iGate in $20m deal with US company

iGate Global Solutions, the Bangalore-based fully integrated technology and operations firm with a global services model has announced that it has entered into a deal with Novato, California-based GreenPoint Mortgage, which has around $22 billion in assets.

This could also lead to yet another case of more IT jobs shifting to India from the US as GreenPoint Mortgage has decided to outsource its high-end back office services to the Bangalore-based iGate Global Solutions.

The 5-year deal, valued currently at $20 million, will enable GreenPoint to save about 25-30 per cent of the aggregate costs incurred annually on processing its customers' credit-decision making in mortgages and other investment avenues.

iGate CEO Phaneesh Murthy claimed it was perhaps the first time such shared services in the financial sector was being given to a third party in India by a US bank.

"iGate will manage selected parts of GreenPoint's back-office processes to enhance its efficiency and operational excellence as per established service level agreements," Murthy said.