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{{Short description|IT company based in India}}{{More citations needed|date=April 2024}}
{{unreferenced|date=October 2006}}

⚫ {{Infobox Company
{{Use dmy dates|date=August 2021}}
| company_name = Patni Computer Systems Limited
⚫ {{Infobox company|
| company_logo = ]
| company_type = ] | type = ]
| traded_as = {{BSE|532517}} {{NYSE|PTI}}
| foundation = 1978
| logo = Patni Logo.svg
⚫ | location = ] ], ]
| 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>
| key_people = ] (Chairman & CEO)
| industry = ] | founder = ]
⚫ | location = ], ], India
| fate = Acquired by ]
| defunct = 2012
| industry = IT services
| services = IT and ] services
| products = | products =
| revenue = $ 568 million (2006) | revenue = {{INRConvert|2164|c}} (2012)
| operating_income = | operating_income =
| net_income = | net_income = {{INRConvert|386|c}} (2012)
| num_employees = 13,000 | 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 |access-date=2010-07-16}}</ref>
| parent =
| subsid =
| homepage =
| footnotes =
}} }}
], ] (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.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>


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>
'''Patni Computer Systems Ltd.''', is a provider of ] services and business solutions. The company employs over 13,000 people, and has 23 international offices across the ], ] and ],as well as offshore development centers in 8 cities in ]. Patni's clients include more than 200 ] companies. Patni has registered revenues of US$ 450 million for the year 2005.

== History ==
Patni Computer Systems Limited was incorporated as Patni Computer Systems Private Limited on ], ] under the Companies Act, ]. In ], by virtue of Section 43A of the Companies Act, the Company became a "deemed public company" and subsequently on ], ] it was then converted into a private limited company. By virtue of its turnover exceeding prescribed limits under the then-applicable Section 43A of the Companies Act, on ], ], the Company became a deemed public company and consequent to the deletion of Section 43A from the Companies Act, 1956, the Company was converted to a private limited company on ], ]. The Company was again converted to a ] on ], ].

In ], Patni came out with an ] (IPO) of 18,724,000 ]s in the price of Rs 230 per share for a face value of Rs 2 each. In the same year, Patni acquired ] based ] for a sum of US$68 mn. Cymbal's acquisition allowed Patni to enter $60 billion IT services market in the telecom vertical which was previously not available to Patni on their business landscape.
This acquisition also allowed Patni to spread it's Non-GE Business, and added a development center in ].

In December 2005, Patni listed its ADRs on the ] (]) under the ticker PTI.

== Board of Directors ==
*Narendra K Patni - Chairman & CEO
*Gajendra K Patni - Executive Director
*Ashok K Patni - Executive Director
*William O Grabe - Director
*Louis Theodoor van den Boog - Independent Director
*Michael A Cusumano - Independent Director
*Arun Duggal - Independent Director
*Arun Maira - Additional Director
*Pradip Shah - Independent Director
*Ramesh Venkateswaran - Independent Director
*Abhay Havaldar - Alternate Director to Mr. William O Grabe


==Acquisition by iGATE Corporation==
== Global Locations ==
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 company's headquarters are located in ] and it has development centers in several locations in India and sales offices in ], ] and the ] region.


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==
⚫ *April 2003: Acquired "The Reference Inc.," a company incorporated in ], 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.
⚫ *November 2004: Acquired "Cymbal Corporation" for a sum of US$68 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 ] Through the transaction, Patni obtained ZAiQ’s ] (ASIC) design capabilities and ] (IP), as well as expertise in ] (FPGA) and ] (SoC) technologies.


⚫ ==Acquisitions and OEM agreements==
==External links==
⚫ *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=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.
* , January 31, 2007
*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 |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>


==References==
]
{{Reflist}}


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Latest revision as of 07:53, 23 October 2024

IT company based in India
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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.
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