Tech Mahindra forms joint venture with Saudi Arabia’s Midad Holding

NEW DELHI: Tech Mahindra today said it has formed a joint venture with Midad Holding to provide IT and ITeS solutions in Saudi Arabia. Midad will hold 51 per cent stake in the JV firm (to be called Tech Mahindra Arabia), while Tech Mahindra will hold the remaining 49 per cent share.

“Headquartered in Al Khobar, Tech Mahindra Arabia will also have a presence across major cities in Saudi Arabia and will be functional post the regulatory approvals,” Tech Mahindra said in a statement.

Midad Holding is a subsidiary of Al Fozan, a diversified business group.

“Saudi Arabia has been a focus market for Tech Mahindra and we are excited about the economic potential the region has. This JV will establish the company as a leading player in providing IT and ITeS solutions,” Tech Mahindra Managing Director and CEO C P Gurnani said.

Additionally, it will also provide exciting career opportunities in the Saudi region, he added. Tech Mahindra, which has a presence in the region since 2006, offers services to customers across verticals like telecom, public sector, oil and gas, petrochemicals, utilities, manufacturing and BFSI.

The solutions will provide services in the areas of consulting, application development and management, network services, integration, engineering, managed services, remote infrastructure management, operational and maintenance services and BPO, it said.

“The purpose of the JV is to leverage Tech Mahindra’s global expertise in IT while maximising local content,” Midad Holding Managing Director and CEO Mohammed Al Baadi said.news-ET

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Goldman says Google has blocked email with leaked client data

NEW YORK: Goldman Sachs Group Inc on Wednesday said Google Inc has blocked access to an email containing confidential client data that a contractor sent to a stranger’s Gmail account by mistake, an error that the bank said threatened a “needless and massive” breach of privacy.

The breach occurred on June 23 and included “highly confidential brokerage account information,” Goldman said in a complaint filed on Friday in a New York state court in Manhattan.

Goldman did not say how many clients were affected. It has been seeking a court order compelling Google to delete the email, which it said on Wednesday had yet to occur.

“Google complied with our request that it block access to the email,” Goldman spokeswoman Andrea Raphael said. “It has also notified us that the email account had not been accessed from the time the email was sent to the time Google blocked access. No client information has been breached.”
A Google spokeswoman declined to comment.

According to Goldman, the outside contractor had been testing changes to the bank’s internal processes in connection with reporting requirements set forth by the Financial Industry Regulatory Authority.

Goldman said the contractor meant to email her report, which contained the client data, to a “gs.com” account, but instead sent it to a similarly named, unrelated “gmail.com” account.

The bank said a member of Google’s “incident ..
response team” reported on June 26 that the email could not be deleted without a court order.

“Emergency relief is necessary to avoid the risk of inflicting a needless and massive privacy violation upon Goldman Sachs’ clients, and to avoid the risk of unnecessary reputational damage to Goldman Sachs,” the bank said in court papers.

Goldman is based in New York, and Google in Mountain View, California.

The case is Goldman, Sachs & Co v. Google Inc, New York State Su .. news-ET

UK data regulator probes Facebook over psychological experiment: Financial Times

The Information Commissioner’s Office (ICO) in the UK is investigating whether Facebook Inc broke data protection laws when it allowed researchers to conduct a psychological experiment on users of the social network, the Financial Times reported.

The data regulator is probing the experiment and plans to ask Facebook questions, the newspaper reported. It was too early to tell exactly what part of the law Facebook may have infringed, the FT quoted a spokesperson for the ICO as saying. (http://on.ft.com/1iTezCj)

Facebook’s psychological experiment on nearly 700,000 unwitting users in 2012 has caused a social-media furor. The experiment was to find if Facebook could alter the emotional state of its users and prompt them to post either more positive or negative content.

Representatives for ICO and Facebook did not immediately respond to emails seeking comment.

The ICO monitors how personal data is used and has the power to force organizations to change their policies and levy fines of up to 500,000 pounds ($839,500).

Internet privacy concerns shot up the agenda last year when former U.S. National Security Agency contractor Edward Snowden revealed details of mass U.S. surveillance programs involving European citizens and some heads of state.

Last week, Google Inc said it has begun removing some search results to comply with a European Union ruling upholding citizens’ right to have objectionable personal information about them hidden in search engines.

Software firms facing threat of losing high-value projects as clients setting up inhouse centres in India

BANGALORE: For Indian software companies which are recovering from the global economic slowdown, the next big worry could be customers eating the best portion of their lunch. Increasingly, multinational clients are saying they are okay to outsource bread-and-butter work but not the jam and cream.

Government aims to transform India into a software product nation

NEW DELHI: The India tablet story is losing steam. After a 56% surge in 2013, tablet shipment fell nearly 28% sequentially in the first three months of 2014. Product launches are few and far between, and the number of vendors in the market has fallen to less than half from a year earlier.

But corporates are buying more, giving hope to vendors who are customising devices to suit the requirement of enterprise customers.

For instance, Swipe Telecom, a Pune-based company, is sell ..

Read more at:
http://economictimes.indiatimes.com/articleshow/37490849.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

NEW DELHI: The India tablet story is losing steam. After a 56% surge in 2013, tablet shipment fell nearly 28% sequentially in the first three months of 2014. Product launches are few and far between, and the number of vendors in the market has fallen to less than half from a year earlier.

But corporates are buying more, giving hope to vendors who are customising devices to suit the requirement of enterprise customers.

For instance, Swipe Telecom, a Pune-based company, is sell ..

NEW DELHI: The India tablet story is losing steam. After a 56% surge in 2013, tablet shipment fell nearly 28% sequentially in the first three months of 2014. Product launches are few and far between, and the number of vendors in the market has fallen to less than half from a year earlier.

But corporates are buying more, giving hope to vendors who are customising devices to suit the requirement of enterprise customers.

For instance, Swipe Telecom, a Pune-based company, is sell ..

Budget 2014: Nasscom urges government to set up Rs 500-crore tech mission

HYDERABAD: IT-BPO industry body Nasscom has urged the government to set up a technology entrepreneur mission with an initial capital of Rs 500 crore to address funding and infrastructure issues for start-up companies

At present, 80 per cent of the US $118-billion industry is represented by less than 200 companies, while the rest are more than 15,000 firms which are mostly medium, small and start-ups, Nasscom President R Chandrashekhar said

“Therefore, we have suggested that a technology entrepreneur mission needs to be launched by the government with an allocation of Rs 500 crore on a continuous basis to look at issues related to funding and infrastructure,” Chandrashekhar told reporters here today.

Globally, a lot of countries adapt this method to attract entrepreneurs and companies and many of them are also trying to attract Indian firms, he added. The mission should be announced in the current budget, he said, adding that “it is important for the government to send out a signal that it recognises the importance of this segment.”

He said that taxes on angel investors should also be reviewed, since investments made by them are risky in nature. Replying to a query about the sector’s growth, he said the IT-ITeS industry is expected to grow at 13 per cent to 15 per cent during the current fiscal.

“One of the largest growth areas is social media, mobility, analytics and cloud (SMAC). This is growing at twice the rate of growth of the industry in general,” he said. On hiring by IT companies this year, Chandrashekhar said recruitments would be on par with that of last year. “Projection in terms of manpower becomes difficult, but it is certain that it (hiring) is growing at half of what the industry is growing,” he said.

The domestic IT industry’s growth is not so encouraging for a variety of reasons, he said, adding that though the US economy has returned to its original stature, the European market is not growing as expected, he said.news-ET

Zomato buys New Zealand’s MenuMania for Rs 5 crore

BANGALORE: Online Restaurant guide Zomato has acquired New Zealand’s MenuMania for an estimated Rs 5 crore in an all-cash deal, making it the largest player in its space in the island country which has over 15,000 restaurants. Started in 2006 by Auckland based techie Cristian Rosescu, MenuMania was the largest rival to Zomato, which had started its operations in Auckland and Wellington in July last year.

“This acquisition is the first of more to come this year. We will acquire in markets where local players dominate the ecosystem,” said Deepinder Goyal, cofounder and CEO of Zomato, which has operations across 12 countries now. The company was funded with $37 million (Rs 227 crore), last year by Sequoia Capital and existing investor Info EdgeBSE -0.73 %.

Goyal declined to comment on the exact amount of the MenuMania deal, but added that two more such acquisitions of similar companies are in the pipeline in southeast Asia and eastern Europe. With its organic and acquisition growth strategy Zomato aims to triple its revenue to about Rs 100 crore by next year. Experts say it’s a good strategy to expand inorganically in the food and beverages space. “It takes about 5-6 months to start making money in a new market as restaurants take time to sign up. .. 

This business is very local and one needs sales feet on the ground,” said Ritesh Dwivedy, CEO of online food ordering site JustEat India, which has over 2,500 restaurants. MenuMania will be merged with Zomato within six months. “We will be able to combine our local knowledge about the market with the technology Zomato brings to the table. Users will have access to a common platform now,” said Rosescu, CEO of MenuMania. Online food ordering and restaurant discovery is becoming a hot trend amongs .. 

In India, merchants are now willing to pay for measurable ROI (return on investment). Services such as reservations, home delivery and special festivals generate significant revenue,” said Miten Sampat, business head at TimesCity, which has 48,500 restaurants listed across 11 Indian cities.

This business is very local and one needs sales feet on the ground,” said Ritesh Dwivedy, CEO of online food ordering site JustEat India, which has over 2,500 restaurants. MenuMania will be merged with Zomato within six months. “We will be able to combine our local knowledge about the market with the technology Zomato brings to the table. Users will have access to a common platform now,” said Rosescu, CEO of MenuMania. Online food ordering and restaurant discovery is becoming a hot trend amongs .. 

“In India, merchants are now willing to pay for measurable ROI (return on investment). Services such as reservations, home delivery and special festivals generate significant revenue,” said Miten Sampat, business head at TimesCity, which has 48,500 restaurants listed across 11 Indian cities.

TimesCity, a part of the Times group that publishes this newspaper, has also acquired two companies (Gawbl and DineOut) in the last six months, and is planning to expand overseas by this fiscal. However low monetisation has always been a challenge as startups depend upon ad sales. To solve this problem, Zomato is coming up with a product which will allow users in most Indian metros to pay restaurant bills through a mobile application.news-ET