North America’s biggest telephone equipment maker, Nortel Networks has filed for bankruptcy yesterday in anticipation to save a once high-flying business. The exact quantum of hazard could not be yet determined but it is expected to impact Indian information technology (IT) companies severely as Nortel was one of their key clients.
Most of the biggies of Indian IT space including Tata Consultancy Services (TCS), Infosys, Wipro and Sasken Communication are in the list of companies which have an exposure to the beleaguered Nortel. Nortel is among the top 15 clients of Infosys, Wipro and Sasken, providing software services to the firm. Wipro has been working with Nortel for over 15 years as a product engineering vendor.
In a separate development, Misys and HCL Technologis are set to integrate loan origination tool and strengthen front-to-back loan solutions for wholesale and commercial banks.