BANGALORE (Reuters) - The chairman of Satyam Computer Services, India’s 4th-biggest software services exporter, announced his resignation on Wednesday, saying the company’s recent profits had been overstated.
He apologised to staff and shareholders and said he was prepared to face the legal consequences.
Following are five facts about Satyam:
* India’s No.4 software services exporter was founded in 1987 by Chairman B. Ramalinga Raju, who was born into a family of farmers and is a Management graduate from Ohio University.
* Satyam debuted on the Indian markets in 1991, followed by a listing in New York in 2001. Last year, it launched a secondary listing on Euronext Amsterdam under NYSE Euronext’s new “fast path” process for cross-listings in New York and Europe.
* Satyam, whose clients include General Electric, Nestle, Qantas and Fujitsu, specialises in business software, and offers back-office outsourcing and consulting services.
* In the year to end-March 2008, Satyam posted a 46.3 percent rise in revenue to $2.1 billion under U.S. accounting standards, while net income rose 39.7 percent to $417 million. In October, it said revenue in the year to end-March 2009 would rise 19-21 percent to $2.55-$2.59 billion.
* Satyam, based in Hyderabad, had 52,865 employees at end-September. It competes for outsourcing deals with local rivals Tata Consultancy Services and Infosys Technologies as well as global majors such as IBM and Accenture.