Wipro bags Credit Suisse’s ‘IT New Business Award” for Strategic Partnership

Recognized for supporting Credit Suisse’s IT global sourcing strategy through innovation and operational optimization

Wipro Technologies, the global IT services business of Wipro Limited (NYSE:WIT) announced that it has been recognized as the winner of the IT New Business Award for Strategic Partnership by Credit Suisse. The award recognizes Wipro’s partnership with Credit Suisse IT in achievement of their global sourcing strategy that included the setting up of a dedicated Center of Excellence in Pune, India.

Wipro was selected from among Credit Suisse’s top 25 strategic IT vendors for this award. The selection was based on a structured vendor score card exercise run by the Credit Suisse IT Supplier Relationship Management Program, which compared their top vendors across the key evaluation criteria which included Overall Relationship, High Quality, Superior Capability, Competitive Pricing and Managed Risks.

Wipro has partnered with Credit Suisse IT for providing outsourced services for a wide range of banking functions, including information technology, operations, finance and front-office functions. The partnership was built on an innovative sourcing model that allowed three primary ownership models (captive, outsourced, co-managed) to co exist under one roof catering to different business requirements.. The Pune Center of Excellence supports the Bank’s businesses across 50 countries globally and was their fastest growing center in the world. Wipro helped Credit Suisse IT create a footprint in the most attractive talent market in the world with minimal CAPEX and quick time to market through this partnership.

Tom Sanzone, CIO, Credit Suisse said, “Our Center of Excellence (CoE) engagement in partnership with Wipro is a truly transformational initiative for Credit Suisse. It is a critical aspect in achieving our vision of being an industry leader in leveraging IT for business leadership. We appreciate the commitment shown by Wipro which helped us realize our vision to execute this in an innovative business model which required significant maturity, commitment and flexibility. We were successful in meeting our aggressive deployment plans for 2007. As the primary partner for CoE, Wipro was instrumental in this process. We are encouraged by the success of our partnership so far and hope to build further on the same.”

Wipro has contributed to many strategic initiatives within Credit Suisse IT such as the OneBank Delivery model as a part of the overall engagement. To minimize risk and increase flexibility, Wipro provides a “flex-sourcing” model for Credit Suisse IT to leverage different engagement models as appropriate. By end of 2007, the partnership generated significant cost reduction achieved through centralizing all functions in one site with a common infrastructure.

Wipro is also partnering Credit Suisse IT in its Innovation capabilities including Web 2.0 technology based portal to enable collaboration, knowledge sharing, community building and in the area of Technology Infrastructure Services.

Girish Paranjpe, President, Wipro Finance Solutions said, ” This award is a testament to the strength of our relationship with Credit Suisse IT. Credit Suisse IT is very focused in its approach to a global ramp-up and it has been very fulfilling for us to collaborate with them in their efforts. We intend to continue to deliver value to Credit Suisse IT through our expertise in technology and operations in financial services domain leveraging our dynamic innovation process. ”

Wipro’s dedicated business unit for financial services contributes close to 24% of its Global IT services revenues. The IT major has built proven capabilities in developing and implementing solutions for each of the Banking, Capital Markets, and Insurance industries. Wipro has expertise working across the entire range of market participants in the financial industry .

About Credit Suisse
As one of the world’s leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 45,000 people. Credit Suisse’s parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com
About Wipro

Wipro Technologies, a division of Wipro Limited (NYSE:WIT), is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services organization globally. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance services to corporations globally.

In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. Wipro also has a profitable presence in niche market segments of consumer products and lighting. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro’s ADS’ are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange – Mumbai, and the National Stock Exchange. For more information, please visit our websites at www.wipro.com http://www.wiprocorporate.com

Media Contact

Wipro Technologies

India

Radhika Mahadevan, Wipro Technologies, +91- 9945042603, radhika.mahadevan {at} wipro(.)com

Sonali Madbhavi, Gutenberg Communications, +91 – 9844042850, sonali {at} gutenbergpr(.)com

US

Abhishek Mendiratta, Wipro Technologies, + 1 732 789 8646, abhishek.mendiratta {at} wipro(.)com

Lavanya DJ, Gutenberg Communications, + (212).239.8740, lavanya {at} gutenbergpr(.)com

UK

Rahul Kadavakolu +44 792 020 5496, rahul.kadavakolu {at} wipro(.)com