Moving and Storage Business News

The News Review:

- Tech Overhaul Key To Citigroup Restructuring
- … , Inc. Closes First Quarter With Record Bookings and Key…
- Hosting firms on Qwest’s menu?

Tech Overhaul Key To Citigroup Restructuring
InformationWeek – Apr 11, 2007
The company did not specify which jobs would be cut, and in what numbers. But it’s likely that IT will bear a good part of the brunt given Citigroup’s desire for a leaner tech operation. Along with some other back office positions, it’s probable that many of the 9,500 Citigroup jobs headed for cheaper shores will be tech roles moving to India — where the company already maintains 19,000 workers who handle everything from call center support to number crunching for investment research. Citigroup has previously outsourced a number of tech functions to Indian-based vendors, including Tata Consultancy Services and Satyam Computer Services. Citigroup’s overhaul also calls for more efficient use of existing IT assets. On Wednesday’s call, Citigroup chief operating officer Bob Druskin said the company will close half of its 42 data centers, integrate the systems that run its Smith Barney and Citibank units and “increase our server utilization rates. Despite the rationalization of its IT arm, Citigroup continues to view internal technology prowess as a key weapon in the cutthroat financial services industry, Druskin said.

… , Inc. Closes First Quarter With Record Bookings and Key…
Free with registration – PR Newswire – AccessMyLibrary.com – Apr 11, 2007
Incipient also expanded its executive management team with a new executive vice president of Worldwide Sales. Additionally, Incipient formed important new alliances with storage industry leaders HP and 3PAR(R) to continue penetrating the financial services sector with its flagship software product, Incipient Network Storage Platform(TM) (iNSP(TM)). In March, Incipient announced partnerships with storage industry leaders HP.

Hosting firms on Qwest’s menu?
Denver Post – Apr 11, 2007
Computer data-hosting companies, which offer network maintenance, management, data storage and disaster recovery services, are big business as companies look for off-site vendors to handle these activities. Revenues in the sector grew by 35 percent last year, according to Tier 1 Research, headquartered in Minneapolis. Data centers are attractive to private equity firms and companies such as Qwest because they offer predictable, sustainable cash flow, said Paul Stapleton, partner at DH Capital, an investment bank with dual headquarters in Boulder and New York. “Private merger and acquisition activity is very strong,” and public companies are becoming interested in hosting too, he said. “Everyone understands the value proposition now.