Kanbay CEO Highlights Growth of High-Value Offshore IT Services
ROSEMONT, Ill., May 26 /PRNewswire-FirstCall/ -- Kanbay International, Inc. (Nasdaq: KBAY), a global IT services firm focused on the financial services industry, addressed the widening market for IT outsourcing and an evolution toward higher-value IT services at the UBS Software and IT Services Conference in New York, NY.
During a panel session at the conference, held at the Four Seasons Hotel on May 24, 2005, Raymond Spencer, Chairman and Chief Executive Officer of Kanbay, described IT offshore outsourcing as becoming more generally accepted. Within the financial services sector, Spencer highlighted the insurance industry as one area that is increasingly using the help of global IT services to modernize highly complex processes such as claims processing, rate changes and policy and plan management.
"The addressable growth opportunity is clearly expanding in two ways," said Spencer. "First, the overall number of financial services companies realizing the value of globally delivered IT services continues to grow, particularly in areas like insurance and capital markets. Second, our clients are demanding more complex industry-specific solutions. This allows companies with domain expertise to add more value to their clients and to offset expected pricing pressures for the IT services industry."
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://ir.kanbay.com.
About Kanbay International, Inc.
Founded in 1989, Kanbay International, Inc. (Nasdaq: KBAY) 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 Company's Annual Report on Form 10-K for the most recently ended fiscal year.
