Accenture's stock was one of the headlining casualties of last week's stock market snafu. In a matter of 17 minutes, shares of the company plummeted from $41 to a mere one cent (100 shares were purchased at that bargain basement price).
CGI, in a move to broaden its services to compete more with the likes of Xerox, Dell and ACS (good luck!), has announced its acquisition of Stanley Inc. for $903 million. The purchase will bulk up its government services business, as Stanley focuses primarily on providing IT services to military, intelligence and government agencies.
Cognizant continues to build its name in the outsourcing space, and is now competing more directly with the big Indian outsourcers, Tata, Wipro and Infosys. Not only has its revenue been showing marked year-on-year improvement, but it's brought on many new clients and boosted its hiring numbers.
Former McKinsey CEO Rajat Gupta, who had formerly made headlines in conjunction with the Galleon scandal, is now under investigation for potentially passing along insider information about Goldman Sachs (where he is a board member) to Galleon.
HP announced a broadened set of consulting services aimed at helping telecom companies improve customer experience, streamline operations and improve service offerings.
Consulting revenues continue their modest climb: Cognizant reported a 29% increase in Q1 revenue; Capgemini's Q1 numbers are just slightly ahead of forecasted projections; and Logica showed some improvement, with revenue down less than it has been in the past three quarters (how's that for a backwards compliment?), and the strongest growth in outsourcing services, where revenue was up 11%.
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