Mumbai/Bangalore, Nov 17: Aetna Inc, one of the leading managed healthcareand financial services companies in the US, has picked up InfosysTechnologies as its long-term partner to support its offshore initiativesand assist in transforming the company into an e-business enterprise. Boosted by the news, the Infy ADR shot up to a record $209 during openinghours of Wednesday on the Nasdaq, up $25 from its previous close of $184.According to Ambareesh Baliga at Kotak Securities, "The Infosys scrip islikely to set the Indian bourses on fire on Thursday.''
Given its Wednesday closing of Rs 8,325 on the Bombay Stock Exchange (BSE),the ADR price (with half-a-share underlying each ADR and at $1=Rs 43.40)transforms into Rs 18,141, a whopping 118 per cent premium over its domesticrate.
According to Aetna, Infosys will play a critical role in supporting Aetna USHealthcare and Aetna Financial Services' strategic information-technologyinitiatives. After six months of evaluation and shortlisting of threecompanies, Aetna has chosen Infosys as its long-term partner. Aetna plans toset up an information cybersystem for healthcare -- e-Health' -- which connectspatients, doctors, hospitals, and service providers to Aetna, as well asoffering Internet access to the company's customers. On the strategicalliance with Aetna, Infosysy head, worldwide sales and marketing, PhaneeshMurthy, said: "Our partnership with Aetna and the opportunity to assist itin this pivotal transition is an exciting and rewarding one for Infosys.''
``Deploying our unique combination of expertise and the Infosys GlobalDelivery Model will enable us to rapidly deliver on the objectives Aetna hasestablished, and to assist them in gaining additional efficiencies as ane-business company," Murthy added.
Aetna Inc is a leading provider of health and retirement benefit plans andfinancial services with three core businesses: Aetna US Healthcare, AetnaFinancial Services, and Aetna International. The company provides nearly 40million people worldwide with quality products, services, and informationthat help them manage their health and financial well-being.
Aetna US Healthcare is a leading healthcare benefits organization, withnearly 16 million health members. Through strategic alliances, Aetna alsoprovides group benefits in more than 68 countries, and markets investmentproducts worldwide.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.