Acquisition of Patni by iGate
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Code : MAA0168
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Region : US and India
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iGate Corporation iGate Corporation (iGate) (NASDAQ: IGTE) , an Information Technology (IT) company, had registered offices in Pittsburgh, Pennsylvania, US, and Fremont, California, US. It provided an array of IT and IT enabled services including software development, business process outsourcing, consultation, operation, servicing, and implementation to mid- and large-sized organizations across the industries. The Royal Bank of Canada (RBC) and General Electric Company (GE), Union Bank of California, N.A. , and Honda Motor Company, Ltd., were some of the company’s leading customers... Patni Computer Systems Limited Patni Computer Systems Limited (Patni) (BSE: 532517, NSE: PATNI, NYSE: PTI), the sixth largest IT services and business solution provider in India, was based in Pune. It provided an array of IT and IT enabled services that fell broadly into four categories - IT services, Product Engineering Services, Customer Interaction Services (CIS), & Business Process Outsourcing (BPO) and Infrastructure Management Services to across the industries including Insurance, Telecom, Manufacturing, Retail and Distribution, Financial Services etc... The Deal On Monday, January 10, 2011, iGate announced the acquisition deal with Patni's promoters and General Atlantic through its subsidiaries - Pan-Asia iGATE Solutions and iGS. While commenting on the deal, observers said, "Murthy (Phaneesh) pulling off the acquisition is almost a miracle -- not because iGate isn't even half Patni's size, but because he got the three Patni brothers to agree to sell their stake. Another important aspect was to keep the private equity consortia of Advent-Carlyle and Vivek Paul at bay.".. |
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