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New U.S. rules offer $4 Billion opportunity for Indian IT firms

Mumbai: Indian software firms stand to bag deals worth $4 billion from U.S. firms as the spending on IT by financial services industry is expected to go up due to stronger regulations and reforms in the U.S. The U.S. financial services sector comprises a major chunk of revenues for domestic IT companies, reports Amit Tripathi of DNA.

In the quarter ended March 31, 2010, Infosys generated 66.1 percent of its revenues from the U.S., TCS 54 percent, Wipro Technologies 56.7 percent and HCL Technologies 59.5 percent. “We are seeing regulation-related IT spending happening of late. Some of these projects are being driven and monitored by the chief risk officers of the financial services firms in the U.S.,” said Vibin Balakrishnan, Chief Financial Officer of Infosys.

A report by Sybase, a U.S.-based enterprise and mobile software maker that’s in the midst of a takeover by German giant SAP, expects a dramatically new financial services regulatory regime ahead. The opportunity is mostly for IT service firms than packaged software or hardware makers.

“The projects are largely service-related in which there are orders for new application development and integration of systems,” said Balakrishnan. In recent times, most of Indian IT service firms have increased their hiring of local people especially in the U.S., besides ramping up offshore strategy to optimize costs.

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