FREMONT, Calif., Sept. 23, 2008 (GLOBE NEWSWIRE) -- iGATE (Nasdaq:IGTE), the global integrated Technology and Operations (iTOPS) provider, today announced its new retirement solutions practice and the appointment of industry expert Winthrop "Win" Cody to lead the practice. The retirement industry, including wealth management, benefits and financial planning for 401(k) plans and IRAs, represents a substantial market and perfect expansion target for iGATE, which continues to build on its existing markets and strengths to expand into new, related business segments.
To build this new practice, iGATE is drawing upon its extensive experience in financial services and its iTOPS outsourcing model to provide custom technology and business process solutions to firms in the wealth management and financial planning industries. Leveraging iGATE's existing resources and technology, Mr. Cody and his staff should be able to quickly and seamlessly enter and serve this new market.
"Our investment in our iTOPS business model continues. We are focused on the addition of key practice areas and expert executives to help lead our company into these new areas," said Phaneesh Murthy, CEO, iGATE Corporation.
Prior to joining iGATE, Mr. Cody was President of Cody Partners, a retirement industry consulting firm. He is also the founder and former CEO of ExpertPlan, a leading 401(k) service firm providing technology and record keeping solutions to major financial service firms, and former CIO of Copeland, the retirement planning subsidiary of CitiGroup (now part of CitiStreet, recently acquired by ING).
"There is the potential for great change in the global outsourcing industry in coming years and iGATE is leading the charge with new strategies and practices," said Win Cody, Principal - Wealth Management Practice, iGATE Corporation. "I am glad to be part of iGATE's team and to be able to bring the value of the iTOPS model to the retirement industry."
Mr. Cody earned a Bachelor of Science degree from Massachusetts Institute of Technology and a Masters of Business Administration from University of Connecticut. Mr. Cody will be based in iGATE's Iselin, New Jersey office.
About iGATE Corporation
iGATE Corporation (Nasdaq:IGTE) is the first fully integrated technology and operations firm with a global service model. iGATE enables clients to optimize their business through a combination of process investment strategies, technology leverage and business process outsourcing and provisioning. Services include consulting; IT services; data warehouse and business intelligence solutions; enterprise solutions; business process outsourcing and business service provisioning; contact center and infrastructure management services. The company services around 100 clients across the globe. Clients rely on iGATE because of the high quality of service, responsiveness, and cost-effective global reach. More information about iGATE is available at http://www.igate.com.
The iGATE Global Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5150
Forward-Looking Statements
Some of the statements contained in this news release that are not historical facts are forward-looking statements. These forward-looking statements include the Company's financial, growth and liquidity projections as well as statements concerning the Company's plans, strategies, intentions and beliefs concerning business cash flows, costs and the markets in which it operates and the proposed divestiture of its Professional Services Business. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify certain forward-looking statements. These statements are based on information currently available to the Company and it assumes no obligation to update the forward-looking statements as circumstances change. There are risks and uncertainties that could cause actual events to differ materially from the forward-looking statements. These risks include, but are not limited to, the pricing of the shares to be purchased in the delisting, the company's ability to predict its financial performance, the level of market demand for its services, the highly-competitive market for the types of services offered by the Company, the impact of competitive factors on profit margins, market conditions that could cause the Company's customers to reduce their spending for its services, the Company's ability to create, acquire and build new businesses and to grow existing businesses, attract and retain qualified personnel, reduce costs and conserve cash, currency fluctuations and market conditions in India and elsewhere around the world, political and military tensions in India and South Asia, changes in generally accepted accounting principles and/or their interpretation and other risks that are described in more detail in the Company's filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2006.