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PUBLISH DATE:February, 2007 BLOG: http://www.corrystone.com
TABLE OF CONTENT
• • • • • • • • • • OFFSHORING AND OUTSOURCING TO INDIA TRENDS (January) MARKET TRIVIA DEALS – BIG and SMALL M & A / Deal Talk COFFEE TALK EARNINGS RELEASE/ MARKET BUZZ GLOBAL/LOCAL LOCATION EXPANSION PEOPLE MOVEMENT VIEWS NEWS MARKET RESEARCH REPORTS The Lighter Side People in the News
1. OFFSHORING AND OUTSOURCING TO INDIA TRENDS (OCTOBER)
1. Indian vendors signing larger deals. TCS signed a $1.2 billion dollar infrastructure management deal with AC Nielsen. This is one of the largest infrastructure deal an Indian firm has been awarded standalone. Patni signed a $ 200 million dollar deal with Carphone warehouse UK. The larger vendors in India continue to sign up big deals although the mid size players struggle to grow. Larger players are also looking to boost up their consulting and onsite skills to get a larger wallet share of the customers. 2. Larger outsourcing firms report good quarterly earnings despite rise of rupee. Mid size firms continue to struggle with growth. Stock markets still
punishing outsourcing firms with weakness in their prices. Short term, the larger players seem to be have weathered the storm. Longer term, the risk of non-stellar growth, compressed margins and challenge to hire and retain people are significant. Indian offshoring players still sound cautiously optimistic of the growth expectation for 2008. Clients on the other hand are not as optimistic and foresee a potential decline in IT/ITES spending for 2008. A number of buyers are also not willing to renegotiate prices to offset the rupee-dollar change which vendors are pushing for. Buyers of offshoring services who are past their investment phase , have a higher probability of increasing their offshoring activities. 3. Limited M&A activity this period. Small deal activity in October. There is a lot of buzz and press about companies talking about dollars they have available for M&A’s. The deal sizes still seem small and Indian firms are going to potentially take a cautious approach in acquiring and integrating large companies. 4. Attrition and unemployability continues to be a significant challenge. Outsourcing firms have started exploring innovative techniques to address the issue of talent crunch in India. The talent crunch is evident across all sectors including pharma, IT, BPO, retail, construction and the rest of the growth industry in India. Unemployability, because of - a strong but archaic education system, lack of global exposure in education and lack of focus on soft skills and communication in education continues to be a challenge. Despite the number of graduates being churned out by Indian schools – only a minority of these are directly employable. Firms will continue to partner with education institutions and spend increasing training dollars to grow this talent pipeline. Firms are looking to expand into Tier II and Tier III cities in India to tap talent but that strategy has similar similar challenges and then some more! 5. Dollar – Rupee differential leading firms to reduce bench strength and look at ways to improve utilization. A number of smaller firms have had issues with margin compressions because of the rise of rupee, specially the ones with major anchored clients in the US. The financial turmoil in the US is going to continue to pose a challenge to Indian vendors, specially given that a major chunk of revenues for Indian vendors is from BFSI (Banking , Financial Services and Insurance firms). There is a lot of market talk about finding ways to manage the risk of dollar-rupee including penetrating the domestic markets, European markets, lower raises, reduced bench strength etc.. The firms – small and large will have to work hard to make it work for them going forward. 6. Cost of doing business in India continues to rise. Locations outside of India continue to be explored as extensions, alternatives to India. Increasing real estate prices in India driven by growth sectors including IT/ITES and retail, escalating salaries, escalating cost of training and hiring will continue to
increase the cost of operating in India. A number of firms are looking at alternative locations to manage this risk of operating and growth within India . Example - JP Morgan is looking at Philippines to extend and grow their organization. Firms are looking at US locations also to be closer to the clients and to manage attrition. (TCS, Wipro). A couple of firms have moved back closer to home ( Situs, Northrop –Grumann have bought work closer to home to smaller towns in the US). 7. What to expect rest of 2007 • With companies grappling with market turmoil, budget planning for 2008 and the all the end of year fun stuff including holidays – don’t expect to see any major deals in the market. This will also potentially limit the M&A activity for the rest of the year. The global stock markets will continue to be cautious about Indian IT/ITES firms and stock prices are going to be possibly lagging rest of the year. Attrition problems in India are not going to go away and firms will have to find innovative ways to deal with people issue next year. With the continuous growth of sectors outside of services in India – the crunch for talent is going to worsen forcing services companies to look at a true global delivery model. If the Rupee rise continues, and clients show reluctance in increasing rates - majority of the firms could have a serious profitability issue on their hand. Domestic markets are going to continue to open up but will not offer lower range of profitability relative to global businesses. If productivity besides labor arbitrage is going to be a key driver for businesses going to India next year, the vendors need to be prepared to prove that they can add value beyond labor arbitrage. 2008 has the potential to be the first year where the growth of Indian IT/ITES markets reflects the maturity in the sector and is no longer a growth play (2007 stock prices already reflect that trend).
• • • •
2. MARKET TRIVIA
Q: Where will your $1000 or $ 1million be November 16th, 2007 if you have decided to invest that money Jan 2nd, 2007 in the who’s who of IT/ITES sector in US and India ? The short answer is - Not close to your original investment and in most of the cases below your original investment. This graph shows you some more details and includes the dollar-rupee-euro exchange rate change.
A US investor invests 1000 dollar, and Indian Investor invests Rs 1000 and a Euro investor invested 1000 Euro
in each of these stocks on Jan 2nd, 2007 (US and India Stock Exchange assuming exchange rate a/ Jan 2nd, 2007). This graph shows the value of that investment on November 16th, 2007 if they take the money out in the local currency (assuming exchange rate a/o November 16th, 2007).Overall the IT/ITES stocks have underperformed the markets. Interesting EXL, Accenture,IBM are the only one with positive returns)
1,200.0 Value on Nov 16th, 2007
Initial Investment Jan 2nd, 2007
If the dollar had not fallen so much the investors in India & Europe would have made money on Dow,Nasdaq, Accenture,IBM A US investor would have lost money on HCL,Satyam
di a ni -I nd as ia te H k C L Te Ind Se ia ch ns -I Sa ex nd ty Ba ia am se d Fu Ind ia nd -I nd ia M s W N in S as de da x fu q nd in de x fu nd W IT Ac ce nt Be ur ar e in gP oi nt di a In iz an t EX L IB M ED S fo sy AC -I nd ia TC S S -In
ys fo s
US Investor - $ investment Indian Investor - Rs investment Euro Investor -Company Euro investment
3 . DEALS – BIG AND SMALL
Misys says signs partnership with HCL Technologies Wipro Tech looks beyond telecom to spread out risk Infosys launched universal banking solutions Wipro Infotech bags contract from FamilyCredit Infosys pursuing $1,500 mm plus bills overseas HCL to help Quest boost operations Novartis in $500 mln infrastructure deal with BT Siemens IT Solutions and Services Operates IT for Evonik Industries in the US GSK to strip down through outsourcing and offshoring UST Global announces Rs 500 cr ($130 million) expansion plan Satyam’s Growth Prospects Look Solid New job gloom at Norwich Union TCS Signs a $1.2 billion dollar with Nielsen UST Global Signs Contract with a Leading Media and Entertainment Company Patni Computer signs $200 million multi year deal with Carphone Warehouse, UK Novell's Provo,Utah operations to shed 200 jobs, offshoring positions to India Playspan, a Silicon Valley in-game commerce company plans a 100% subsidiary in Mumbai
AREVA - Global electrical giant exploring India as its outsourcing destination Capita Group has captured a $540 m deal with Cooperative Financial Services IBM wins Hess contract Deutsche Bank selects Sutherland to provide data management services for North America Saudia Airlines awards infrastructure deal to Wipro St George draggin' jobs offshore India's Wipro buys radio access R & D unit from Nokia Siemens Accenture Signs Outsourcing Agreement with WorldSpace Satellite Radio The First American Corporation Expands Business Process Outsourcing Solutions for Mortgage Industry Through MortgageBPO(SM) Zensar bag $11 mn orders to implement of Oracle applications RSM plans to enter US corporate taxation space Commerzbank Outsourcing Deal With HP Worth EUR150 Million -Source CapGemini and Samsung IT services sign up strategic alliance Suncorp signs Satyam for analytics Credit Suisse to expand India operations with Wipro CapGemini secures £250m contract Hexaware wins Euro 5-mn contract HCL has entered into a multi-year infrastructure management contract with Hercules Incorporated TCS and SmartStream launch reconciliation service
4. M & A / Deal Talk
Cambridge Solutions to raise $35 million Omega Healthcare to invest $14 million in India Symphony Services Acquires Optimal Engineering Partners Mumbai based BPO Accentia acquires three healthcare BPO companies in the US 3i Infotech acquiring J&B Software inc in the US for $25.25 million India Based Azure acquiring 49% stake in Philadelphia Citizan Mortgage DRL on prowl overseas to scale up R&D options Comat Technologies to raise $15 million IPVG starts new outsourcing venture Private equity investments to touch $13.5 b in 2007 iFlex buys out Castek Software NetXcell raises $1mn for US expansion Patnis break deadlock over stake sale Ness Technologies acquires MS9 Consulting LLC Quatrro eyes US gaming company Genpact Buys Citi BPO arm for $700 million Vertex looking for acquisitions in India 5. COFFEE TALK Wooing Customers With Call Centers Interview with Ramesh VP operations 24/7
Businesses Beware: The World Is Not Flat - Q&A with Pankaj Ghemawat , Professor of Business Admin - Harvard Business School Syntel CEO targets $3bn in revenue TCS's growth strategy for Continental Europe YouTube interview with Phaneesh Murthy - CEO iGate In India I am only interesting in tie-ups, no Buys Safir Adeni: Transformed Sitel from a BPO to KPO 6. EARNINGS RELEASE/ MARKET BUZZ Credit Suisse Ratings - ExlService downgraded to 'neutral, WNS upgraded to 'outperform' , Syntel downgraded to 'neutral' Credit-Suisse Smiles on Data Processors Accenture, Cognizant; Frowns on EDS, Affiliated Polaris Q2 consolidated net climbs 26.35% Q-o-Q (Update) HCL Tech Q1 net hit by lower forex gains Animation outsourcing firm CDI posts two-fold jump in Q2 net TCS impresses again with second quarter results TCS H1 revenues at Rs 10843cr ($2.7b) up 25.3% YoY JP Morgan sees slowdown in Infosys growth - downgrades stock Mastek Q1 net up 22%; plans Rs 65cr buyback Infosys reports second-quarter profit rise of 18.4 pct Infosys BPO net rises 43% iGate Global Q2 net doubles, to delist by Dec UBS initiates coverage of Genpact with a neutral rating Soaring markets send P/E ratios to dizzy heights Piper Jaffray initiates coverage on WNS with outperform Convergys Presentation at Citigroup Techology Conference - Transcript Infosys recasts into 11 business units
7. GLOBAL/LOCAL LOCATION EXPANSION
Polaris launches software testing lab in Sydney Urban angst: Mumbai, Delhi to touch 24 million by 2020 - Will be most populous cities in the world Beyond China and India: Future Development Hubs Identified by Top Corporate Real Estate and Site Selection Experts TCS - Coming to America! Philippines appoints new Information and Communication Technology chief - BPO one of the priorities Central and Eastern European IT outsourcing view: Notes from Ukrainian Outsourcing Forum 2007 Fujitsu Consulting India opens new offshore development center in NOIDA IBM goes to Bulgaria Fujitsu opens center in India Genpact plans to invest Rs 150 crore in upcoming IT SEZ in Jaipur JP Morgan finding Mumbai too crowded moving to Philippines
Perot Systems is gung-ho on its expansion plans in tier-II cities Six Indian cities among emerging outsourcing hubs TCS to expand in Uruguay and Argentina Some firms replace offshoring with onshoring To India and back: CRE BPO learns valuable Lessons
8. PEOPLE MOVEMENT
Capgemini Names Vincent Shepherd as Chief People Officer for North America U.S. Market Development Group Hires Ms. Sonali Dave As Business Development Associate Infosys readies for management rejig Dev Ganesan Joins the Executive Management Team of Aptara The Outsourcing Institute announces Garry Almond as Chief Technology Officer CEO of Aviva's Pune's offshoring unit quits
The Google Brain The real issue with offshoring is are we cutting off our feeder stock for IT management ? IT Opportunities leads to lesser number of Indian Civil Services aspirant 'India reshaping global IT, but remains small player' Make global M&A successful the Daksh way! BPO vs MBA: The tussle between fast bucks and a secure future India: Huge opportunity amid the squalor Chidambaram asks Norwegian IT cos to outsource work to India Outraged over outsourcing - Article by A J Narashiman New Industry May Threaten Philippine Call Centers My Indian visa outsourcing nightmare Markets likely to continue wobble Changing trends and landscape in BPOs Blind Men & The Elephant - Book on Demystifying the Global IT Industry Sending work to India -- the pros and cons Will Jobs Move Back to Silicon Valley from India? Don't Hold Your Breath... Third wave of outsourcing coming BPO; Market Flexibility and Information Management Systems deciding criteria Book-keeping contracts to remain strong for BPOs: Study With Outsourcing, Squeaky Wheels Get No Grease TPI Index Reveals Fewer Outsourcing Contracts Awarded in Third Quarter OFFSHORE OUTSOURCING: A LOOK AT THE SECURITY RISKS The Price of success in ITO/BPO industry growth in India Offshoring - culture lessons are crucial Continue reforms to touch 10% GDP growth: Lehman tells India BPOs to Require 200 million sq. ft. Office Space by 2008: Rocsearch Report IT results - can the growth be sustained ?
Procurement Outsourcing next big wave Indian pharma companies going up the value chain Went for Cost, Stayed for Quality?: Moving the Back Office to India - Blast from the Past E-learning has come of age Inside out: Indian BPOs ring in strategy to counter rupee rise The New Expatriate Triple threat for Indian Tech firms Eight signs you are not ready for outsourcing Dropping dollar could mean shoddier offshore services Indian Govt ready with IT investment regions policy Threat to offshore IT services TCO Manhattan working at Mumbai Price Global IT spend to top $3tn in 2007 CEO speak: Globalisation is glamorous but risky BPO no longer career of choice for Indian youth Dealing with Hypergrowth - Wharton Article Indian vendors looking to ramp up their consulting business The Rupee's Rise, the Dollar's Demise and You: Managing Currency Risk in Offshore Outsourcing Bigger is not always better: Banks overlook small nimble suppliers Attrition may spoil KPO sector; over $2 bn revenue at stake How to negotiate Global Services Agreement - new whitepaper by NeoIT
Fortune Magazine's annual conclave starts for first time in India Staffing firms face IT's attrition heat BPOs lose sleep over Re appreciation Rising Rupee claims first BPO victim IT training majors eye new sectors Teleperformance leading global center planning expansion in India Midsize-Business Outsourcing Growth Stalls Can Indian offshoring companies help unveil where GOOGLE is heading Taking IT to non-English speaking population in India Mid-sized Indian Outsourcing Firms Stick To The Middle India Call Center jobs go begging UK CIO's have a mature attitude to outsourcing Domestic Healthcare outsourcing is 'in' in India Panel formed to look into data security standards Bank regulations boost outsourcing Lawyers look to India for answers Capgemini offers new service offering to their BPO portfolio Citi asks Genpact to match Firstsource bid Wipro, Infy, TCS come together to boost education
Aptech ties up with US developer of IT certification exams Calls to Brit cops could soon be answered by Indian call centres Clinical staffing a 'tremendous problem' Tempus: LogicaCMG's new broom will be watched closely from India Accenture, Wipro eye Dell’s non-US BPO business PREVIEW-India IT firms Q2 net seen higher, but rupee a worry MeritTrac Services announces launch of national employability test Indian IT companies running to increase presence in Europe Mid-tier IT cos feeling the heat of rising Re Tech Mahindra to focus on R&D, create new solutions Indian Government to issues health guidelines for BPO workers Falling dollar pushing up costs of outsourcing to India
11. MARKET RESEARCH REPORTS
Global market office property report - Delhi, Mumbai rental rates higher than NY mid town Indian IT professionals among worst paid globally: Survey Indian Pharma industry - report by BostonAnalytics 38% global companies asked to pay bribe in India: PwC
12. The Lighter Side
The Lighter Side - Do's and Don't in India 30 days outsourcing in India movie Comedy feature 'Outsourced' to NBC On the lighter side - performance appraisal terms globally Call Center the Movie - A one man call center
13. PEOPLE IN THE NEWS
A L Rao, Wipro COO Aditya Nath Jha, Infosys head of global branding Ajit Prabhu – CEO Quest Ameera Shah, Executive Director, Metropolis Clinical Laboratories, Mumbai. Amit Singh, Manager, General Administration, Wockhardt Hospital, Mumbai Anant Gupta, COO, HCL Technologies (Infrastructure Service Division) Anbumani Ramadoss ,Union Health Minister Andy Efstathiou, Director, NelsonHall’s Banking Program Andy Green, CEO LogicaCMG Anil Kakodkar, Chairman, Atomic Energy commission Anil Verma, Director and head of Polaris Australia Anne Schumann, VP, Information Technology, Hercules
Anshul Joshi, HR, e-Serve International Limited Anurag Mehta, Company Executive Vice President Aravind Melligeri – President Quest Ari Lehtoranta, head of the radio access business unit at Nokia Siemens Networks (Espoo, Finland). Arun Jain, Chief executive officer and chairman of Polaris Software Lab Ashank Desai, chairman and co-founder of Mastek Ashwani Puri, PWC Advisory Lead India Asim Handa, the New Delhi-based country director in India of FutureStep, a division of executive search firm Korn/Ferry Atul Jalan, CEO, Manthan Software Atul Nishar, chairman of Hexaware Atul Vashistha, chairman of neoIT, Avinash Vashistha, Tholons, CEO Bala Balasubramanian, J&B Software Chairman and CEO Barry Sando, president of First American's Mortgage Information Services Group Bharat Desai, chairman, co-founder and CEO, Syntel Bhavin Shah, JP Morgan Bryan Keane, Credit Suisse Analyst Cesar Sorian , President, RSM McGladrey Chandra Sekaran, managing director and executive vice president of Cognizant Christopher Gray, Ernst & Young Llc.’s global pharmaceuticals markets leader Col M Masand, Chief Executive Officer, Jaslok Hospital D P Singh, , VP Strategic HR, IBM Daksh Dan Lauderback, managing director of Accenture’s North America Communications industry practice Dan Sernett, a partner in Los Angeles with Ernst & Young Daniel Sierra, CEO and co-founder of Optimal Engineering Partners Darlene Miller, CEO of Permac Industries Deepak Mendiratta, MD, Health and Insurance Integrated, New Delhi Deepak Parekh, chairman, HDFC Dennis Donovan, Principal of Wadley-Donovan-Gutshaw Consulting Dennis Gilmore, chief operating officer of The First American Corporation Derek Goh, Executive general manager of IT and management services at Challenger Devinjit Singh, Head, Mergers & Acquisitions India, General Atlantic Partners Dilip Vellodi, CEO Sutherland Global Services Diwakar Singhal, Genpact Jaipur Leader Dr Akash Rajpal, Senior Manager, Medical Services, Dr LH Hiranandani Hospital Dr BK Rao, Chairman, Sir Ganga Ram Hospital, New Delhi Dr Chinnappa Metgud, Chief Administrative Medical Officer, MGH Dr J.P. Garnier, GSK CEO Dr Krishna Reddy, CEO, Care Hospital, Hyderabad Dr Lloyd Nazareth, Associate Vice President, Wockhardt Hospitals, Bangalore. Dr Manika Ghosh of the Department of Psychology at the Maharani Science College in Bangalore Dr. A. Sankara Reddy, head of Sri Venkateswara College in New Delhi
Dushyant Joshi, Azure director Dyakar Puskoor, executive chairman, NetXcell E Balagurusamy, member, UPSC Gail Kelly,CEO St. George Gail Kniveton ,Fforde Management Gangapriya Chakraverti, Mercer India Business Leader (Information Product Solutions) Garry Almond, CTO, Outsourcing Institute Girish Karnad, VP- Recruitment, Patni Computer Systems GK Murthy, senior vice president with Sierra Atlantic Gopi Natarajan, Omega Healthcare Co-Founder and Chief Executive Officer Gordon Brooks, president and CEO of Symphony Services Gov. Tim Pawley, Minnesota Haragopal M, Infosys Technologies Vice-President and Head , Finnacle Business Harel Cohen, CEO of FTK Technologies Iain Blacklaw, Bank of Queensland chief information officer Ian Macdonald, New South Wales(NSW) Minister of State for development Jeff Smith, chief information officer, Suncorp Jeff Smith, Suncorp CIO Jerry Rao, Chairman , mPhasis Johan Gott, an offshoring consultant with the firm A.T. Kearney John T Rose, president & CEO, Fujitsu Consulting, Karl Mehta, co-founder and CEO, PlaySpan, Kevan Barney, Novell's senior manager of public relations Kris Canekeratne, Virtusa’s Chairman and CEO Krish Gopalakrishna Managing Director and CEO Infosys Lanny Cohen, Chief Executive Officer for Capgemini's North America Project & Consulting Business Madan Padaki, CEO- MeritTrac Services Mark Gorman, Global Real Estate Leader for Nortel Mark Hodges, executive director of corporate development at offshoring and outsourcing consultancy Equaterra Michael Neary, Telstra's enterprise and government industry director Mike Berkley, WorldSpace CIO Mike Zerkel, general manager, North America, UST Global Mitchell Habib, executive vice-president of Neilsen Global Business Services, Mr Michel Janssen, Chief Research Officer of The Hackett Group Mr Wayne M. Mincey, President of The Hackett Group N Ranjit, HCL BPO CEO N.R.K. Raman, iflex managing director and CEO, Natarajan Chandrasekaran, VP, TCS Nitin Padmanabhan, IT analyst, ICICI Direct P. K. Sridharan, executive director at Hexaware Pankaj Ghemawat, HBS Professor Parth Rawal, General Manager (Administration & HR), ALL Services (India) Pawan Vaish, CEO, IBM Daksh Peter Harrison, CEO of GlobalLogic
Peter Sondergaard, senior vice president and global head of research at Gartner Phaneesh Murthy - CEO iGate Philip Alexander ,Information Officer at a major financial institution and author of the book Data Breach Disclosure Laws: A State-by-State Perspective. Phiroz Vandrevala, Executive Director, Corporate Affairs, TCS Praba Manivasager of Analysts International Pradeep Viswambharan, Accentia director Pramod Khera, CEO and MD of Aptech Priya Kurien, co-authored "Blind Men and The Elephant: Demystifying the Global IT Services Industry” R. Ravishankar, the New York City-based vice chairman of i-flex Solutions Rajnish Virman, ex-CEO, Aviva Global Services India Rakesh Mittal, COO and president of Corbus Ralph Imholte, the president and CEO of Bepex International Ramalinga Raju, Chairman and founder of Satyam Raman Roy, founder, Quatrro BPO Solutions Ramesh Emani, president of Wipro's telecom and product engineering solutions operations Randy Willis, a senior Accenture executive Ranjit Singh, CEO of Aptara Rashid Bilimoria, Boston Analytics Ravi Aron, senior fellow at Wharton's Mack Center for Technological Innovation Ray Anthony Roxas-Chua, Philippines ICT Commission Chairman Richard Graham, CEO, Vertex Richard Herbert, CIO of global markets and European IT at ABN Amro Ricky Burdett, LSE's Urban Age director Rob Fraser, ex-CIO of Boots Robert R Ruffolo, president, Wyeth Research & Development Ron Leonhardt, 41, Target's director of human resources, China Ross Tisnovsky, VP of information technology outsourcing research at Everest Research Institute S K Jain, NPCIL Chairman and Managing Director S. Ramadorai, TCS chief executive Sabyasachi Satyaprasad, head of advisory services at outsourcing advisory firm neoIT Safir Adeni, CEO, of Sitel India Sajan Pillai, president and chief operating officer, UST Global Sanjay Kamlani, a co-founder and co-CEO, Pangea3 Sanjay Mehta, managing director, Teleperformance Sanjeev Aggarwal, Former CEO, IBM Sashi Bhushan, head of equities at IL&FS Investsmart Saurabh Gupta, research director, Everest Research Institute Sergio Retamal, Founder, RFQConnect Shailesh Shah, Satyam’s head of corporate strategy Shiv Nadar, Chairman and Chief Strategy Officer, HCL Technologies Shiva Ramani, co-founder and CEO of CSS, Shivangi Mishra, Business Development Manager, MaxonicIndia
Soumen Basu, Manpower India executive chairman Srikant Sastri, managing director of Solutions, a marketing services firm Srinath Batni, Board Member Infosys, Sriram Raghavan, president, Comat Technologies Steven Bean, Situs Technology Stuart Miles, Situs Technology Subroto Bagchi, COO, MindTree Consulting Sudhakar Ram, chairman & MD, Mastek Sudin Apte, senior analyst and country head (India), Forrester Research Sumir Chadha, managing director of the Indian operations of venture capital firm Sequoia Capital Suresh Surana, RSM McGladrey FPO India vice-chairman Surya N. Mohapatra, Chairman and CEO of Quest Diagnostics Tom Holler, Chief Financial Officer, CFO, Virtusa Tom Schabel, CEO of aluminum-extruding firm Alexandria Extrusion Umesh Ramakrishnan, vice chairman of global executive-placement firm CTPartners V Srinivasan, CEO 3i Infotech Vamsee Tirukkala, a manager with Zinnov Vardhaman Jain, Managing Director, Perot Systems Venkatesh Kumar VN, CEO, MNE Technologies & MSFM, Bangalore. Venugopal N. Dhoot, president, ASSOCHAM Vic Berger, manager of business development at CDW Vincent Roland, AREVA Director (Business Development) Vincent Shepherd, Chief People Officer, CapGemini Was Rahman, co-authored "Blind Men and The Elephant: Demystifying the Global IT Services Industry”, CEO Dolphin Advisory Wolfgang Nowak, Alfred Herrhausen Society managing director
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