iGATE Wins 5-Year Managed Services IT Contract with Group Länsförsäkringar in Sweden

LONDON, STOCKHOLM and ISELIN, New Jersey, February 25, 2014 /PRNewswire/ --

Deal Signals iGATE's Commitment to Growth in the Nordic Region

iGATE Corporation (iGATE), the first integrated technology and operations company providing Business Outcomes-based solutions, announced today that it has secured a five-year contract with Länsförsäkringar Alliance. Länsförsäkringar Alliance is one of Sweden's largest financial services institutions with business divisions covering life, non-life and banking markets. The deal, valued at $35 million, will be enacted over an initial five-year engagement and will be delivered within Länsförsäkringar Alliance.

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Länsförsäkringar Alliance has selected iGATE as a strategic application development and maintenance supplier for its business support system, which includes business intelligence systems, integration, compliance, document support, finance and payment systems. iGATE will also provide IT services over life and non-life insurance business units.

As part of the engagement, iGATE will open a delivery centre in Stockholm. This centre will be committed not only to local hiring but also to building iGATE's nearshore delivery capabilities for the European region.

Sten Dunér, President, LänsförsäkringarAB, said, "iGATE has shown a deep understanding of the insurance industry. We chose iGATE because of its differentiated delivery model and its committed presence in the Nordic region. We look forward to working with iGATE in the years ahead."

Derek Kemp, Executive Vice-President and Head of Europe and Australia, iGATE, said, "This engagement will deliver significant savings to Länsförsäkringar Alliance in Sweden and will offer much greater product and customer management flexibility in its life and non-life businesses. The deal with Länsförsäkringar Alliance will increase our presence in the Nordics through the creation of a new delivery centre. We are extremely pleased with the technical and language-based skills available locally and know this expertise will enable us to build scale and capability in the region."

About Länsförsäkringar Alliance

The Länsförsäkringar Alliance is unique in the Swedish bank and insurance market. The 23 customer-owned regional insurance companies cooperate, thereby combining the ability of a small company to adapt to its customers with the strength of a large company.

Cooperation among the 23 regional insurance companies takes place through the jointly owned Länsförsäkringar AB and its subsidiaries. Länsförsäkringar AB's task is to create the necessary prerequisites for the regional insurance companies to be successful in their respective markets by conducting business, service and development operations.

About iGATE

iGATE Corporation is the first integrated technology and operations (iTOPS) company providing full-spectrum consulting, technology and business process outsourcing, and product and engineering solutions on a Business Outcomes-based model. Armed with over three decades of IT Services experience and powered by the iTOPS platform, iGATE's multi-location global organization has a talent pool of more than 30,000 employees and consistently delivers effective solutions to over 300 companies including Fortune 1000 clients spanning verticals such as: banking and financial services; insurance; healthcare and life sciences; manufacturing; retail and CPG; media and entertainment; energy and utilities; and independent software vendors. Please visit http://www.igate.com for more information.

iGATE Corporation is listed on NASDAQ under the symbol "IGTE."

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SOURCE iGATE Corporation