Comverse and Tech Mahindra Sign Global Strategic Relationship
April 15 2015 - 6:06AM
Comverse (Nasdaq:CNSI) and Tech Mahindra announced today they have
reached an agreement in principle on a strategic relationship,
whereby Comverse will accelerate its transformation as a global
innovator in digital services by leveraging Tech Mahindra's
expertise and scale in development and delivery of digital
offerings. As part of this initiative, employees from certain
functions within Comverse's Digital Services business unit are
anticipated to join Tech Mahindra. Tech Mahindra is a specialist in
digital transformation, consulting and business re-engineering,
particularly in the global technology industry.
Tech Mahindra will complement Comverse's R&D and engineering
operations through innovation in product development techniques and
just-in-time capability reinforcement. Tech Mahindra will bring its
experience in developing and creating a start-up ecosystem that has
helped launch path-breaking solutions for the connected world. The
company will also enable global exposure and long-term career
opportunities for the employees coming onboard from Comverse.
This relationship gives Comverse access to a flexible operating
model to respond more quickly to changes in market demands and
brings an influx of skills to expand Comverse's delivery of
innovative products for its customers.
"With this initiative, Comverse will significantly improve its
ability to focus on its prime areas of growth and innovation," said
Philippe Tartavull, President and Chief Executive Officer,
Comverse. "Our objective is to build a strong foundation through a
transformed and more competitive Comverse, for our customers, our
employees and shareholders going forward. We are excited to work
with Tech Mahindra and take the relationship to the next
level."
"The onboarding of Comverse's expertise will help Tech Mahindra
significantly, as we are one of the comprehensive integrators of
technology services to communications service providers. This move
will help us augment our investments in startup ecosystems,
research and development, and network services. I take this
opportunity to welcome members of the Comverse workforce into the
$16.5 billion Mahindra Group,"said CP Gurnani, MD & CEO, Tech
Mahindra.
The majority of the employees who will come onboard with Tech
Mahindra as part of this initiative are based in Israel, the United
States and several countries in APAC and EMEA. Comverse is in the
process of engaging with employee representatives on its plans in
accordance with country-specific legal obligations. The program is
expected to be implemented starting June 1, 2015.
About Tech Mahindra
Tech Mahindra is a specialist in digital transformation,
consulting and business re-engineering solutions. We are a USD 3.5
billion company with 98,000+ professionals across 51 countries. We
provide services to 674 global customers including Fortune 500
companies. Our innovative platforms and reusable assets connect
across a number of technologies to deliver tangible business value
to all our stakeholders. Tech Mahindra is also amongst the Fab 50
companies in Asia as per the Forbes 2014 List.
We are part of the USD 16.5 billion Mahindra Group that employs
more than 200,000 people in over 100 countries. Mahindra operates
in the key industries that drive economic growth, enjoying a
leadership position in tractors, utility
vehicles, information technology, financial services and
vacation ownership. Connect with us on www.techmahindra.com.
About Comverse
Comverse provides true carrier-grade cloud-based and in-network
monetization and revenue management software solutions that help
global carriers and growing enterprises profitably enable the way
people obtain and share digital experiences, today and
tomorrow. We support digital lifestyles through a suite of
proven and flexible solutions that includes managed BSS and Policy,
Enterprise and Cloud Billing, and Digital Services, all guided by
an experienced Managed Services offering, that ensure our customers
gain competitive advantage. Comverse's customer base spans
more than 125 countries with solutions successfully delivered to
over 450 communication service providers and enterprises serving
more than two billion subscribers. For more information, visit
www.comverse.com.
Forward-Looking Statements
This press release includes "forward-looking statements,"
including statements regarding Comverse's transformation as a
global innovator in digital services, Comverse employees joining
Tech Mahindra, anticipated benefits of Comverse's relationship with
Tech Mahindra, objectives, growth, innovation, opportunities,
compliance with legal obligations, and anticipated timing. In some
cases, forward-looking statements can be identified by the use of
terminology such as "may," "expects," "plans," "anticipates,"
"estimates," "believes," "potential," "projects," "forecasts,"
"intends," or the negative thereof or other comparable terminology.
By their very nature, forward-looking statements involve known and
unknown risks, uncertainties and other important factors that could
cause actual results, performance and the timing of events to
differ materially from those anticipated, expressed or implied by
the forward-looking statements in this press release. Such risks or
uncertainties may give rise to future claims and increase exposure
to contingent liabilities. These risks and uncertainties relate to
(among other factors) the effect of restructuring initiatives on
Comverse's business; exposure to additional risks as a result of
outsourcing, such as loss of control over outsourced operations and
increased exposure to security breaches; risks associated with
foreign operations; satisfaction and performance of the terms and
conditions of the parties' agreement; changed conditions affecting
current estimates; inability of the parties' relationship to
achieve anticipated results; disadvantages to Comverse employees,
including reductions in workforce; dependence by Comverse on Tech
Mahindra; delays or impediments to implementation of the parties'
arrangement; economic, industrial and competitive conditions;
compliance with applicable laws and regulations; lack of market
acceptance of Digital Services offerings; and additional risks
described in the sections entitled "Forward-Looking Statements" and
Item 1A, "Risk Factors" and elsewhere in Comverse's most recent
Annual Report on Form 10-K, or in subsequently filed periodic,
current or other reports filed with the U.S. Securities and
Exchange Commission. Comverse undertakes no commitment to update or
revise any forward-looking statements except as required by
law.
CONTACT: Michael Grossi
Comverse, Inc.
michael.grossi@comverse.com
+1-781-224-8030
Aashish Washikar
Tech Mahindra Ltd.
Aashish.washikar@techmahindra.com
+91 40 30675493
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