India’s Satyam Computer Services
has landed a major contract from Merrill Lynch
to develop applications for its financial analysts.
will also work on the multi-year, multi-million dollar project.
The technology refresh comes as federal regulators place new requirements on financial services firms to archive communications and transaction data.
In a statement, Merrill said its new applications will use “industry best practices for security, data and reliability,” including Research Information eXchange Markup Language RixML.
In November, Satyam also signed a IT outsourcing contract with Bear Stearns & Co.
, which includes developing applications and maintaining legacy systems.
In a separate development, Satyam also announced on Friday that it completed an $8 million contract for the integration of technology services at Bangkok’s new international airport. Siemens, ABB and Thailand’s Samart were part of the deal as well.
And Satyam said it is working with Brocade
on storage technologies and storage area networks
Satyam is one of several Indian companies that is benefiting from the growth in the IT outsourcing market. The Indian software company has said it expects to grow its revenues by between 26 and 28 percent in 2004. Over the last two years, the
company’s market value has nearly doubled to $2.3 billion.