Chile Lands a Major Shared Services Deal with UST Global

NEW YORK and SANTIAGO, Chile, Nov. 16 — GenShare, an affiliate of UST Global, has selected the Chile for its new global headquarters and IT services delivery center. UST and its partners evaluated seven Latin American countries before selecting Chile as the top location for the necessary talent pool and business environment to provide GenShare’s high-value IT services. GenShare plans to reach 1,000 employees in Chile by 2015.
“As we explored Latin American locations, Chile’s highly educated workforce, unparalleled business environment, advanced communications infrastructure and low operational cost made it a natural choice for a nearshore IT services delivery center for North America,” explained Arun Subramony, General Manager of GenShare. “Beyond that, however, we view Chile as the best gateway to Latin America and servicing other regions of the world. We are here because we believe Chile is poised to become a leading location for high-value offshored services.”
GenShare will leverage its world-class procurement sourcing platform and network of relationships to deliver order-to-cash services for clients. GenShare’s founding partners bring both world-class expertise in lean and efficient operations and extensive experience providing integrated services to Fortune 1000 companies. GenShare will initially provide these services from Chile and India.
“We are finding that Chile is attracting increased attention from organizations interested in expanding, or in this case, establishing their global footprint,” stated Nicolo Gligo, Executive Director of the U.S. for CORFO, the Chilean Economic Development Agency. “In particular, companies seeking a multisourcing/multishoring global strategy are choosing Chile as their entry point into Latin America for servicing the region and North America. The combination of our region-leading business environment, exceptional talent pool and competitive costs has enabled Chile to become a hub of innovation and operational excellence, attracting companies and people from around the world who seek competitive advantage and lower risk in their global strategy.”
GenShare has partnered with Duoc and other local universities to further cultivate future talent for its operations and participate in Chile’s drive to become a global force for offshored services.
About GenShare, Ltd.
GenShare, Ltd. is a joint venture, led by majority partner UST Global, established to provide IT services. Bringing together industry leading companies that share common values and passion, GenShare combines world-class expertise in lean and efficient operations and extensive experience providing integrated services to Global 1000 companies. For more information, visit: http://www.ust-global.com/Genshare/index.aspx.
About UST Global
UST Global is a leading provider of end-to-end IT services and solutions for the Global 1000 market. UST Global offers a client-centric Global Engagement Model that provides the optimal mix of senior local resources with the cost, scale and quality advantages of offshore operations for each client. The company is known for its relentless focus on clients, flexibility, and commitment beyond contract. Headquartered in Aliso Viejo, California, UST Global has more than 6,000 employees operating on four continents. For more information visit: www.ust-global.com.
About CORFO
CORFO, the Chilean Economic Development Agency, was founded by the Chilean government in 1939 and aims to foster economic growth by encouraging investment, innovation, business and cluster development. To date, CORFO has aided more than 57,000 businesses and assisted in 74,000 projects with a goal of encouraging the development of numerous industries throughout Chile. CORFO contributes an annual average of more than $30 million to SMEs programs and more than $38 million to high technology programs alone. For more information, please visit www.corfo.cl.
About InvestChile-CORFO
InvestChile is an investment program created by CORFO (the Chilean Economic Development Agency) in 2000. The program promotes Chile as a business platform to access Latin America and the world and facilitates investment through a series of incentives, services and comprehensive information regarding business opportunities in various sectors of the Chilean economy. Among the services provided, InvestChile facilitates access to business networks and government institutions, helps investors find service providers and suppliers, and arranges meetings with industry leaders and visits to companies. For more information, please visit www.investchile.com.