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iGATE PATNI (formerly Patni Computer Systems, presently iGATE after merging with it) 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.
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.
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.
Awards and recognition
Listed as a ‘IAOP 2008 Global Outsourcing 100 Company’.
Ranked among Top 15 ‘Insurance Industry Vendors offering Comprehensive End-to-end BPO Services’.
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)
