DUBAI, United Arab Emirates, June 30, 2005 (PRIMEZONE) -- 3i Infotech, a provider of IT solutions and services, today announced the launch of its Kazakhstan office. The launch is in line with 3i Infotech's strategy to expand and strengthen its customer engagements in the Commonwealth of Independent States (CIS) region. This milestone is being announced at a function to be held at the Hyatt Regency Almaty Rahat Palace Hotel, Almaty on July 1, 2005. The event will be inaugurated by the Indian Ambassador to Kazakhstan, His Excellency Mr. Asoke Mukerji.
3i Infotech was recently known as ICICI Infotech and underwent a change in name prior to its subsequent public offering on the India's National Stock Exchange and the Bombay Stock Exchange.
The buoyant nature of the Kazakhstan economy is reflected through the 9.4% GDP it attained in 2004. The boom was fueled by a combination of high-world oil prices, expanded domestic production, buoyant investment, strong domestic consumption and prudent macroeconomic policies. (Source-Agency of Statistics of the Republic of Kazakastan, Ministry of Finance, National Bank of Kazakhstan, Staff Estimates).
3i Infotech has acquired customers for its insurance solution, Premia and they include Heath-Lambert Insurance Brokers Almaty, ATF Policy, Kazakhinstrakh Insurance Company and Kazkommertspolicy Insurance Company. 3i Infotech has also received orders for its banking product suite from Valut-Tranzit Bank.
Opining on the launch of the local operations, Mr. Hari Padmanabhan, Executive Director and President, 3i Infotech said, "Our business strategy is to become leaders in emerging markets by leveraging our domain expertise in the Banking, Insurance and ERP space.
"Kazakhstan is a dynamic market with tremendous growth potential. Our Almaty based staff will facilitate easy access to customers in this region. The launch of our local operations is a reiteration of our long term commitment to providing world class solutions for these economic powerhouses and, in the process, expanding our network," he further added.
Elaborating on the announcement Mr. Kalpesh Desai, Chief Operating Officer - Europe Middle East & Africa (EMEA), 3i Infotech says, "Our presence in Kazakhstan is part of our EMEA expansion plan. This will also provide us greater flexibility and speed in deploying our solutions in this region. Our Kazakhstan operation is our way of acknowledging our customer's contribution to our success in the region. We hope to build a local resource pool here in Almaty to service the rest of the Russian speaking marketplaces."
About 3i Infotech Limited (Formerly ICICI Infotech Limited)
3i Infotech Limited (www.3i-infotech.com/emea) provides a range of information technology solutions for banking, finance, insurance, e-governance, manufacturing, retail, and distribution. The company is SEI CMM Level 5-compliant for its software business and ISO 9001-certified for its Infrastructure Services.
Using its domain knowledge and through continuous investment in technologies, 3i Infotech Limited helps corporations in their businesses through its expertise in enterprise-class software solutions, software services, information security consulting, IT infrastructure and disaster recovery solutions. 3i Infotech serves customers in 30 countries and has a presence across 4 continents.
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Disclaimer:
Except for the historical information contained herein, statements in this release, which contain words or phrases such as "will", "would", "expect", "believe", and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of our principal international markets, the performance of the industry sectors in which our clients are based, the performance of the information technology industry sector world-wide, competition, our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of our growth and expansion in business, technological implementation, changes, advancements, and redundancies, the actual demand for software products and services, or the future potential or feasibility thereof, changes in revenue, income or cash flows, our market preferences and our exposure to market risks, as well as other risks. 3i Infotech undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.