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HCL and Odessa Sign Strategic Partnership Deal

Published Date: 
Oct 25, 2010
October 25, 2010 - HCL Technologies Ltd. ("HCL") and Odessa Technologies, Inc. ("Odessa") have announced a strategic partnership to expand distribution channels, augment implementation capacity and increase speed-to-market for select installations of Odessa’s end-to-end lease management system, LeaseWave®. The partnership establishes HCL as a preferred implementation partner and enables Odessa and its customers to leverage HCL’s 64,000 member workforce with over 450 professionals experienced in implementing lending and leasing solutions throughout the world.

October 25th, 2010 – HCL Technologies Ltd. ("HCL") and Odessa Technologies, Inc. ("Odessa") have announced a strategic partnership to expand distribution channels, augment implementation capacity and increase speed-to-market for select installations of Odessa's end-to-end lease management system, LeaseWave®. The partnership establishes HCL as a preferred implementation partner and enables Odessa and its customers to leverage HCL's 64,000 member workforce with over 450 professionals experienced in implementing lending and leasing solutions throughout the world.

“Odessa has established itself as a market leader by delivering a proven lease management solution that successfully combines all the benefits of scalable state-of-the-art technology with mature functionality that traditionally was only found in legacy systems.  The combination of Odessa’s world class equipment finance solution with HCL’s worldwide distribution channels, implementation expertise and support services offers the equipment finance industry a comprehensive path for overhauling outdated technologies that have limited innovation, flexibility and growth.” says Mike Pennell, Vice President, HCL.

"After 13 years of serving our industry, Odessa is now 150 people strong and continues to grow. But we also recognize that the industry is at a critical crossroads in terms of technology; and this presents an unprecedented opportunity for LeaseWave®. Given this landscape, the HCL relationship removes potential scale-related constraints on select installations. It also allows Odessa to focus on key segments in the US industry while leveraging HCL’s worldwide presence”, says Madhu Natarajan, CEO, Odessa.

About HCL Technologies
HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on ‘transformational outsourcing’, underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and RD services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of ‘Employees First’ which empowers our 70,218 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 2.9 billion (Rs. 13,145 crores), as on 30th September 2010 (on LTMbasis). For more information, please visit www.hcltech.com

About HCL
HCL is a $5 billion leading global Technology and IT Enterprise that comprises two companies listed in India – HCL Technologies HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups, a pioneer of modern computing, and a global transformational enterprise today. Its range of offerings spans Product Engineering, Custom Package Applications, BPO, IT Infrastructure Services, IT Hardware, Systems Integration, and distribution of ICT products across a wide range of focused industry verticals. The HCL team comprises over 72,000 professionals of diverse nationalities, who operate from 26 countries including over 500 points of presence in India. HCL has global partnerships with several leading Fortune 1000 firms, including leading IT and Technology firms. For more information, please visit www.hcl.com

About Odessa Technologies, Inc.
Odessa Technologies, Inc. is a software company exclusively focused on the leasing industry. The company is headquartered in Philadelphia, PA and employs a staff of 150 people. The LeaseWave™ suite is a fully Internet-based family of products, providing an end-to-end lease and loan origination and portfolio management solution for equipment leasing and finance, vehicle leasing and finance and fleet management companies. The LeaseWave™ suite is specifically engineered, to be configurable and customizable and accommodate even the most complex of business models, as evidenced by its diverse customer base.

Forward-looking Statements
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes', 'strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

For details, contact:

Jim Humphrey
VP Sales and Marketing, Odessa Technologies, Inc.
215.231.7170
jim.humphrey@odessatech.com

Kirsten Paragona
Director of External Communications, HCL
857-350-5393
kparagona@hcl.com

Danielle Millerick
ThinkMedia PARTNERS for HCL
978-666-4766
dmillerick@thinkmediapartners.com

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