Bangalore, India, December 10, 2003 – Capco, a leading global financial services and technology solutions provider, announced today the establishment of Capco IT Services India Pvt. Ltd. In addition, Ness Technologies, through its offshore services division Ness Global Services, has secured a three-year agreement to provide offshore and systems integration services for Capco. The partnership is expected to be worth approximately US$20 million to Ness over the three-year period.

Capco Services India is an integral component of Capco’s business strategy and client focus. Capco is unique in the financial services industry in providing integrated consulting services, technology solutions, and managed services. The Company helps its global clients modernize their business models and architectures to create strategic revenue and cost advantages.

“While most financial institutions are under tremendous pressure to embrace straight through processing, reduce costs, and increase efficiency, they have little time or opportunity to ‘think big’ and contemplate radical ways of developing new business strategies and transformational changes,” said Rob Heyvaert, Chairman and Chief Executive Officer, Capco. “Capco India offers our clients a viable offshore services option as we help them reinvent their business models, and Ness is a prestigious partner to support these new client services.”
Under the three-year agreement, Ness will provide onshore systems integration and offshore information technology development and systems integration services for Capco’s worldwide client base. 

“We are pleased to partner with a financial services industry leader such as Capco in addressing client demands to transform their businesses, streamline business processes and cut costs, ” said Raviv Zoller, President and CEO of Ness Technologies. “It is a great opportunity for us to support Capco in providing outsourcing, offshore IT services, and systems integration services that meet these increasing customer needs.”

“Ness has in-depth knowledge of both the financial services industry and the specific requirements of Capco and its clients,” added Zoller. “Financial services is an important industry for Ness, a global company that serves international clients such as  American Express, JP Morgan, Deutsche Bank, Chase, GE Capital, Bank Hapoalim, Bank Leumi and Czech National Bank.”

Capco jointly published the “2003 Best Practices in Offshoring Survey” with The Paraas Group and The Weissman Center for International Business at Baruch College. The survey, which appeared in the Capco Institute Journal of Financial Transformation: Offshoring, confirmed the high levels of satisfaction among companies moving IT and business processing work offshore, and their commitment to further offshoring. To view the offshoring Journal and survey results, please visit http://capco.com/journal8.html

About Ness Technologies

Ness Technologies (www.ness.com) is a leading global provider of Information Technology services, specializing in the design and deployment of leading-edge information management solutions, with offices in 13 countries across the US, Europe, and Asia, and a workforce of over 4,400 experienced information technology and consulting professionals. Strategic alliances and partnerships with leading global software and infrastructure vendors distinguish NESS as a unified IT services provider with unparalleled capabilities, innovative skills and proven expertise - able to cope with the rapidly changing business challenges of its diversified clients. Its annual sales volume is around US$300 million.

About Capco

Capco is the only leading strategist focused exclusively on modernizing business models and architectures in the financial services industry. The Company provides advice and managed services to top tier clients from offices in North America, Europe, and Asia. For more information, or to learn about Capco's services and solutions, please visit http://www.capco.com/

Capco is a registered trademark of The Capital Markets Company N.V.