iGate bags $100 million deal from MetLife

Outsourcing company iGate Corporation on Wednesday said it has bagged a major five-year contract worth over $100 million (about Rs 598 crore) for providing global infrastructure services for insurance major MetLife, Inc.

The US-based IT solutions firm has been providing services to the global insurance giant for the last 10 years across North America, EMEA and Asia-Pacific. The present deal includes providing complex and mission critical services.

"iGate participated in a competitive bid to assist MetLife in building out an Innovative Infrastructure model to manage its IT systems towards greater efficiency and flexibility, in order to drive lower costs and increase business agility," iGate said in a statement.

MetLife is building an infrastructure model to manage its IT systems towards greater efficiency and flexibility, in order to drive lower costs and increase business agility, it added.

"Our 10-year long relationship with MetLife has given us deep understanding of the company's global businesses and will enable us to achieve definitive business imperatives for them in terms of both cost rationalisation and high levels of service delivery," iGate Head of Sales (North America and Global Head of Alliances) Sanjay Tugnait said.

The solution includes data services engineering and implementation, middleware support and implementation, infrastructure application development services, enterprise networking and messaging, infrastructure project management and infrastructure utility services, he added.

"Through this contract, we will enable MetLife to transform its service delivery framework from a resource and capacity based model to a scope and service level based one," iGate Senior Vice President (Insurance) Ganesh Iyer said.

"We are delighted to further strengthen our 10-year association with iGate. The year-on-year productivity and quality improvement parameters were clearly visible through the Managed Services program it provides," MetLife Inc Senior Vice-President (Enterprise Infrastructure & Architecture) Jim O'Donnell said.

In the past, iGate has said that it intends to achieve faster growth with focus on signing large deals. The company expects to achieve $3 billion in revenues by 2017. In the January-March quarter, the firm added 10 new customers, of which six were Fortune 1,000 companies.

It had also said that one of its large deals, in hundred million dollar range has got delayed. The deal was expected to begin in Q2 2013 but now will be late by a quarter or maximum 2-3 quarters.