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REDWOOD SHORES, Calif.
03-MAY-2005 03:30 AM
Oracle (NASDAQ: ORCL) today announced that it has exercised purchase options to acquire PeopleSoft development centers based in Bangalore, India, operated by Hexaware Technologies Ltd. (NSE: HEXT.NS) and Covansys Corporation (NASDAQ: CVNS). The purchase options, originally granted under agreements entered into by PeopleSoft in 2003, were acquired by Oracle in connection with the acquisition of PeopleSoft, Inc., in January 2005. The transfer of the two centers is scheduled to be completed in late October 2005; employees of these two centers are expected to become employees of Oracle.
About Hexaware
Founded in 1990, Hexaware Technologies, a SEI CMMI Level 5 global IT services provider specializes in Enterprise solutions, Application Management, EAI, e-Commerce, and Embedded System. The Company provides software services to the Airlines, Banking and Financial services, Insurance and Healthcare industries. Hexaware's global offices are located in New Jersey, Boston, Chicago, and San Jose in USA; Toronto and Montreal in Canada, UK, Germany, Netherlands and Belgium in Europe and Singapore in Asia-Pacific; Mumbai, Bangalore and Chennai in India.
About Covansys
Headquartered in Michigan, Covansys Corporation (Nasdaq: CVNS) is a global consulting and technology services company specializing in industry-specific solutions, strategic outsourcing and integration services. Clients gain competitive advantage by leveraging our unique on-site, offsite, offshore delivery capability to achieve rapid deployment, world-class quality and reduced costs. A leader in the public sector market, Covansys is also known for application maintenance and development outsourcing in the healthcare, financial services, retail and distribution, manufacturing, telecommunications and high-tech industries. Founded in 1985, with 6000 consultants and employees worldwide, Covansys was one of the first U.S.-based IT services companies to establish offshore facilities in India, and is a pioneer in seamlessly integrating offshore capabilities into its offerings. Two of the company's three wholly owned development centers in India are assessed at Level 5 in SEI CMM(r). All three are ISO 9001:2000 certified and assessed at Level 5 in PCMM(r). Covansys was named one of the leading IT companies for state and local governments in 2002 and 2003 by Washington Technology magazine, and one of the top 500 solution providers in 2002 and 2003 by VARBusiness magazine. Visit our web site: www.covansys.com.
About Oracle
Oracle (NASDAQ: ORCL) is the world's largest enterprise software company. For more information about Oracle, please visit our Web site at http://www.oracle.com
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Trademarks
Oracle, JD Edwards, and PeopleSoft are registered trademarks of Oracle
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