Kanbay International Outlines Next Generation of High-Value IT Solutions at Piper Jaffray Conference
17 May 2005
Kanbay International, Inc. (Nasdaq: KBAY - News), a global IT services firm focused on the financial services industry, today outlined the key attributes global IT services companies need to effectively deliver the next-generation of high-value solutions.
In a presentation at the Piper Jaffray 7th Annual Technology Conference, held at the New York Palace Hotel, May 11 - 13, 2005, Raymond Spencer, Chairman and Chief Executive Officer of Kanbay, spoke about the evolution of global IT services from high-volume programming and customer service to deep business process outsourcing. Spencer outlined the need for IT service companies to demonstrate deep domain expertise, industry knowledge and a microcosm delivery model where every office in an IT services organization can demonstrate understanding of a client's business.
"Kanbay's clients attribute higher value to three qualities deeply embedded in our organization," said Raymond Spencer, Chairman and Chief Executive Officer of Kanbay. "First, Kanbay's specialized focus on financial services gives us deep knowledge about the business processes that drive the FSI industry. Second, our ability to combine highly integrated on-site and off-shore services ensures we deliver economic value to our clients. Third, our intense relationship model allows us to become a true extension of our clients with the flexibility to react and change as our clients' business requires."
On April 28, 2005, Kanbay released its results of operations for the first quarter ended March 31, 2005 and management hosted a conference call. A webcast of that conference call is archived on the company's website at http://www.ir.kanbay.com . In the earnings call, Kanbay announced that the company exited the first quarter with 52 active clients, including 21 Platinum clients. Platinum clients are account relationships that the company believes have the potential to produce annual revenue of $5 million or greater within two years of being designated as a Platinum client. The company raised its 2005 revenue expectation to at least $240 million from at least $228 million, with a target of $57 million for the second quarter. Kanbay also announced projected net income for 2005 of at least $34 million, with a target of $7 million in the second quarter.
About Kanbay International, Inc.
Founded in 1989, Kanbay International, Inc. (Nasdaq: KBAY - News) is a global IT services firm focused on the financial services industry. With over 4,000 associates, Kanbay provides its services primarily to banks, credit service providers, insurance companies and capital markets firms. The company uses a global delivery model to provide application development, maintenance and support, software package selection and integration, business process and technology advice, network and system security, and specialized services. Kanbay is a CMM Level 5 assessed company headquartered in greater Chicago with offices in the U.S., Canada, U.K., Australia, Hong Kong, Japan, Singapore and India.
Forward-Looking Statements
This press release may contain statements which are forward-looking statements under the federal securities laws. Any forward-looking statements represent our views only as of the date of this press release, and such forward-looking statements should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this press release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the "Risk Factors" section of the Form 10-K we recently filed with the SEC.
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Source: Kanbay International, Inc.
Source: PR Newswire
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