Hexaware Technologies positioned in the Niche Players Quadrant for North American Offshore Applications Services 2007 Magic Quadrant.

Mumbai – August 31, 2007: Hexaware Technologies Ltd, a leading global provider of IT & BPO services, today announced that it has been positioned by Gartner Inc. in the niche quadrant for the recently published ‘Magic Quadrant for North American Offshore Applications Services, 2007’1 report. The report states, ‘Niche players focus on a particular segment of the market, as defined by such characteristics as functional area vertical industry, client size or project complexity.’

According to Gartner, the Magic Quadrant for North American Offshore Application Services, 2007, analyzes the market for application services delivered in a global delivery model (GDM). The relative positioning of vendors in this Magic Quadrant is based on factors that Gartner has determined to be relevant to this market. In the report, Gartner evaluated 29 service providers across North America on their ability to execute and their completeness of vision.

“Our strategy to build competencies in targeted niche areas of application services has led to a high satisfaction level from our 164 clients,” said Atul Nishar, Executive Chairman, Hexaware Technologies adding, “Our positioning in the Niche Players quadrant reiterates our ability to execute in our focused application services.”

Hexaware recently entered a joint venture to launch Risk Technology International (RiskTech). The new entity focuses exclusively on offering a comprehensive suite of technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide.

About Hexaware

Hexaware is a leading global provider of IT and BPO services. The Company has achieved leadership position in domains such as Banking, Financial Services, Insurance, Transportation, Logistics and HR-IT solutions. Hexaware focuses on delivering business results leveraging technology solutions and specializes in Business Intelligence & Analytics, Enterprise Applications, Independent Testing and Legacy Modernization. Hexaware has been providing technology solutions for business for 17 years and offers world class service delivery, technology leadership and skilled human capital. For additional information logon to www.hexaware.com

About the Magic Quadrant

The Magic Quadrant is copyrighted 2007 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Niche Players" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Safe Harbor Statement
Certain statements on this press release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.

For more information contact:
Swapna Bhandarkar/ Effie Coutinho
Hexaware Technologies Limited
Tel: +91 (22) 66542682 / 83
Fax: +91 (22) 22872939
e-mail:swapnab@hexaware.com/effiec@hexaware.com