Five facts about Satyam Computer

Bangalore: The chairman of Satyam Computer Services announced his resignation on Wednesday, saying the company's recent profits had been overstated.

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He apologised to staff and shareholders and said he was prepared to face the legal consequences.

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Following are five facts about Satyam:

The company was founded in 1987 by Chairman B. Ramalinga Raju, who was born into a family of farmers and is a Management graduate from Ohio University.
Satyam debuted on the Indian markets in 1991, followed by a listing in New York in 2001. Last year, it launched a secondary listing on Euronext Amsterdam under NYSE Euronext's new "fast path" process for cross-listings in New York and Europe.
Satyam, whose clients include General Electric, Nestle, Qantas and Fujitsu, specialises in business software, and offers back-office outsourcing and consulting services.
In the year to end-March 2008, Satyam posted a 46.3 per cent rise in revenue to $2.1 billion under US accounting standards, while net income rose 39.7 per cent to $417 million. In October, it said revenue in the year to end-March 2009 would rise 19-21 per cent to $2.55-2.59 billion.
Satyam had 52,865 employees till end-September. It competes for outsourcing deals with Tata Consultancy Services and Infosys Technologies as well as global majors such as IBM and Accenture.