Hyderabad, INDIA – December 3, 2007 – SumTotal™ Systems (Nasdaq: SUMT), a global provider of talent and learning management solutions, and its global partner New Delhi-based NIIT Limited announced the successful implementation of its award-winning Learning Management System at ICICI Group, a leading financial services group in India.
ICICI Group has successfully implemented SumTotal’s solution as an enterprise application for aligning the e-Learning needs of its employees. ICICI Group includes companies like - ICICI Bank Ltd., ICICI Prudential Life Insurance Co., ICICI Lombard General Insurance Company and ICICI Securities LTD.
ICICI Group joins not only five of America’s top-six commercial banks as ranked by Fortune magazine but also top-tier financial firms including Brazil’s largest private-sector bank Banco Bradesco in choosing SumTotal’s solutions. SumTotal Systems deployed its award-winning SumTotal Enterprise Suite™ in the bank’s Learning Management System called “The Learning Matrix”.
“This implementation has provided ICICI an efficient and cost-effective business learning management solution making training more accessible to our employees” said Amit Sethi, Joint General Manager-IT, of ICICI Bank Ltd.
In addition to its employees in India, ICICI Bank implemented SumTotal’s solution in Canada, the United Kingdom, Singapore and Bahrain.
“SumTotal’s system supports our e-Learning needs across multiple time zones and languages,” said Paulus DeLima, Deputy General Manager-HR, of ICICI Bank Ltd.
In 2005, ICICI Bank earned one of the American Society of Training and Development’s coveted BEST awards for enterprise-wide success through learning. “To ensure that we continue to provide the highest-quality learning and development programs to our employees, we’ve made a concerted effort to work with only the best partners”, added DeLima.
About ICICI Group
ICICI Group is a leading financial services group in India. From providing financial services to farmers and artisans in villages, to establishing footprints across the world, ICICI Group has spread both its presence and its range of products and services to meet the demand for financial services from Indian corporates and individuals. ICICI Group includes - ICICI Bank, India's largest bank by market capitalization; ICICI Prudential Life Insurance, India's largest private sector life insurance company; ICICI Lombard General Insurance, India's largest private sector general insurance company; ICICI Prudential Asset Management, India's second largest mutual fund; ICICI Venture Fund Management Company Limited, leader in private equity in India and ICICI Securities Limited, the securities and primary dealership business of the ICICI Group.
About NIIT
NIIT, Asia’s No. 1 trainer and leading Global Talent Development Corporation, offers learning and knowledge solutions to 5 million students across 32 countries. NIIT Institute of Finance Banking & Insurance (IFBI), formed with equity participation from ICICI Bank, offers programs to develop talent for the banking industry. NIIT offers turnkey IT integration program for schools. NIIT has provided computer-based learning to over 5000 government and private schools.
NIIT’s Corporate Learning Solutions, offers integrated learning solutions (including strategic consulting, learning design, content development, delivery, technology, assessment and learning management) to Fortune 500 companies, Universities, Technology companies, Training corporations and Publishing houses.
About SumTotal Systems
SumTotal Systems, Inc. (NASDAQ: SUMT) is a global provider of talent and learning management solutions. SumTotal deploys mission-critical solutions designed to align goals, develop skills, assess performance, plan for succession and set compensation. SumTotal’s solutions aim to accelerate performance and profits for more than 1,500 companies and governments of all sizes, including six of the world’s 10 biggest pharmaceutical makers, six of the 10 largest automotive companies in the world, four of the five branches of the U.S. Armed Forces, three of the world’s top five airlines, five of the six largest U.S. commercial banks and two of the world’s top five specialty retailers. Mountain View, Calif.-based SumTotal has offices across Asia, Australia, Europe and North America. For more information about SumTotal's products and services, visit www.sumtotalsystems.com.
SumTotal, the SumTotal logo and SumTotal Enterprise Suite are registered trademarks or trademarks of SumTotal Systems, Inc. and/or its affiliates in the United States and/or other countries. Other names may be trademarks of their respective owners.
Safe Harbor Statement/ Forward-Looking Statements
Information in this press release contains forward-looking statements, including, but not limited to, the anticipated benefits, results and performance of SumTotal's products and solutions, such as SumTotal’s Learning Management System and SumTotal Enterprise Suite. These statements represent SumTotal's expectations or beliefs concerning future events. These statements are not historical facts or guarantees of future performance or events and are based on current expectations, estimates, beliefs, assumptions, goals and objectives, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed or implied by these statements. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. Additional factors that could cause actual results to differ include, but are not limited to: (i) unknown errors or bugs in SumTotal's software solutions, including without limitation SumTotal’s Learning Management System and SumTotal Enterprise Suite; (ii) the acceptance of SumTotal's software suite and future product offerings; (iii) the ability to successfully manage and increase growth, both within and outside of the United States, significant current and expected additional competition, and the need to continue to expand product distribution and services offerings; (iv) the actual demand and growth of the market for performance management products and services; (v) the inability to fix in a timely fashion unanticipated bugs, errors or defects that materially impact the functionality or usability of SumTotal's software; (vi) the ability to successfully implement SumTotal's solutions in the future; (vii) the ability to successfully address technological developments and standards; and (viii) other events and other important factors disclosed previously and from time to time in SumTotal's filings with the Securities and Exchange Commission, including the company's annual report for fiscal year 2006 on Form 10-K filed on March 16, 2007, its quarterly report on Form 10-Q filed on November 8, 2007, its Prospectus Supplement filed on Form 424B2 filed on May 21, 2007, Form S-3/As filed on September 28, 2006, and October 2, 2006, and its Form 8-Ks. The forward-looking statements contained in this release are made as the date of this news release, and SumTotal does not assume any obligation to update such statements to reflect events or circumstances occurring after the date of this release