DAVIS + HENDERSON AND WIPRO ESTABLISH STRATEGIC ALLIANCE IN CANADA
TORONTO, Nov. 22, 2010 (Canada NewsWire via COMTEX) — Companies have partnered to offer industry leading solutions for the Canadian financial services industry.
Davis + Henderson Income Fund (TSX: DHF.UN) and Wipro Technologies, the Global Consulting, System Integration and Outsourcing business of Wipro Limited (NYSE: WIT), announced today that the companies have entered into a strategic alliance for the purpose of enabling value for financial services clients in Canada. Davis + Henderson – a leading provider of technology and technology based services to Canadian financial institutions, and Wipro – an outsourcing industry leader with extensive experience in the banking and insurance industries, will combine forces to offer program management solutions for the Canadian financial services industry via their combined capabilities.
As a result of this agreement, Davis + Henderson has augmented its Canada-based infrastructure, applications and capabilities in deposit, lending, and account onboarding programs with Wipro’s global operations and expertise, enabling the companies to offer integrated end-to-end solutions with a focus on cost transformation and risk mitigation through industry leading quality, innovative business processes, and a unique balance of domestic and global expertise.
“Davis + Henderson has built its reputation as a go to partner that is focused on helping clients solve their business issues,” noted Gerrard Schmid, President and COO of Davis + Henderson. “Increasingly, those solutions involve taking over the management of key business processes and it’s critical that we’re able to offer our clients the flexibility and cost benefits associated with a global delivery model. We’re excited to be partnering with another industry leader in this space and confident that our clients will see significant benefits as a result of this partnership.”
“The Canadian financial services industry is highly regarded around the world and we are committed to supporting the Canadian marketplace. By partnering with Davis + Henderson, we will be able to accelerate value creation for Canadian financial institutions”, said Chris Lord, VP and Country Head – Canada for Wipro Technologies. “It was important to Wipro that our partner shared our values and had a heritage of client intimacy, trust and strong industry reputation. Davis + Henderson was the right choice.”
Davis + Henderson and Wipro have already begun work on a number of initiatives which when implemented, will deliver significant customer value. Initiatives underway include a joint development effort on an indirect lending loan origination web portal; a proposal for contact centre services that would seamlessly combine both companies’ onshore and offshore capabilities; and mapping out a comprehensive end-to-end back office solution for lenders interested in outsourcing parts of the overall lending lifecycle.
About Davis + Henderson
Founded in 1875 and headquartered in Toronto, Davis + Henderson (D+H) is one of Canada’s leading solutions providers to financial services clients across North America. D+H provides innovative programs, technology products, and technology based business services to customers in the financial services industry who offer deposit, lending, insurance and wealth management products to consumers and businesses. In addition to being Canada’s largest provider of programs to support chequing accounts, D+H is also Canada’s largest provider of mortgage origination software solutions and lien search and registration services to the financial services industry. D+H has a strong presence in a broad range of other service areas including end-to-end outsourced lending solutions, technology for mortgage underwriting and other retail, small business, and commercial lending applications, technology for equipment finance and leasing applications, and end-to-end outsourced services supporting clients’ claims and payment processing and customer service requirements.
Davis + Henderson Income Fund is listed on the Toronto Stock Exchange under the symbol DHF.UN. For more information, visit www.dhltd.com.
About Wipro Technologies
Wipro Technologies, a $6B division of Wipro Limited (NYSE:WIT), is one of the global providers of technology, consulting and business process outsourcing services operating in 54 countries around the world.
Wipro provides industry leading comprehensive services, including systems integration, testing, information systems outsourcing, package implementation, software application development and maintenance, and end to end business process services to corporations globally enabling transformational business benefits well beyond cost reduction.
Wipro’s commitment to innovation and continuous improvement has resulted in reusable frameworks, components, and Intellectual property that speeds time to market and reduces the cost of innovation for our clients. Wipro is committed to Canada and is undertaking significant initiatives to extend its Canadian presence significantly through tangible client and partner relationships both domestically and globally.
For more information please visit www.wipro.com
Wipro’s Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
Davis + Henderson’s Caution Concerning Forward-looking Statements
This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning Davis + Henderson’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Davis + Henderson are forward-looking statements. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “may”, “will”, “would” and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important assumptions, including the following specific assumptions: the ability of Davis + Henderson to meet its revenue and EBITDA targets; general industry and economic conditions; changes in Davis + Henderson’s relationship with its customers and suppliers; pricing pressures and other competitive factors. Davis + Henderson has also made certain macroeconomic and general industry assumptions in the preparation of such forward-looking statements. While Davis + Henderson considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Business, or developments in Davis + Henderson’s industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Risks related to forward-looking statements include, among other things, challenges presented by declines in the use of cheques by consumers; the Fund’s dependence on a limited number of large financial institution customers and dependence on their acceptance of new programs; strategic initiatives being undertaken to meet the Fund’s financial objective; stability and growth in the real estate, mortgage and lending markets; as well as general market conditions, including economic and interest rate dynamics and investor interest in, and government regulations relating to, Income Trusts. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions, and Davis + Henderson does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change except as required by applicable securities laws.
SOURCE: Davis + Henderson Income Fund