June 26, 2013
FREMONT, Calif., 26 June 2013: iGate Corporation has won a five-year contract worth $100 million (Rs 590 crore) to provide IT infrastructure support services to US insurer MetLife.
According to a press statement, iGATE participated in a competitive bid to assist MetLife in building out an innovative infrastructure model to manage its IT systems towards greater efficiency and flexibility, in order to drive lower costs and increase business agility.
Post losing its CEO Phaneesh Murthy to a sex scandal last month, this deal comes as a shot in the arm from an existing client of ten years, especially in a market generally not conducive for mega outsourcing pacts. "This win is a strong validation of iGate's domain and technology expertise in the insurance industry," said Sanjay Tugnait, executive vice-president and head of sales for North America. "Our 10-year long relationship with MetLife has given us deep understanding of the company's global businesses and will enable us to achieve definitive business imperatives", he added.
After this announcement, iGate shares were up 1% in early trade on Nasdaq at $14.79. It is noteworthy that before the termination of the services of Murthy as CEO, the shares were at $16.40 apiece.