iGate Global Solutions Ltd on Monday said it has acquired 5 per cent equity stake in US-based Loan Pro LLC enhancing its existing stake to 60 per cent by July 1.
iGATE Global Solutions, an integrated technology and operations firm with a global services delivery model, said the company would add 800-1,000 people at its development centres this year.
For the September quarter, the company reported 16.92 per cent year-on-year growth in net profit, at $37.3 million.
Software firm iGate on reported a 19.42 per cent decline in its revenue at $44.8 million in the first quarter of 2009.
US-listed iGate's open offer for buying a little over 20 per cent stake in Indian IT company Patni Computer Systems will begin on April 8 and close on April 27.
While iGate leaps into the $1-billion club, the combined entity will have a larger offering, better pricing power and scope to improve margins. Nasdaq-listed software firm iGate's acquisition of Patni Computer Systems was received positively by the market. On a day when the Sensex was down 2.4 per cent, the Patni scrip closed 0.8 per cent higher at Rs 463.85.
Within six months of joining iGate as CEO, Ashok Vemuri will get a performance bonus of $175,000 (about Rs 1.10 crore) for his strategic initiatives, which helped the US-based outsourcer grow revenues by over 10 per cent in the December quarter.
The Nasdaq-listed company has announced increasing Murthy's annual basic salary from the present $530,000 million to $1 million, which along with the annual performance-based bonus opportunity of $500,000 million makes the total annual package to $1.5 million (about Rs 7 crore).
iGATE and CAC intend to work together to provide technology solutions and support to Japanese Corporations with global presence. The primary purpose of the strategic alliance is to exploit the rapidly growing opportunities created by the overseas expansion of Japanese corporations, a release said. CAC will introduce high quality outsourcing service to its existing clients through the global service delivery footprint of iGATE.
IT services provider iGate Global Solutions Ltd on Monday said it has enhanced its stake holding in US-based Loan Pro LLC to 60 per cent.\n
iGATE Global Solutions on Monday said it has entered into a five-year deal with the United States-based GreenPoint Mortgage to offer high-value back office services, valued at over $20 million.
Scam-tainted Satyam Computer Services has lost its value with customers moving out of the company, according to Phaneesh Murthy, chief executive of the US-based iGate Corporation.
Even though the company's revenue figures are not public, it has so far raised $93 million in four rounds of funding.
iGATE Global Solutions, the technology and operations company, announced on Wednesday the inauguration of an ERP Center of Excellence at its software development facility in Hyderabad.
Former Chief Justice S P Bharucha to oversee selection process, guide govt-nominated board.
iGate Global Solutions, the integrated technology and operations company with a global services delivery model, would make its Chennai operation a 'centre of excellence,' chief executive officer Phaneesh Murthy said.
Ciber Inc and iGate Global Solutions Ltd, formerly Mascot Systems Ltd, on Tuesday announced an agreement to form an India-based joint venture to offer software services.
iGate Global Solutions adds momentum to its testing practices by setting up an independent verification and validation (IV & V) centre of excellence at its software development facility in Bangalore.
iGate Global Solutions has posted a consolidated net profit after tax and minority interest of Rs 1.42 crore (Rs 14.2 million) for the quarter ended June 30, 2005 as compared to Rs 11 lakh for the quarter ended June 30, 2004.
Looking to expand in the Canadian market, iGate Global Solutions Ltd on Wednesday said it is planning to double its headcount in Canada to over 500 employees by next year.
Satyam's director Tarun Das had earlier said that the company had been approached by Indian and international IT companies and that the board would decide on it. Reports have suggested that engineering major L&T has expressed interest in acquiring Satyam, while Tech Mahindra is interested in the telecom business of the Satyam group.
The year 2011 seems to have begun on a good note for merger and acquisition deals in India, as the first transaction of the year -- $1.22 billion acquisition of Patni Computer by US-based iGate -- has been a billion-dollar plus deal.
iGate Global Solution plans to hire over 100 IT professionals in Japan over the next 6-12 months targeting the huge Japanese IT services market with its Integrated Technology and Operations model.
Board to meet investment advisors Goldman Sachs and Avendus today.
IT firm iGate is planning to revamp its go-to-market strategy
IT services provider iGate Global Solutions Ltd on Wednesday reported a 80 per cent year-on-year increase in net profit in second quarter ending September 30, 2006, to Rs 10.6 crore (Rs 106 million).
Software solutions provider, iGate Global Solutions Ltd on Wednesday posted a net loss of Rs 3.51 crore
Increasing margins helped iGate Global Solutions notch 84.9 per cent year-on-year increase in net profit in the second quarter of this fiscal to Rs 5.62 crore (Rs 56.2 million).
iGate Global Solutions on Wednesday a net profit of Rs 18.98 crore (Rs 189.8 million) for the third quarter ended December 31, 2004, a jump of 218 per cent.
'We look at the opportunities that are going to come in various fields in the next 5 to 10 years, do some research and come up with business plans.' 'Then, we go and seek out founders who will run the actual business.'
Vemuri holds about 400,000 shares in IGATE which, at an offer price of $48 apiece, will give him $19.2 million
California-based law firm, Aiman-Smith & Marcy, said that iGate's head of investor relations Araceli Roiz was pregnant with Murthy's child.
Sexual harassment charge is fabricated: Phaneesh Murthy
Indian IT companies have played a big role in making US companies more competitive and have created more jobs than taking them away.
iGate had in a statement on Friday evening said that it had dropped its bid for Satyam on 'further analysis'. Clarfying his stand last week that iGate would be keen to bid for Satyam at an offer price of below 90 cents a share, Murthy said, "Had we decided to pursue the bid, the share price would have had no bearing on our offer price as we would have bid at a price we thought was a fair valuation."
The world economy has started showing signs of recovery but it will be a slow says Phaneesh Murthy, CEO, iGate Corporation.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
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