This column was originally published on RealMoney on Aug. 17 at 1:29 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Over the last decade or so, a great number of American service jobs have been outsourced overseas, but it's only in the last two or three years that this trend has extended to sophisticated services like computer programming, engineering and even medical testing.

India has become well-known as a provider of computer programming, technical support and other IT services to such major American companies as

IBM

(IBM) - Get Report

and

Dell

(DELL) - Get Report

. A number of large companies have sprung up in India to service First World clients, and I'd like to tell you about one of them:

Satyam Computer Services

(SAY)

.

Satyam develops new software applications, keeps existing ones going and updates what's there. India has a relatively large pool of skilled labor that works for wages below those of developed nations, which is why companies like Satyam are doing so well. Satyam has a somewhat different business model than major competitors like

Infosys

; it provides many of its services at or near client sites. In these situations, Indian programmers or programmers from the client's country are hired. By moving facilities closer to clients, a closer working relationship can be established. However, this business model puts pressure on Satyam's profit margins because it raises wages and other costs.

Nonetheless, Satyam is a good choice for investors who want to participate in India's tech boom. A couple of the guru strategies I follow make it look as if Satyam is a good bet.

The Lynch Strategy

Some things my strategy based on the work of Peter Lynch likes about this Indian tech heavyweight: It is growing rapidly, as the average of its three- four- and five-year growth rates is 47%; its P/E of 20.61 is about the average of the S&P 500; and its P/E/G ratio (P/E relative to growth) is a very favorable 0.44 (1.0 or less is acceptable; 0.5 or less is great).

Its debt-to-equity ratio of 2.58% is stellar, as it means the company has practically no debt.

The Zweig Strategy

My strategy based on Martin Zweig's investing style also rates Satyam highly. The fact that the company's P/E is close to the S&P 500 average is one factor in the company's favor. Its EPS growth rate of 47% and revenue growth rate of 30.4% are both north of 30%.

Its EPS is positive, its EPS for the quarter that ended June 30 has increased from same quarter one year ago and further, its EPS growth rate for that quarter vs. the same quarter one year ago of 69.23% exceeded its multiyear growth rate of 47%.

EPS has increased every year for the last five, and its debt is very low.

Satyam has strong growth potential and financial fundamentals, and it offers a way for investors to geographically diversify their portfolios and partake of India's technological boom.

Outsourcing of software development to India seems likely to remain strong for the foreseeable future. Satyam is an excellent way for you to get a piece of this market.

At the time of publication, Reese did not own Satyam, although holdings can change at any time.

John P. Reese is founder and CEO of Validea.com, an investment research firm, and Validea Capital Management, an asset management firm serving affluent investors and companies. He is also co-author of the best selling book,

The Market Gurus: Stock Investing Strategies You Can Use From Wall Street's Best

. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Reese appreciates your feedback.

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