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.
Patni Computer Systems Ltd will spend Rs 1 billion ($23 million) to set up a new software development centre in Pune, the company informed the Bombay Stock Exchange said on Thursday.
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.
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.
However, the Carlyle-Advent consortium could revise its bid upwards, said two independent sources tracking the deal.
Information technology firm Patni Computer Systems on Thursday said its earnings for a financial period could be affected
The offer comprises of 5.12 million primary ADSs, 1.75 million secondary ADS and up to an additional 1.03 million primary ADSs under the over-allotment option given to the underwriters, it said.
Patni Computers Systems Ltd is to hit the capital market with book-built initial public offering in the price band of Rs 200-230 per share of Rs 2 each.
The scrip of Patni Computers Systems Ltd on Tuesday listed on the Bombay Stock Exchange and the first deal was struck at Rs 305 per share, much higher than the issue price of Rs 230 per share of face value Rs 2. \n\n
Narendra Kumar Patni, pioneer of India's information technology (IT) services revolution, passed away in the US.
Having spent the first 90 days meeting employees and key clients, Jeya Kumar, new CEO of Patni Computer Systems, is clearly in control. While he acknowledges concerns due to the current slowdown, he has started restructuring the company. He details the growth plans in a chat with Business Standard's Shivani Shinde.
For iGate CEO Phaneesh Murthy, slipping into Patni's shoes as promoter of the company that bears the latter's name could prove one of the biggest challenges of his career.
Indian IT companies have played a big role in making US companies more competitive and have created more jobs than taking them away.
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It is a well-known fact that he was brought into Patni with an intention to bridge the revenue gap between the company and its peers as well as to try and extract a better valuation for the company for a possible sale.
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.
In 2010, there will be a greater adoption of virtualization for desktops.
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).
It wants to increase its revenue to $3 billion by 2017 from $1 billion now.
There is lot of mutual respect among the founders of Infosys. We have similar value systems. We have a long-term view of the business. We want to create a respected institution, says S Gopalakrishnan, President, Infosys.
Telecom, steel, and construction stocks witnessed buying
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