IT consultancy and services provider Patni Computer Systems has acquired US-based The Reference, a financial and investment solutions provider, for $7.5 million in cash, including its 44 existing employees.\n\n
Investment banking sources say the three Patni brothers have now agreed on the sale process, along with private equity player General Atlantic.
In a discussion with Business Standard, Murthy shares the roadmap ahead.
Patni Computer Systems Ltd said on Friday its wholly owned subsidiary Patni Computer Systems Inc has signed a multi-service contract with US-based Disney Mobile.
Japan's leading information technology services and solutions provider, NTT Data Corporation, has emerged as the most aggressive suitor for Indian software services firm Patni Computer Systems. NTT is in advanced talks with the promoters of Patni Computer to buy their combined 46.5 per cent stake, investment banking sources said.
IT services exporter Patni Computer Systems Ltd has appointed Massachusetts Institute of Technology professor and business strategist Michael A Cusumano as an independent director on its board.
Patni Computer Services Ltd on Wednesday reported 92.8 per cent increase in its net income for the first quarter ended March 31, at Rs 120.03 crore ($27.8 million) compared to Rs 64.25 crore ($14.4 million) in same period last year.
Japanese information technology services firm NTT Data Corporation is still in talks to acquire stake in Patni Computer Systems, despite acquiring Intelligroup for $199 million (around Rs 895 crore), say sources in the investment banking industry.
Tata Consultancy Services topped the list of top 10 best performing IT service providers worldwide rated by Global Services, a specialised publication for IT businesses.
atni Computer Systems, a global IT services provider, announced on Tuesday the opening up of its new office in Amsterdam. This will be Patni's fifth office in Europe, after Germany (Stuttgart and Munich), Sweden and the UK.
The process has been set in motion with the Patni brothers - Ashok and Gajendra - deciding to take up non-executive positions. Gajendra and Ashok have ceased to be executive directors with effect from Tuesday after the Patni board designated them as founder-directors.
IT services major Patni Computer Systems Ltd is to expand its operations in Chennai by setting up a centre to accommodate 10,000 professionals with investment outlay of Rs 450 crore (Rs 4.50 billion).
NTT had earlier sought the combined 63 per cent stake of the promoters and private equity firm General Atlantic Partners, but their exclusive talks failed due to a valuation mismatch.
The establishment of the El Paso site follows Patni's recent move to open a nearshore center in Queretaro, Mexico.
The deal is multi-million pound multi-services telecom contract with The Carphone Warehouse, Britain's largest independent retailer of mobile communications. \n
IT consulting and services provider Patni Computer Systems Ltd on Tuesday announced the appointment of Loek van den Boog as an independent director on its board.
The current talks on stake sale by its promoters at India's seventh largest information technology services company, Patni Computer Systems, seem to be in the final stages. Whichever way the deal swings, analysts feel the company will lose some business.
Patni Computer Systems has completed the acquisition of US-based Cymbal Corporation for $68 million, helping it enter the $60 billion telecommunication vertical for IT services.
iGate Patni is all set to compete with the likes of IBM, Accenture, Infosys and Congnizant.
"Japan currently accounts for 5 per cent of our revenues but we see this touching 9 per cent in the next three years. Business from Japan grew almost 35 per cent last year and we expect healthy growth from this region," said Deepak Khosla, senior vice-president and head, Asia-Pacific. Patni company has been in Japan for over 10 years but, in the past two years, the momentum of deals has increased considerably.
Home appliances major Electrolux on Tuesday said it will invest Rs 40 crore (Rs 400 million) by 2007 in a research and development centre here, besides sourcing IT services from Patni Computers as well as components from India.
Patni Computer Systems, through its wholly owned subsidiary in the United States, has entered into an agreement to acquire Cymbal Corporation for a total consideration of approximately $68 million 'in cash to be paid over a period of time.'
Under this programme, employees can work on innovative ideas, for which the firm will provide funding and help in setting up a team. The programme is part of the company's initiative to allocate 10 per cent of their cash reserve to initiatives that are technology-led.
Eldest brother may buy part of the shares; private equity to pick up rest.
However, the Carlyle-Advent consortium could revise its bid upwards, said two independent sources tracking the deal.
Family office basically caters to the investment - financial and non-financial - needs of a family and its members.
Narendra Kumar Patni, pioneer of India's information technology (IT) services revolution, passed away in the US.
At present most HR shops in India are either captive, which are shared service centres or they are global service providers like EDP and Exult who have set up shop in India.
Shortly after the twin earthquake-tsunami that hit Japan, Indian IT firms had started calling back employees.
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).
He has to keep herd together, service massive takeover debt on Pat#8715 however, operational performance unlikely to be affected
Well-known companies like Wipro, ITC, Patni Computers, Spectral Services and many others have received permission to work on 'green buildings' in industrial zones of the National Capital Region like Noida and Gurgaon. Green buildings consultancy company SGS Pvt India Ltd Head Avinash Kumar said there are about 40 buildings in the country that fall under the green category and atleast 10-12 companies are in place that cater for such requirements currently.
It wants to increase its revenue to $3 billion by 2017 from $1 billion now.
Global banking major ABN Amro has signed a Euro 1.8 billion ($2.22 billion) contract with five IT vendors: Tata Consultancy Services, Infosys, Patni Computers, IBM, and Accenture.
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