Hinduja TMT de-mergers ITES-BPO business
 
Hinduja TMT has de-merged its ITES-BPO business into a separate company called HTMT Global Solutions Limited. The new entity will be listed on the stock exchanges separately alongside the parent Hinduja TMT Limited. HTMT Global Solutions will provide business process outsourcing (BPO) services as well as contact center services. The newly formed company has 9,500 employees.
    
TPI acquired by Information Services Group
 
Sourcing advisory firm Technology Partners International (TPI) will be acquired by Information Services Group (ISG) for a consideration of $280 million. TPI's 2006 revenues were $147 million. The firmis headquartered in Houston, Texas and has 430 employees across its offices in the US, Australia, France, Germany, India, Japan, Netherlands, New Zealand, Singapore, Sweden and UK.
    
24/7 Customer to service new business line for Aviva
 
Aviva has extended its partnership with 24/7 Customer by expanding the range of services provided by 24/7 Customer. The vendor will now also provide finance and accounting process such as general ledger and reconciliation process support. 24/7 Customer will operate from the 24/7 Customer/Aviva center in Chennai, India.  
    
i-flex sets up subsidiary in Greece

The subsidiary, i-flex Solutions, S.A., has been formed in Athens in partnership with Fourlis Group, a large Greece holding house. i-flex Solutions currently has more than 20 customers in the Balkan region. The Greek center will cater to the company's European clients in and around the area.
    
CSC to acquire Covansys

Computer Sciences Corporation will acquire Covansys Corporation for $1.3 billion. CSC will pay $34 per share in an all cash transaction, which is expected to be completed by the second quarter of FY2008. Covansys had revenues of $455.5 million in 2006 and about 9,000 employees, with 70 percent employees based in India.
    
iGate Corporation's Q1 revenues up 11%

Consolidated revenues increased to $75.3 million from $67.7 million in Q1 last year. iGATE Global Solutions, the offshore subsidiary, reported Q1 revenue of $47.9 million, an increase of 25% over last year and 1% from the previous quarter.