TROY, Mich., Sept. 21, 2009 (GLOBE NEWSWIRE) -- Syntel (Nasdaq:SYNT), a global information technology services and Knowledge Process Outsourcing (KPO) firm, today announced its inclusion on Software Magazine's Software 500 ranking of the world's largest software and services providers.
Syntel was ranked #119 overall, with a growth rate of over 15 percent. According to John P. Desmond, editor of Software Magazine and Softwaremag.com, this increase topped the overall growth in the sector by more than six percent.
"The Software 500 results show that 2008 revenue growth in the software and services industry was healthy, with total Software 500 revenue of $491.3 billion, representing 8.8% growth from the previous year," said Desmond.
According to CEO Keshav Murugesh, Syntel's performance was driven by a strong demand for outsourced software services.
"In challenging economic times, customers turn to companies like Syntel to help them operate more efficiently, lower costs, and adapt their business models for long term success," said Murugesh. "These are powerful reasons for clients to turn to Syntel, and our growth is fueled by our ability to improve clients' profitability and competitiveness."
Now in its 27th year, the Software 500 is a revenue-based ranking of the world's largest software and services suppliers targeting medium to large enterprises. The rankings are based on total worldwide software and services revenue for 2008. This includes revenues from software licenses, maintenance and support, training and software-related services and consulting.
About Digital Software Magazine, the Software Decision Journal, and Softwaremag.com
Digital Software Magazine, the Software Decision Journal, has been a brand name in the high-tech industry for 30 years. Softwaremag.com, its Web counterpart, is the online catalog to enterprise software and the home of the Software 500 ranking of the world's largest software and services companies. Software Magazine and Softwaremag.com are owned and operated by King Content Co.
About Syntel
Syntel is a leading global provider of integrated information technology and Knowledge Process Outsourcing (KPO) solutions spanning the entire lifecycle of business and information systems and processes. The Company is driven by its mission to create new opportunities for clients by harnessing the passion, talent and innovation of Syntel employees worldwide. Syntel leverages dedicated Centers of Excellence, a flexible Global Delivery Model, and a strong track record of building collaborative client partnerships to create sustainable business advantage for Global 2000 organizations. Recently named one of the "50 Best Managed Global Outsourcing Vendors" by The Black Book of Outsourcing, Syntel is assessed at SEI CMMi Level 5, and is ISO 27001 and ISO 9001:2000 certified. As of June 30, 2009, Syntel employed more than 11,300 people worldwide. To learn more, visit us at: www.syntelinc.com.
Safe Harbor Provision
This news release includes forward-looking statements, including with respect to the future level of business for Syntel, Inc. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company's Annual Form 10-K document dated March 12, 2009 and the Company's Quarterly Report on Form 10-Q for the period ending June 30, 2009.