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Satyam Selected by CheckFree as Preferred Partner for Multi-Year
Industry Leading Initiative
HYDERABAD, India, Nov. 16 /PRNewswire-FirstCall/ -- Satyam Computer Services
(NYSE:SAY) announced today that they have been selected by CheckFree Investment
Services (CIS), under a multi-year services agreement to become the preferred
information technology partner to CIS in the development of its next generation
CheckFree EPL(TM) platform.
CIS is the recognized leading provider of a broad range of portfolio management
services to help more than 275 financial institutions, including broker
dealers, money managers and investment advisors, deliver portfolio management,
performance measurement and reporting services to their clients, primarily for
processing separately managed accounts (SMAs).
As of September 30, 2004, CIS clients used CheckFree APL to manage more than US
$1 trillion in assets, serving approximately 80 of the top Wall Street
(sponsor) firms. Satyam will work with CheckFree to enhance CheckFree EPL's
value proposition to the SMA marketplace. As reported, at the November 2003
Money Management Institute meeting, the SMA industry is projected to grow to $4
trillion by 2007. To support that growth, CheckFree has committed to its
clients to help streamline their operations and reduce costs.
Alex Marasco, Executive Vice President and General Manager, CheckFree
Investment Services, said; "We did an analysis of organizations that have truly
strong technical and domain competencies to find a development partner with
both the knowledge and resources available to meet our aggressive timeline to
bring the next generation platform to market. Satyam clearly stood out among
the vendors for their expertise and their commitment to developing a platform
that can support and expand with the SMA industry."
CheckFree EPL will be the next evolution of CheckFree's APL(TM) Portfolio
Accounting System, a real-time portfolio management system used by brokerage
firms, banks, Turn Key Asset Management Providers (TAMPS), insurance companies
and money management firms. This scalable, high-volume portfolio analysis and
trade modeling processing system is used in the separately managed accounts
(SMA) industry, where CheckFree APL serves as the conduit between program
sponsors (e.g., brokerage firms) and investment managers in the fee-based
market.
Speaking on this win, Mr. Ram Mynampati, President -- Commercial & Healthcare
business of Satyam, said: "It's a landmark achievement for Satyam as it
reflects the depth of our financial services domain competency and our industry
leading technology competencies specific to the Capital Markets Industry.
CheckFree is a highly regarded and recognized name in the Investment Management
industry; winning this prestigious assignment has clearly placed Satyam in a
leadership slot in this Industry. We look forward to the unique opportunity of
serving CheckFree and their clients through this industry leading initiative."
About CheckFree Corporation
Founded in 1981, CheckFree Corporation (NASDAQ:CKFR) provides financial
electronic commerce services and products to organizations around the world.
CheckFree Electronic Commerce solutions enable thousands of financial services
providers and billers to offer their customers the convenience of receiving and
paying their household bills online or in person through retail outlets.
CheckFree Investment Services provides a broad range of investment management
solutions and outsourced services to thousands of financial services
organizations, which manage more than $1 trillion assets. CheckFree Software
develops, markets and supports software applications that are used by financial
institutions to process more than two-thirds of the 10 billion Automated
Clearing House transactions in the United States. The division also provides
global trade processing, reconciliation, financial messaging, compliance and
electronic billing and statement software to thousands of organizations across
the globe.
About Satyam:
Satyam Computer Services Ltd. (NYSE: "SAY") is a leading global consulting and
IT services company, offering a wide array of solutions customized for a range
of key verticals and horizontals. From strategy consulting right through to
implementing IT solutions for customers, Satyam straddles the entire IT space.
It has excellent domain competencies in verticals such as Automotive, Banking &
Financial Service, Insurance & Healthcare, Manufacturing,
Telecom-Infrastructure-Media-Entertainment-Semiconductors (TIMES). As a diverse
end-to-end IT solutions provider, Satyam offers a range of expertise aimed at
helping customers re-engineer and re-invent their businesses to compete
successfully in an ever-changing marketplace. Satyam's network spans 45
countries, across 6 continents. Over 16,800 dedicated and highly skilled IT
professionals, work in development centers in India, the USA, the UK, the UAE,
Canada, Singapore, Malaysia, China, Japan and Australia, and serve over 350
global companies, including over 109 Fortune 500 corporations. For more
information visit us at: http://www.satyam.com/.
For clarifications write to us at Or contact our PR Agency at:
US
Ivette Almeida, , +1 212 983 1702 ext. 209
India
Rajesh G, , +91 40 55319862, +91 9849042184
Europe
Meigan Terry, , +44 0 207 973 5969
Asia-Pacific
Norkiah Natassia Noor, , +65 6737 4844, +65 9735 9439
SafeHarbor:
This press release contains forward-looking statements within the meaning of
section 27A of Securities Act of 1933, as amended and section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking statements
contained herein are subject to certain risks and uncertainties that could
cause actual results to differ materially from those reflected in the
forward-looking statements. Satyam undertakes no duty to update any
forward-looking statements. For a discussion of the risks associated with our
business, please see the discussions under the heading "Risk Factors" in our
report on Form 6K concerning the fiscal quarter ended September 30, 2004
furnished to the United States Securities Exchange Commission on November 12,
2004 and the other reports filed with the Securities Exchange Commission from
time to time. These filings are available at http://www.sec.gov/.
Certain of CheckFree's statements in this press release are not purely
historical, and as such are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These include statements
regarding management's intentions, plans, beliefs, expectations or projections
of the future. Forward-looking statements involve risks and uncertainties,
including without limitation, the various risks inherent in CheckFree's
business, and other risks and uncertainties detailed from time to time in
CheckFree's periodic reports filed with the Securities and Exchange Commission,
including CheckFree's Annual Report on Form 10-K for the year ended June 30,
2004 (filed September 3, 2004) and Form 10-Q for the quarter ended September
30, 2004 (filed November 9, 2004). One or more of these factors have affected,
and could in the future affect CheckFree's business and financial results in
future periods, and could cause actual results to differ materially from plans
and projections. There can be no assurance that the forward-looking statements
made in this press release will prove to be accurate, and issuance of such
forward-looking statements should not be regarded as a representation by
CheckFree, or any other person, that the objectives and plans of CheckFree will
be achieved. All forward-looking statements made in this press release are
based on information presently available to management, and CheckFree assumes
no obligation to update any forward-looking statements.
DATASOURCE: Satyam Computer Services
CONTACT: Ivette Almeida for US, ,
+1-212-983-1702 ext. 209, or Rajesh G for India, ,
+91-40-55319862, +91-9849042184, or Meigan Terry for Europe,
, +44-0-207-973-5969, Norkiah Natassia Noor for
Asia-Pacific, , +65-6737-4844, +65-9735-9439, all for Satyam
Computer Services Public Relations
Web site: http://www.satyam.com/