Guardian Awards IT Outsourcing Services to Patni; Initial Contract Valued Over $35 Million

Business Wire, March 19, 2003

Business Editors

CAMBRIDGE, Mass.--(BUSINESS WIRE)--March 12, 2003

The Guardian Life Insurance Company of America, the fourth largest mutual life insurance company in the United States, today announced that it has awarded outsourced software services to Patni Computer Systems (P) Ltd., India's sixth largest software services company.

Under the terms of the initial contract, potentially worth $35 million over seven years, Patni will assist Guardian in introducing new life and annuity products, and undertake gap analysis and implementation of IT systems to meet the changing business needs in the insurance marketplace.

Seventy percent of the work will be delivered out of Patni's Offshore Development Centers in India, which will lead to significant cost savings for Guardian. Patni's proven on-site/offshore capabilities, supported by an integrated disaster recovery and knowledge management systems, made it a vendor of choice.

Dennis Callahan, Guardian's senior vice president and chief information officer, said, "Outsourcing to Patni offers us not only cost savings for existing systems, but also provides us with a technology vendor with which to collaborate. Patni was evaluated over six months against numerous Indian vendors on various parameters including quality processes, domain expertise and on-site/offshore capabilities to service the US market. Patni's experience in the Life and Annuity business was seen by us as a clear differentiator."

Narendra K. Patni, chairman and chief executive officer of Patni, said, "Patni is committed to adding value to its customers by consistently providing world class services through an efficient, cost-effective offshore model. Our initial pilot demonstrated our Transcend(R) and variable annuity resource capabilities over the competition, and this win further endorses our strength and expertise in the insurance domain. We are confident of extending our domain expertise for Guardian's benefit."

About Patni Computer Systems

Patni is a global IT Consultancy and Services provider with revenues in excess of US $188 million (Rs. 914 Crores). The organization has over 5500 skilled software professionals, and services its Global 2000 customers through 21 international offices and six offshore development facilities. Patni delivers high quality, reliable and cost-effective software solutions to customers in the Manufacturing, Insurance, Banking and Financial Services, Retail, Hospitality, Energy and Utilities industries. Patni's technology focus areas include eBusiness, enterprise applications, embedded solutions and enterprise systems management, while its service offerings comprise of Business Process Outsourcing, re-engineering, application development and support. These capabilities are complemented by strategic alliances with leading software vendors -- IBM, Microsoft, SAP, Oracle, BaaN, Siebel, BroadVision, and Interwoven.

Patni is an ISO 9001:2000 and SEI-CMM Level 5 certified organization, assessed enterprise wide at PCMM Level 3. The organization has also integrated Six Sigma techniques, in line with its focus on continuous process improvements.

About Guardian Life Insurance Company of America

The Guardian Life Insurance Company of America (Guardian) is the fourth largest mutual life insurance company in the United States. As of December 31, 2001, Guardian and its subsidiaries had $34.3 billion in assets. Founded in 1860, Guardian is listed among Fortune magazine's top 500 businesses--and in 2002 was ranked once again as one of the top 10 most admired life and health companies in Fortune's "America's Most Admired Companies" list. With 5,500 employees, over 2,700 financial representatives and 100 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k), mutual fund and annuity investment products, and trust services. More information on Guardian can be obtained at: www.glic.com.