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Hexaware bags multi-million dollar deal

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IT and BPO services provider today announced a deal with its US-based financial services client that would help it generate $10-15 million in annual revenue.

As per the deal, the company will offer IT services to support the client's banking and investment management business, Hexaware said in a filing to the Bombay Stock Exchange (BSE).

It will also offer Remote Infrastructure Management Services (Remote IMS) to the client, the filing added.

Thereupon, the company expects to generate revenue worth $10-15 million on annual basis after 2011 from this BFSI (Banking, Financial Services and Insurance) client, which was just a one-million dollar client for Hexaware in 2009, it said.

As part of its core strategy, Hexaware has deployed dedicated client partners and an engagement director at its key accounts.

"While we have already demonstrated our leadership position in the Asset Management micro-vertical, we have now proven strong capabilities in our horizontal service lines to this customer.

We are further providing value to the customer by offering all these services utilising our major in the US, Mexico and two centres in Chennai & Mumbai," Hexaware Technologies CEO and Vice Chairman P R Chandrasekar said.

Reacting to the news, Hexaware shares jumped by 3.56% to a 52-week high of Rs 72.70 on Bombay Stock Exchange this morning.

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