Companies have partnered to offer industry leading solutions for the
Canadian financial services industry
TORONTO, Nov. 22 /CNW/ - Davis + Henderson Income Fund (TSX: DHF.UN) and
Wipro Technologies, the Global Consulting, System Integration and
Outsourcing business of Wipro Limited (NYSE: WIT), announced today that
the companies have entered into a strategic alliance for the purpose of
enabling value for financial services clients in Canada. Davis +
Henderson - a leading provider of technology and technology based
services to Canadian financial institutions, and Wipro - an outsourcing
industry leader with extensive experience in the banking and insurance
industries, will combine forces to offer program management solutions
for the Canadian financial services industry via their combined
capabilities.
As a result of this agreement, Davis + Henderson has augmented its
Canada-based infrastructure, applications and capabilities in deposit,
lending, and account onboarding programs with Wipro's global operations
and expertise, enabling the companies to offer integrated end-to-end
solutions with a focus on cost transformation and risk mitigation
through industry leading quality, innovative business processes, and a
unique balance of domestic and global expertise.
"Davis + Henderson has built its reputation as a go to partner that is
focused on helping clients solve their business issues," noted Gerrard
Schmid, President and COO of Davis + Henderson. "Increasingly, those
solutions involve taking over the management of key business processes
and it's critical that we're able to offer our clients the flexibility
and cost benefits associated with a global delivery model. We're
excited to be partnering with another industry leader in this space and
confident that our clients will see significant benefits as a result of
this partnership."
"The Canadian financial services industry is highly regarded around the
world and we are committed to supporting the Canadian marketplace. By
partnering with Davis + Henderson, we will be able to accelerate value
creation for Canadian financial institutions", said Chris Lord, VP and
Country Head - Canada for Wipro Technologies. "It was important to
Wipro that our partner shared our values and had a heritage of client
intimacy, trust and strong industry reputation. Davis + Henderson was
the right choice."
Davis + Henderson and Wipro have already begun work on a number of
initiatives which when implemented, will deliver significant customer
value. Initiatives underway include a joint development effort on an
indirect lending loan origination web portal; a proposal for contact
centre services that would seamlessly combine both companies' onshore
and offshore capabilities; and mapping out a comprehensive end-to-end
back office solution for lenders interested in outsourcing parts of the
overall lending lifecycle.
About Davis + Henderson
Founded in 1875 and headquartered in Toronto, Davis + Henderson (D+H) is
one of Canada's leading solutions providers to financial services
clients across North America. D+H provides innovative programs,
technology products, and technology based business services to
customers in the financial services industry who offer deposit,
lending, insurance and wealth management products to consumers and
businesses. In addition to being Canada's largest provider of programs
to support chequing accounts, D+H is also Canada's largest provider of
mortgage origination software solutions and lien search and
registration services to the financial services industry. D+H has a
strong presence in a broad range of other service areas including
end-to-end outsourced lending solutions, technology for mortgage
underwriting and other retail, small business, and commercial lending
applications, technology for equipment finance and leasing
applications, and end-to-end outsourced services supporting clients'
claims and payment processing and customer service requirements.
Davis + Henderson Income Fund is listed on the Toronto Stock Exchange
under the symbol DHF.UN. For more information, visit www.dhltd.com.
About Wipro Technologies
Wipro Technologies, a $6B division of Wipro Limited (NYSE:WIT), is one
of the global providers of technology, consulting and business process
outsourcing services operating in 54 countries around the world.
Wipro provides industry leading comprehensive services, including
systems integration, testing, information systems outsourcing, package
implementation, software application development and maintenance, and
end to end business process services to corporations globally enabling
transformational business benefits well beyond cost reduction.
Wipro's commitment to innovation and continuous improvement has resulted
in reusable frameworks, components, and Intellectual property that
speeds time to market and reduces the cost of innovation for our
clients. Wipro is committed to Canada and is undertaking significant
initiatives to extend its Canadian presence significantly through
tangible client and partner relationships both domestically and
globally.
For more information please visit www.wipro.com
Wipro's Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not limited
to, risks and uncertainties regarding fluctuations in our earnings,
revenue and profits, our ability to generate and manage growth, intense
competition in IT services, our ability to maintain our cost advantage,
wage increases in India, our ability to attract and retain highly
skilled professionals, time and cost overruns on fixed-price,
fixed-time frame contracts, client concentration, restrictions on
immigration, our ability to manage our international operations,
reduced demand for technology in our key focus areas, disruptions in
telecommunication networks, our ability to successfully complete and
integrate potential acquisitions, liability for damages on our service
contracts, the success of the companies in which we make strategic
investments, withdrawal of fiscal governmental incentives, political
instability, war, legal restrictions on raising capital or acquiring
companies outside India, unauthorized use of our intellectual property,
and general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are
more fully described in our filings with the United States Securities
and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company's filings with the Securities and Exchange Commission and our
reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us or
on our behalf.
Davis + Henderson's Caution Concerning Forward-looking Statements
This news release contains certain statements that constitute
forward-looking information within the meaning of applicable securities
laws ("forward-looking statements"). Statements concerning Davis +
Henderson's objectives, goals, strategies, intentions, plans, beliefs,
expectations and estimates, and the business, operations, financial
performance and condition of Davis + Henderson are forward-looking
statements. The words "believe", "expect", "anticipate", "estimate",
"intend", "may", "will", "would" and similar expressions and the
negative of such expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. These forward-looking statements are subject to
important assumptions, including the following specific assumptions:
the ability of Davis + Henderson to meet its revenue and EBITDA
targets; general industry and economic conditions; changes in Davis +
Henderson's relationship with its customers and suppliers; pricing
pressures and other competitive factors. Davis + Henderson has also
made certain macroeconomic and general industry assumptions in the
preparation of such forward-looking statements. While Davis + Henderson
considers these factors and assumptions to be reasonable based on
information currently available, they may prove to be incorrect.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Business, or developments in Davis +
Henderson's industry, to differ materially from the anticipated
results, performance, achievements or developments expressed or implied
by such forward-looking statements. Risks related to forward-looking
statements include, among other things, challenges presented by
declines in the use of cheques by consumers; the Fund's dependence on a
limited number of large financial institution customers and dependence
on their acceptance of new programs; strategic initiatives being
undertaken to meet the Fund's financial objective; stability and growth
in the real estate, mortgage and lending markets; as well as general
market conditions, including economic and interest rate dynamics and
investor interest in, and government regulations relating to, Income
Trusts. Given these uncertainties, readers are cautioned not to place
undue reliance on such forward-looking statements. Forward-looking
statements are based on management's current plans, estimates,
projections, beliefs and opinions, and Davis + Henderson does not
undertake any obligation to update forward-looking statements should
assumptions related to these plans, estimates, projections, beliefs and
opinions change except as required by applicable securities laws.
%SEDAR: 00017092EF
