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Patni Computer Systems

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Patni Computer Systems
Company typeSubsidiary
IndustryIT Services
Founded10 February 1978
FounderNarendra Patni
HeadquartersElectronics 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)
ParentiGATE Corp.

iGATE PATNI (formerly Patni Computer Systems is a provider of IT services & Business solutions and is a subsidiary of iGATE Corporation. 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 Fortune 1000 companies.

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 will create an enterprise with close to $1b in revenues, 25,000 in headcount.

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 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.

Acquisitions

  • 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.
  • 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. "Patni in transition, seeks to be among Top 5 - Corporate News". livemint.com. 20 May 2009. Retrieved 16 July 2010.
  2. "iGate seals Patni deal for $1.22 billion - Rediff.com Business". Rediff.com. Retrieved 10 June 2013.
  3. ^ "iGATE Corporation | Investor Relations", iGATE.com, 2011, webpage: IGinv.
  4. "About Us". Patni. 30 March 2009. Retrieved 16 July 2010.
  5. IGATE CORP - FORM 8-K - April 4, 2011
  6. "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".
  7. "Cover Page.pm6" (PDF). Retrieved 16 July 2010.
  8. Shobhana Subramanian / Mumbai 23 March 2005 (23 March 2005). "Patni`s bent on catching up". Business-standard.com. Retrieved 16 July 2010.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. "Patni acquires ZAiQ". SiliconIndia. 6 June 2006. Retrieved 16 July 2010.
  10. "Buy American.(Patni Computer Systems Ltd. acquires Zaiq Technologies)(Brief article) | HighBeam Business: Arrive Prepared". Business.highbeam.com. 10 July 2006. Retrieved 16 July 2010.
  11. "Patni acquires Telecoms Consulting Specialist" (PDF). Patni. 2 July 2007. Retrieved 4 October 2007.
  12. "Patni Acquires Life Sciences Services Company Taratec for $27 million" (PDF). Patni. 23 July 2007. Retrieved 4 October 2007.

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