Patni Computer Systems

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.

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 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

References

1. (2024-10-15). "How India became an IT giant". deccanherald.com.
2. (2009-05-20). "Patni in transition, seeks to be among Top 5 - Corporate News". livemint.com.
3. (2011-05-13). "iGate completes acquisition of Patni Computers". The Economic Times.
4. (2009-03-30). "About Us". Patni.
5. (2012-05-16). "Patni Computer shares to delist from NSE on May 21". The Economic Times.
6. (2008-12-18). "Patni Computer appoints Jeya Kumar as CEO". The Economic Times.
7. (21 May 2009). "Patni in transition, seeks to be among Top 5". livemint.com.
8. "IGATE CORP - FORM 8-K - April 4, 2011".
9. "Cover Page.pm6".
10. Subramanian. (2005-03-23). "Patni's bent on catching up". Business Standard.
11. (6 May 2006). "India's Patni buys U.S. design house ZaiQ". eetimes.com.
12. (14 February 2013). "Patni acquires US-based design firm". business-standard.com.
13. (2006-07-10). "Buy American. (Patni Computer Systems Ltd. acquires Zaiq Technologies)".
14. (2007-07-02). "Patni acquires Telecoms Consulting Specialist". Patni.
15. (2007-07-23). "Patni Acquires Life Sciences Services Company Taratec for $27 million". Patni.