Hexaware Technologies Ltd.

Mid-sized information technology services firm Hexaware Technologies announced that the company has won its largest outsourcing deal to date worth around $250 million, spread over five years from an existing client based in the UK. The deal comes right on the heels of the country’s largest IT firm Tata Consultancy Services announcing the sector’s second-largest deal win — worth $2.2 billion — amid continuing fears of economic slowdown in North America and Europe, which together contribute at least 80% of the revenues of Indian IT firms.

Revenue from the project will start accruing from the first quarter of 2012 calendar year. The latest deal is a project renewal as Hexaware has been working with the client for about seven years and the earlier deal was worth about $190 million. The new deal implies incremental revenue of $60 million spread over five years. The latest deal is among several large IT deals that Hexaware has been able to win in the past few quarters.