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Wipro Acquires Citi Technology Services in India
Wipro has announced that they have reached an agreement with Citigroup to acquire Citi Technology Services Ltd. Citi Technology Services Ltd. is the India-based captive provider of information technology services and solutions to Citi entities worldwide. The deal is valued at $127 million and also includes a service contract between Wipro and Citigroup for six years. The service contract covers infrastructure, application development and maintenance.
Citi Technology Services provides support for Citigroup in 32 countries and has over 1,600 employees. The deal is set to close in March 2009. In addition to the $127 million in cash, the deal also includes the delivery of at least $500 million in service revenues over the period of the six-year contract.
Citi’s online Web services sure has changed since the days when I was on the team who built the first online credit card management app.
WOW, I am leaving citibank right now.
1) I’ve worked with Wipro on projects – overall I give them a big big big thumbs DOWN
2) I don’t want my financial data being managed by India. There is so much corruption and piracy and their gov’t is so frighteningly inept
thanks for this post Allen. I’m dumping Citibank immediately. This sucks.
The odds are your data is already in many places :)
Actually, I welcome the change. The Citi credit card page is dog slow. Their new statement format is horrible. Maybe things will improve.
@Anonymous : In the 12+ years I’ve been with Citibank, I’ve been notified 3 times that my personal data has been released to the world. Their track record is pretty bad already. I’m not expecting it to get much better or worse.
I can tell you I am still not a fan of our data being exported outside the country…. it could be used against us in the long run. But what’s not offshored these days in one way or another – even the "loved" Hulu is made in China.