Document:

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                                                                  Exhibit 10.16

                           LOAN MODIFICATION AGREEMENT

This Loan Modification Agreement is entered into as of April 20, 2002, by and
among, Kanbay International, Inc., Kanbay Incorporated, Kanbay Europe Ltd.,
Kanbay Australia Pty. Ltd., Megatec Pty. Ltd., and Kanbay HK Ltd. (each
individually the "Borrower" and collectively the "Borrowers") and Silicon Valley
Bank ("Bank").

1.   DESCRIPTION OF EXISTING OBLIGATIONS: Among other Obligations which may be
owing by Borrowers to Bank, Borrowers are indebted to Bank pursuant to, among
other documents, a Loan and Security Agreement, dated April 19, 2000, as may be
amended from time to time, (the "Loan Agreement"). The Loan Agreement provides
for, among other things, a Committed A/R Revolving Line in the original
principal amount of Four Million Five Hundred Thousand Dollars ($4,500,000) and
a Term Loan in the original principal amount of Seven Hundred Fifty Thousand
Dollars ($750,000). Defined terms used but not otherwise defined herein shall
have the same meanings as set forth in the Loan Agreement.

Hereinafter, all indebtedness owing by Borrower to Bank shall be referred to as
the "Obligations."

2.   DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral, as described in the Loan Agreement, and the Pledged Collateral, as
described in that certain Stock Pledge Agreement, dated August 24, 2000, by and
between Kanbay International, Inc. and Bank (the "Pledge").

Hereinafter, the above-described security documents, together with all other
documents securing repayment of the Obligations shall be referred to as the
"Security Documents". Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Obligations shall be referred to as
the "Existing Loan Documents".

3.   DESCRIPTION OF CHANGE IN TERMS.

     A.   MODIFICATION(S) TO LOAN AGREEMENT

          1.   Effective as of the date this Loan Modification Agreement is
               entered into, Sub-letter (a) under Section 2.3 entitled
               "Revolving Line Interest Rates, Payments" is hereby amended to
               read as follows:

               (a) Interest Rate. Advances made under the Committed A/R
               Revolving Line accrue interest on the outstanding principal
               balance at a per annum rate of one percentage point above the
               Prime Rate. After an Event of Default, Obligations accrue
               interest at 5 percent above the rate effective immediately before
               the Event of Default. The interest rate increases or decreases
               when the Prime Rate changes. Interest is computed on a 360 day
               year for the actual number of days elapsed.

          2.   The following defined term under Section 13.1 entitled
               "Definitions" is hereby amended to read as follows:

               "Revolving Maturity Date" is April 19, 2003.

4.   CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

5.   NO DEFENSES OF BORROWER. Borrower (and each Pledgor signing below) agrees
that, as of the date hereof, it has no defenses against paying any of the
Obligations.

6.   PAYMENT OF LOAN FEE. Borrower shall pay Bank a fee in the amount of Eleven
Thousand Two Hundred Fifty Dollars ($11,250) ("Loan Fee") plus all out-of-pocket
expenses.

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7.   CONTINUING VALIDITY. Borrower (and each Pledgor signing below) understands
and agrees that in modifying the existing Indebtedness, Bank is relying upon
Borrower's representations, warranties, and agreements, as set forth in the
Existing Loan Documents. Except as expressly modified pursuant to this Loan
Modification Agreement, the terms of the Existing Loan Documents remain
unchanged and in full force and effect. Bank's agreement to modifications to the
existing Obligations pursuant to this Loan Modification Agreement in no way
shall obligate Bank to make any future modifications to the Obligations. Nothing
in this Loan Modification Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable
parties all makers and endorsers of Existing Loan Documents, unless the party is
expressly released by Bank in writing. Unless expressly released herein, no
maker, endorser, or guarantor will be released by virtue of this Loan
Modification Agreement. The terms of this paragraph apply not only to this Loan
Modification Agreement, but also to all subsequent loan modification agreements.

8.   CONDITIONS. The effectiveness of this Loan Modification Agreement is
conditioned upon payment of the Loan Fee.

     This Loan Modification Agreement is executed as of the date first written
above.

BORROWER:

KANBAY INTERNATIONAL, INC.                   KANBAY AUSTRALIA PTY. LTD.

By: /s/ William Weissman                     By: /s/ William Weissman
   ------------------------------------         -------------------------------
Name: William Weissman                       Name: William Weissman
     ----------------------------------           -----------------------------
Title: VP & CFO/Secretary                    Title: Director
      ---------------------------------             ---------------------------

KANBAY INCORPORATED                          MAGATEC PTY. LTD Now Known As
                                             KANBAY PTY. LTD.

By: /s/ William Weissman                     By: /s/ William Weissman
   ------------------------------------         -------------------------------
Name: William Weissman                       Name: William Weissman
     ----------------------------------           -----------------------------
Title: Director                              Title: Director
      ---------------------------------             ---------------------------

KANBAY EUROPE LTD.                           KANBAY HK LTD.

By: /s/ William Weissman                     By: /s/ William Weissman
   ------------------------------------         -------------------------------
Name: William Weissman                       Name: William Weissman
     ----------------------------------           -----------------------------
Title: Director                              Title: Director
      ---------------------------------             ---------------------------

BANK:

SILICON VALLEY BANK

By: /s/ Authorized Party
   ------------------------------------
Name: AUTHORIZED PARTY
     ----------------------------------
Title: Authorized Party
      ---------------------------------<Page>

                                                                   Exhibit 10.17

                        THIRD LOAN MODIFICATION AGREEMENT

     This Third Loan Modification Agreement (this "Loan Modification Agreement")
is entered into as of September - 9, 2003, by and between SILICON VALLEY BANK, a
California-Chartered bank, with its principal place of business at 3003 Tasman
Drive, Santa Clara, California 95054 and with a loan production office located
at 9701 West Higgins Road, Suite 150, Rosemont, IL 60018 ("Bank") and KANBAY
INTERNATIONAL, INC, (successor to Kanbay LLC), a Delaware Corporation ("Kanbay
International"), with its principal place of business at 6400 Shafer Court,
Suite 100, Rosemont, IL 60018, KANBAY INCORPORATED, an Illinois Corporation
("Kanbay Inc."), with its Principal place of business at 6400 Shafer Court,
Suite 100, Rosemont, Il 60018, KANBAY EUROPE LTD a Company formed under the laws
of the United Kingdom ("Kanbay Europe"), with its principal place of business at
Compass House, Vision Park, Histon, Cambridge, UK CBD 9AD, KANBAY AUSTRALIA PTY.
LTD., a company formed under the laws of Australia ("Kanbay Australia"), with
its principal place of business at 602 Whitehorse Road. Mitcham, Victoria 3132,
Australia, MEGATEC PTY. LTD., a Company formed under the laws of Australia
("Megatec"), with its principal place of business at 602 Whitehorse Road,
Mitcham, Victoria 3132, Australia and KANBAY HK LTD., a company formed under the
laws of Hong Kong ("Kanbay HK"), with its principal place of business at 12th
Floor Shiu Fung Hong Bldg., Suite 1201, 23 Wing Lok Street, Sheung Wun, Hong
Kong (Kanbay International, Kanbay Inc., Kanbay Europe, Kanbay Australia,
Megatec and Kanbay HK being sometimes herein called collectively the "Borrowers"
and each individually a "Borrower").

1.   DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other
indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to loan arrangement dated as of April 19, 2000,
evidenced by, among other documents, a certain Loan and Security Agreement dated
as of April 19, 2000, between Kanbay LLC, a Delaware limited liability company
("Kanbay LLC"), Kanbay Inc, Kanbay Europe, Kanbay Australia, Megatec, Kanbay HK
and Bank, as corrected and conformed by a certain Correction Agreement dated as
of May 1, 2000, as amended by a certain Loan Modification Agreement dated as of
March 30, 2001, and as further amended by a certain Loan Modification Agreement
dated as of April 20, 2002 (as amended, the "Loan Agreement"). Capitalized terms
used but not otherwise defined herein shall have the same meaning as in the Loan
Agreement.

2.   DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement (together with any other
collateral security granted to Bank, the "Security Documents").

Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the "Existing
Loan Documents".

3.   DESCRIPTION OF CHANGE IN TERMS.

     A.   MODIFICATIONS TO LOAN AGREEMENT.

               1.   The Loan Agreement shall be amended by deleting the
                    following text appearing in Section 2.1.1 thereof, entitled
                    "Letters of Credit".

                         "Bank will issue or have issued Letters of Credit for
                         Borrower's a not exceeding (i) the lesser of the
                         Committed A/R Revolving Line or the Borrowing Base
                         minus (ii) the outstanding principal Balance of the
                         Advances made under the Committed A/R Revolving Line,
                         but the face amount of outstanding Letters of Credit
                         (including drawn but unreimbursed Letters of Credit and
                         any letter of Credit Reserve) may not exceed
                         $250,000.00".

                    and inserting in lieu thereof the following:

                         "Bank will issue or have issued Letters of Credit for
                         Borrower's account not exceeding (i) the lesser of the
                         Committed A/R Revolving Line or the Borrowing Base
                         minus (ii) the outstanding principal balance of the
                         Advances made under the

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                         Committed A/R Revolving Line, but the face amount of
                         outstanding Letters of Credit (including drawn but
                         unreimbursed Letters of Credit and any Letter of Credit
                         Reserve) may not exceed $3,500,000.00".

               2.   The Loan Agreement shall be amended by deleting the
                    following text appearing in Section 2.3 thereof, entitled
                    "Revolving Line Interest Rates, Payments":

                         "Advances made under the Committed A/R Revolving Line
                         accrue interest on the outstanding principal balance at
                         a per annum rate of one percentage point above the
                         Prime Rate."

                    and inserting in lieu thereof the following:

                         "Advances made under the Committed A/R Revolving Line
                         accrue interest on the outstanding principal balance at
                         a per annum rate equal to the aggregate of the Prime
                         Rate, and one half of one percent (0.5%)."

               3.   The Loan Agreement shall be amended by deleting the
                    following definitions appearing in Section 13.1 thereof:

                         ""Committed A/R Revolving Line" is an aggregate Credit
                         Extension of up to a total of $3,000,000.00.

                         "Prime Rate" is Bank's most recently announced "prime
                         rate", even if it is not Bank's lowest rate.

                         "Revolving Maturity Date" is April 19, 2003."

                    and  inserting in lieu thereof the following:

                         ""Committed A/R Revolving Line" is an aggregate Credit
                         Extension of up to a total of $7,500,000.00.

                         "Prime Rate " is the greater of: (a) 4.0% and
                         (b) Bank's most recently announced "prime rate", even
                         if it is not Bank's lowest rate.

                         "Revolving Maturity Date" is April 30, 2004".

               4.   Notwithstanding anything in the Loan Agreement to the
                    contrary, Borrower shall deliver the financial statements
                    required pursuant to Section 6.2(a)(i), as soon as available
                    but no later than thirty (30) days after the last day of
                    each: (a) quarter, and (b) month during which may Credit
                    Extension is requested or outstanding.

               5.   Notwithstanding anything in the Loan Agreement to the
                    contrary, Borrower shall deliver the Compliance Certificate
                    required pursuant in Section 6.2(C), within thirty (30) days
                    after the last day of each: (a) quarter, and (b) month
                    during which any Credit Extension is requested or
                    outstanding.

               6.   Notwithstanding anything in the Loan Agreement to the
                    contrary, the Quick Ratio covenant set forth in
                    Section 6.7(a) and the EBITDA covenant set forth in Section
                    6.7(c) shall be tested as of the last day of each:
                    (a) quarter and (b) month during which any Credit Extension
                    is requested or outstanding.

               7.   Bank and Borrower agree that Committed Guaranteed Revolving
                    Line has been terminated.

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     B.   WAIVERS.

          1.   Bank hereby waives Borrower's existing defaults under the Loan
               Agreement by virtue of Borrower's failure to comply with the
               financial reporting requirements set forth is Section 6.2(a)(i)
               thereof as of the months ending March 31, 2003, April 30, 2003,
               and May 30, 2003. Bank's waiver of Borrower's compliance of said
               affirmative covenant shall apply only to the foregoing specific
               periods.

4.   FEES. The Borrower shall also reimburse Bank for all legal fees and
expenses incurred in connection with this amendment to the Existing Loan
Documents.

5.   RATIFICATION OF STOCK PLEDGE AGREEMENT. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and conditions of a certain Stock
Pledge Agreement dated as of April 19, 2000 between Borrower and Bank, and
acknowledges, confirms and agrees that said Stock Pledge Agreement shall remain
in full force and effect.

6.   ADDITIONAL COVENANTS. Borrower shall not, without providing the Bank with
thirty (30) days subsequent written notice: (i) change its jurisdiction of
organization, or (ii) change its organizational structure or type, (iii) change
its legal name, or (iv) change any organizational number (if any) assigned by
its jurisdiction of organization.

7.   CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

8.   RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifics, confirms and
reaffirms all terms and conditions of all security or other collateral granted
to the Bank, and confirms that the indebtedness secured thereby includes,
without limitation, the Obligations.

9.   NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that
Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever
did have, any offsets, defenses, claims, or counterclaims against Bank, whether
known or unknown, at law or in equity, all of them are hereby expressly WAIVED
and Borrower hereby RELEASES Bank from any liability there under.

10.  CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations. Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.
Bank's agreement to modifications to the existing Obligations pursuant to this
Loan Modification Agreement in no way shall obligate Bank to make any future
modifications to the Obligations Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations. It is the intention of Bank
and Borrower to retain as liable parties all makers of Existing Loan Documents,
unless the party is expressly released by Bank in writing. No maker will be
released by virtue of this Loan Modification Agreement.

11.  COUNTERSIGNATURE. This Loan Modification Agreement shall become effective
only when it shall have been executed by Borrower and Bank (provided, however,
in no event shall this Loan Modification Agreement become effective until signed
by an officer of Bank in California).

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

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     This Loan Modification Agreement is executed as a sealed instrument under
the laws of the Commonwealth of Massachusetts as of the date first written
above.

BORROWER:

KANBAY INTERNATIONAL, INC.                   KANBAY AUSTRALIA PTY. LTD.

By: /s/ William Weissman                     By: /s/ William Weissman
   ------------------------------------         -------------------------------
Name: William Weissman                       Name: William Weissman
     ----------------------------------           -----------------------------
Title: VP & CFO                              Title: Director
      ---------------------------------             ---------------------------

KANBAY INCORPORATED                          MEGATEC PTY. LTD.

By: /s/ William Weissman                     By: /s/ William Weissman
   ------------------------------------         -------------------------------
Name: William Weissman                       Name: William Weissman
     ----------------------------------           -----------------------------
Title: Director                              Title: Director
      ---------------------------------             ---------------------------

KANBAY EUROPE LTD.                           KANBAY HK LTD.

By: /s/ William Weissman                     By: /s/ William Weissman
   ------------------------------------         -------------------------------
Name: William Weissman                       Name: William Weissman
     ----------------------------------           -----------------------------
Title: Director                              Title: Director
      ---------------------------------             ---------------------------

BANK:

SILICON VALLEY BANK

By: /s/ Authorized Party
   ------------------------------------
Name: Authorized Party
     ----------------------------------
Title: Authorized Party
      ---------------------------------

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