Satyam picked up new biz despite founder fraud

Satyam founder Raju

Reuters reports that Satyam gained some fifteen new outsourcing contracts last month. This was despite the news that Satyam’s founder cooked the books to make it look like the company was doing better than it actually was, and in addition to Satyam’s claims that very few of its existing clients were opting to back out of contractual agreements.

A Satyam spokesperson told Reuters that only State Farm Insurance had decided to relieve Satyam of its outsourcing duties.  “Our executives are reaching out to clients around the world, and at this point, well over 90 percent of our clients have committed to continuing with Satyam,” the spokeswoman said to Reuters.