Misplaced Pages

Patni Computer Systems: Difference between revisions

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.
Browse history interactively← Previous editContent deleted Content addedVisualWikitext
Revision as of 05:02, 19 July 2021 editMB (talk | contribs)Autopatrolled, Extended confirmed users, Pending changes reviewers341,678 edits Rmv undefined, unsupported, deprecated infobox parameters← Previous edit Latest revision as of 07:53, 23 October 2024 edit undoHarukaAmaranth (talk | contribs)Extended confirmed users15,231 editsm →Acquisitions and OEM agreements: fix spacing 
(48 intermediate revisions by 16 users not shown)
Line 1: Line 1:
{{Short description|IT company based in India}}{{More citations needed|date=April 2024}}
{{multiple issues|

{{original research|date=January 2012}}
{{Advert|date=January 2012}} {{Use dmy dates|date=August 2021}}
⚫ }}
{{merge to| iGATE|date=May 2012}}
{{Lowercase title}}
{{Infobox company| {{Infobox company|
| type = ] | type = ]
| traded_as = <!--- {{BSE|532517}} ---> | traded_as = {{BSE|532517}} {{NYSE|PTI}}
| logo = Patni Logo.svg
| foundation = 10 February 1978{{citation needed|date=May 2012}}
| foundation = 10 February 1978<ref>{{cite web|url=https://www.deccanherald.com/india/independence-day-india-at-75-how-india-became-an-it-giant-1135466.html |title=How India became an IT giant|publisher=deccanherald.com |date=2024-10-15 |access-date=2022-08-15}}</ref>
⚫ | location = ], ], India
| founder = ]
⚫ | industry = IT Services
⚫ | location = ], ], India
⚫ | services = IT and ] services
| fate = Acquired by ]
⚫ | products =
| defunct = 2012
⚫ | revenue = {{INRConvert|2164|c}} (2012)
⚫ | industry = IT services
⚫ | services = IT and ] services
⚫ | products =
⚫ | revenue = {{INRConvert|2164|c}} (2012)
| operating_income = | operating_income =
| net_income = {{INRConvert|386|c}} (2012) | net_income = {{INRConvert|386|c}} (2012)
| assets = | assets =
| num_employees = 18,273 (2011)<ref>{{cite web|url=http://www.livemint.com/2009/05/20221005/Patni-in-transition-seeks-to.html |title=Patni in transition, seeks to be among Top 5 - Corporate News |publisher=livemint.com |date=2009-05-20 |accessdate=2010-07-16}}</ref> | num_employees = 18,273 (2011)<ref>{{cite web|url=http://www.livemint.com/2009/05/20221005/Patni-in-transition-seeks-to.html |title=Patni in transition, seeks to be among Top 5 - Corporate News |publisher=livemint.com |date=2009-05-20 |access-date=2010-07-16}}</ref>
⚫ }}
| parent = ] Corp.<ref>{{cite web|url=http://www.rediff.com/business/slide-show/slide-show-1-tech-igate-seals-patni-deal-for-usd-1-22-billion/20110110.htm |title=iGate seals Patni deal for $1.22 billion - Rediff.com Business |publisher=Rediff.com |date= |accessdate=2013-06-10}}</ref><ref name="IG">
], ] (2009)]]
'''Patni Computer Systems Limited''' was a provider of IT services and business solutions founded by ]. It merged with ] Corporation in 2011<ref name="IG">
"iGATE Corporation | Investor Relations", "iGATE Corporation | Investor Relations",
iGATE.com, 2011, webpage: iGATE.com, 2011, webpage:
. .
</ref> and operated under the name '''IGATE Patni''' until 2012.<ref>{{Cite news |date=2011-05-13 |title=iGate completes acquisition of Patni Computers |url=https://economictimes.indiatimes.com/tech/software/igate-completes-acquisition-of-patni-computers/articleshow/8285051.cms?from=mdr |access-date=2024-10-15 |work=The Economic Times |issn=0013-0389}}</ref> The company has employed over 18,000 people in 23 international offices across the Americas, Europe, and the Asia-Pacific region, as well as offshore development centres in eight cities in India. Patni's clients included more than 360 ] companies.<ref>{{cite web|url=http://www.igatepatni.com/igate-patni-profile.aspx |title=About Us |publisher=Patni |date=2009-03-30 |access-date=2010-07-16}}</ref><ref>{{Cite news |date=2012-05-16 |title=Patni Computer shares to delist from NSE on May 21 |url=https://economictimes.indiatimes.com/tech/ites/patni-computer-shares-to-delist-from-nse-on-may-21/articleshow/13174040.cms?from=mdr |access-date=2024-10-15 |work=The Economic Times |issn=0013-0389}}</ref>
</ref>
| subsid =
| footnotes =
}}


In 2009, Patni Computer Systems appointed Jeya Kumar as the new CEO following a two-year global search.<ref>{{Cite news |date=2008-12-18 |title=Patni Computer appoints Jeya Kumar as CEO |url=https://economictimes.indiatimes.com/patni-computer-appoints-jeya-kumar-as-ceo/articleshow/3855723.cms?from=mdr |access-date=2024-10-15 |work=The Economic Times |issn=0013-0389}}</ref> After taking charge, Kumar traveled extensively and met with clients, leading the company through its "Patni 2.0" phase with a vision for the company's future.<ref>{{Cite news |date=May 21, 2009 |title=Patni in transition, seeks to be among Top 5 |url=https://www.livemint.com/Companies/aExeRyuQEBbQHzi8zlKRjK/Patni-in-transition-seeks-to-be-among-Top-5.html |work=livemint.com}}</ref>
'''iGATE PATNI''' (formerly '''Patni Computer Systems''', presently ''']''' after merging with it) is a provider of IT services & Business solutions and is a subsidiary of ] Corporation.<ref name=IG/> The company has employed over 15,000 people. It has 23 international offices across the Americas, Europe, and the Asia-Pacific region, as well as offshore development centres in eight cities in India. iGATE Patni's clients include more than 360 ] companies.<ref>{{cite web|url=http://www.igatepatni.com/igate-patni-profile.aspx |title=About Us |publisher=Patni |date=2009-03-30 |accessdate=2010-07-16}}</ref>


==Acquisition by iGATE Corporation==
⚫ The proposed acquisition of the shares is subject to regulatory requirements and iGate is required to make an ‘Open Offer’ to acquire additional 20% of Patni’s shares from the open market. Changes in the shareholding shall take place upon fulfillment of all the obligations under the Open Offer process.
On 10 January 2011, ] announced that it had reached a definitive agreement to buy shares of the major shareholders of Patni Computer Systems Limited. These shares comprise 63% of Patni's total outstanding shares.<ref name=GT-DEX-2011-CN-MP-VII>{{citation|title=IGATE CORP - FORM 8-K - April 4, 2011|url=http://getfilings.com/sec-filings/110404/IGATE-CORP_8-K/#b}}</ref> This created an enterprise with close to $1b in revenues and 25,000 in headcount.


⚫ The proposed acquisition of the shares was subject to regulatory requirements and iGate was required to make an 'Open Offer' to acquire additional 20% of Patni's shares from the open market. Changes in the shareholding took place upon fulfillment of all the obligations under the Open Offer process.
On August 2, 2004, the company and InteQ Corporation, announced an OEM agreement which would enable Patni to provide more extensive Infrastructure Management Services (IMS) and further tap into the expanding IMS market estimated to reach $19.5 billion by 2007.<ref>{{cite web |url=http://www.prnewswire.com/news-releases/patni-partners-with-inteq-to-expand-infrastructure-management-services-71486357.html |title= Patni Partners with InteQ to Expand Infrastructure Management Services; Agreement Part of $6M Investment Enabling Customers to Benefit from Reduced IT Management Costs and Increased Productivity
}}</ref>


==Acquisitions== ==Acquisitions and OEM agreements==
*April 2003: Acquired "The Reference Inc.", a company incorporated in ],<ref>{{cite web|url=http://www.sebi.gov.in/dp/patnifin.pdf |title=Cover Page.pm6 |format=PDF |date= |accessdate=2010-07-16}}</ref> USA for a consideration of about US$ 7.5 million, through its wholly owned US subsidiary, Patni Computer Systems Inc. The Reference Inc. has provided Patni with specialised skills and domain expertise in the financial services industry segment. *April 2003: Acquired "The Reference Inc.", a company incorporated in ],<ref>{{cite web |title=Cover Page.pm6 |url=http://www.sebi.gov.in/dp/patnifin.pdf |archive-url=https://web.archive.org/web/20120316113928/http://www.sebi.gov.in/dp/patnifin.pdf |archive-date=2012-03-16 |access-date=2010-07-16 |website=sebi.gov.in}}</ref> USA for a consideration of about US$7.5 million, through its wholly owned US subsidiary, Patni Computer Systems Inc. The Reference Inc. has provided Patni with specialised skills and domain expertise in the financial services industry segment.
*August 2004: Patni and InteQ Corporation announced an OEM agreement which would enable Patni to provide more extensive ] (IMS) and further tap into the expanding IMS market estimated to reach $19.5 billion by 2007.{{Citation needed|date=April 2024}}
*November 2004: Acquired "Cymbal Corporation" for a sum of {{INRConvert|300|c}} million.<ref>{{cite web|author=Shobhana Subramanian / Mumbai&nbsp;23 March 2005 |url=http://www.business-standard.com/india/storypage.php?autono=208294 |title=Patni`s bent on catching up |publisher=Business-standard.com |date=2005-03-23 |accessdate=2010-07-16}}</ref> Cymbal's acquisition allowed Patni to enter the IT services market in the telecom vertical, gaining expertise and operations in the provision of services to clients in the telecommunications industry. *November 2004: Acquired "Cymbal Corporation" for a sum of {{INRConvert|300|c}} million.<ref>{{cite web |author=Subramanian |first=Shobhana |date=2005-03-23 |title=Patni's bent on catching up |url=http://www.business-standard.com/india/storypage.php?autono=208294 |access-date=2010-07-16 |work=Business Standard}}</ref> Cymbal's acquisition allowed Patni to enter the IT services market in the telecom vertical, gaining expertise and operations in the provision of services to clients in the telecommunications industry.
*June 2006: Acquired "ZAiQ Technologies", a design and verification company, in ]<ref>{{cite web|url=http://www.siliconindia.com/shownews/Patni_acquires_ZAiQ-nid-32082.html |title=Patni acquires ZAiQ |publisher=SiliconIndia |date=2006-06-06 |accessdate=2010-07-16}}</ref> Through the transaction, Patni obtained ZAiQ's ] (ASIC) design capabilities and ] (IP), as well as expertise in ] (FPGA) and ] (SoC) technologies.<ref>{{cite web|url=http://business.highbeam.com/137376/article-1G1-148031445/buy-american |title=Buy American.(Patni Computer Systems Ltd. acquires Zaiq Technologies)(Brief article) &#124; HighBeam Business: Arrive Prepared |publisher=Business.highbeam.com |date=2006-07-10 |accessdate=2010-07-16}}</ref> *June 2006: Acquired "ZAiQ Technologies", a design and verification company, in ].<ref>{{Cite news |date=May 6, 2006 |title=India’s Patni buys U.S. design house ZaiQ |url=https://www.eetimes.com/indias-patni-buys-u-s-design-house-zaiq/ |work=eetimes.com}}</ref><ref>{{Cite news |date=February 14, 2013 |title=Patni acquires US-based design firm |url=https://www.business-standard.com/article/technology/patni-acquires-us-based-design-firm-106060701034_1.html |work=business-standard.com}}</ref> Through the transaction, Patni obtained ZAiQ's ] (ASIC) design capabilities and ] (IP), as well as expertise in ] (FPGA) and ] (SoC) technologies.<ref>{{citation |url= |title=Buy American. (Patni Computer Systems Ltd. acquires Zaiq Technologies)\ |publisher= |date=2006-07-10 |access-date=}}</ref>
*July 2007 : Acquired Europe-based "Logan-Orviss International (LOI)", a leading independent specialist telecommunications consulting services company. The consideration includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended a profitable year with revenues of Euro 11.8 Million in 2006.<ref>{{cite web |url=http://www.patni.com/newsroom/press-release/2007/LOI_Telecom.pdf |title=Patni acquires Telecoms Consulting Specialist |accessdate=2007-10-04 |date=2007-07-02 |format=PDF |publisher=Patni}}</ref>
*July 2007 :Acquired N.J.-based "Taratec Development Corp." through Patni Computer Systems Inc. a wholly owned subsidiary of the Company, for an aggregate price of $27.2 million in cash including contingent consideration. With more than $20m in annual revenue, Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services.<ref>{{cite web |url=http://www.patni.com/newsroom/press-release/2007/Taratec.pdf |title=Patni Acquires Life Sciences Services Company Taratec for $27 million |accessdate=2007-10-04 |date=2007-07-23 |format=PDF |publisher=Patni}}</ref> *July 2007: Acquired Europe-based "Logan-Orviss International (LOI)", a leading independent specialist telecommunications consulting services company. The consideration includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended a profitable year with revenues of Euro 11.8 Million in 2006.<ref>{{cite web |url=http://www.patni.com/newsroom/press-release/2007/LOI_Telecom.pdf |title=Patni acquires Telecoms Consulting Specialist |access-date=2007-10-04 |date=2007-07-02 |publisher=Patni}}{{Dead url|date=April 2024}}</ref>
*July 2007: Acquired N.J.-based "Taratec Development Corp." through Patni Computer Systems Inc. a wholly owned subsidiary of the company, for an aggregate price of $27.2 million in cash including contingent consideration. With more than $20m in annual revenue, Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services.<ref>{{cite web |url=http://www.patni.com/newsroom/press-release/2007/Taratec.pdf |title=Patni Acquires Life Sciences Services Company Taratec for $27 million |access-date=2007-10-04 |date=2007-07-23 |publisher=Patni}}{{Dead url|date=April 2024}}</ref>

==Awards and recognition==
*Listed as a ‘IAOP 2008 Global Outsourcing 100 Company’.<ref>{{cite web|url=http://www.livemint.com/2008/02/22162140/Infosys-TCS-among-best-global.html |title=Infosys, TCS among best global outsourcing service providers - Technology |publisher=livemint.com |date=2008-02-22 |accessdate=2010-07-16}}</ref>
*Ranked among Top 15 ‘Insurance Industry Vendors offering Comprehensive End-to-end BPO Services’.<ref>{{cite web|url=http://www.patni.com/financial-results/annual-reports.aspx |title=Business Outcomes &#124; iTOPS &#124; Strategic Outsourcing Solutions &#124; IT Services &#124; iGATE |publisher=Patni.com |date= |accessdate=2013-06-10}}</ref>


==References== ==References==
{{Reflist}} {{Reflist}}

==External links==
*

{{Use dmy dates|date=June 2011}}


] ]
] ]
] ]
] ]
] ]
] ]
] ]
] ]
]
]
]
]

Latest revision as of 07:53, 23 October 2024

IT company based in India
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
Find sources: "Patni Computer Systems" – news · newspapers · books · scholar · JSTOR (April 2024) (Learn how and when to remove this message)

Patni Computer Systems
Company typePublic
Traded asBSE: 532517 NYSE: PTI
IndustryIT services
Founded10 February 1978
FounderNarendra Patni
Defunct2012
FateAcquired by IGATE
HeadquartersElectronic City, Bangalore, India
ServicesIT and outsourcing services
Revenue₹2,164 crore (US$260 million) (2012)
Net income₹386 crore (US$46 million) (2012)
Number of employees18,273 (2011)
Patni Knowledge Park, Airoli, Navi Mumbai (2009)

Patni Computer Systems Limited was a provider of IT services and business solutions founded by Narendra Patni. It merged with IGATE Corporation in 2011 and operated under the name IGATE Patni until 2012. The company has employed over 18,000 people in 23 international offices across the Americas, Europe, and the Asia-Pacific region, as well as offshore development centres in eight cities in India. Patni's clients included more than 360 Fortune 1000 companies.

In 2009, Patni Computer Systems appointed Jeya Kumar as the new CEO following a two-year global search. After taking charge, Kumar traveled extensively and met with clients, leading the company through its "Patni 2.0" phase with a vision for the company's future.

Acquisition by iGATE Corporation

On 10 January 2011, iGATE announced that it had reached a definitive agreement to buy shares of the major shareholders of Patni Computer Systems Limited. These shares comprise 63% of Patni's total outstanding shares. This created an enterprise with close to $1b in revenues and 25,000 in headcount.

The proposed acquisition of the shares was subject to regulatory requirements and iGate was required to make an 'Open Offer' to acquire additional 20% of Patni's shares from the open market. Changes in the shareholding took place upon fulfillment of all the obligations under the Open Offer process.

Acquisitions and OEM agreements

  • April 2003: Acquired "The Reference Inc.", a company incorporated in Massachusetts, USA for a consideration of about US$7.5 million, through its wholly owned US subsidiary, Patni Computer Systems Inc. The Reference Inc. has provided Patni with specialised skills and domain expertise in the financial services industry segment.
  • August 2004: Patni and InteQ Corporation announced an OEM agreement which would enable Patni to provide more extensive Infrastructure Management Services (IMS) and further tap into the expanding IMS market estimated to reach $19.5 billion by 2007.
  • November 2004: Acquired "Cymbal Corporation" for a sum of ₹300 crore (US$36 million) million. Cymbal's acquisition allowed Patni to enter the IT services market in the telecom vertical, gaining expertise and operations in the provision of services to clients in the telecommunications industry.
  • June 2006: Acquired "ZAiQ Technologies", a design and verification company, in Woburn, Massachusetts. Through the transaction, Patni obtained ZAiQ's Application-specific integrated circuit (ASIC) design capabilities and Intellectual Property (IP), as well as expertise in Field-programmable gate array (FPGA) and System-on-a-chip (SoC) technologies.
  • July 2007: Acquired Europe-based "Logan-Orviss International (LOI)", a leading independent specialist telecommunications consulting services company. The consideration includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended a profitable year with revenues of Euro 11.8 Million in 2006.
  • July 2007: Acquired N.J.-based "Taratec Development Corp." through Patni Computer Systems Inc. a wholly owned subsidiary of the company, for an aggregate price of $27.2 million in cash including contingent consideration. With more than $20m in annual revenue, Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services.

References

  1. "How India became an IT giant". deccanherald.com. 15 October 2024. Retrieved 15 August 2022.
  2. "Patni in transition, seeks to be among Top 5 - Corporate News". livemint.com. 20 May 2009. Retrieved 16 July 2010.
  3. "iGATE Corporation | Investor Relations", iGATE.com, 2011, webpage: IGinv.
  4. "iGate completes acquisition of Patni Computers". The Economic Times. 13 May 2011. ISSN 0013-0389. Retrieved 15 October 2024.
  5. "About Us". Patni. 30 March 2009. Retrieved 16 July 2010.
  6. "Patni Computer shares to delist from NSE on May 21". The Economic Times. 16 May 2012. ISSN 0013-0389. Retrieved 15 October 2024.
  7. "Patni Computer appoints Jeya Kumar as CEO". The Economic Times. 18 December 2008. ISSN 0013-0389. Retrieved 15 October 2024.
  8. "Patni in transition, seeks to be among Top 5". livemint.com. 21 May 2009.
  9. IGATE CORP - FORM 8-K - April 4, 2011
  10. "Cover Page.pm6" (PDF). sebi.gov.in. Archived from the original (PDF) on 16 March 2012. Retrieved 16 July 2010.
  11. Subramanian, Shobhana (23 March 2005). "Patni's bent on catching up". Business Standard. Retrieved 16 July 2010.
  12. "India's Patni buys U.S. design house ZaiQ". eetimes.com. 6 May 2006.
  13. "Patni acquires US-based design firm". business-standard.com. 14 February 2013.
  14. Buy American. (Patni Computer Systems Ltd. acquires Zaiq Technologies)\, 10 July 2006
  15. "Patni acquires Telecoms Consulting Specialist" (PDF). Patni. 2 July 2007. Retrieved 4 October 2007.
  16. "Patni Acquires Life Sciences Services Company Taratec for $27 million" (PDF). Patni. 23 July 2007. Retrieved 4 October 2007.
Categories: