operational and financial aspects.
“Satyam’s foundation in Singapore and the RoW region is still quite strong,” Mr. Murty said. “Our customer base remains intact and all of our clients have chosen to stand by us during these challenging times. And, since the beginning of 2009, we have seen a record level of new contracts in the region, which shows the confidence our customers and the industry continue to have in us.”
Satyam is one of the first major Indian IT companies to establish operations in Singapore. Under the auspices of the Singapore Economic Development it has established the Global Innovation Hub, which conducts and research and development activities including joint testing and development of high-end applications with technology partners for global customers.
Additionally, Singapore is the site of Satyam’s Global Business Continuity and Disaster Recovery Centre, the only one of its kind outside the company’s global headquarters in Hyderabad.
“Equally important, our associates in Singapore and the RoW region have shown remarkable support and remain committed to Satyam and our clients. Aside from normal attrition, our staff count remains the same,” Murty said.
“Satyam has a promising future. We have a world-class roster of clients with whom we enjoy remarkably strong relationships. We have deep industry knowledge and technological and process competencies and our new Board represents some of the best management talent available.; Under these circumstances, employee morale continues to be high as we work together to emerge out of this period,” he continued.
Satyam’s Singapore operations have grown rapidly since Senior Vice President Virender Aggarwal launched the company’s efforts in 2000. Recently, the team moved into a 30,000-square-foot office in Changi Business Park, where it manages a broad range of software development, business continuity and other functions for customers in numerous industries.
“My immediate priority as CEO is to initiate and cultivate additional measures that will continue to stabilize Satyam and benefit all its stakeholders,” Murty said. “Singapore plays a key role in those stabilization efforts, because it is the nerve centre of our efforts to grow our business in this critical region.”
This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading “Risk Factors” in our report on Form 6-K concerning the quarter ended September 30, 2008, furnished to the Securities and Exchange Commission on November 7, 2008, and the other reports filed with the Securities and Exchange Commission from time to time.These filings are available at http://www.sec.gov
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