The deal is multi-million pound multi-services telecom contract with The Carphone Warehouse, Britain's largest independent retailer of mobile communications. \n
A stake sale deal between Patni Computer Systems and iGate is on course, but has been delayed due to procedural issues.Sources involved in the deal said they include tax-related developments and offshore transaction fees.
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.
Software exporter Patni Computer Systems would have to take up additional burden of up to $33 million, following a review of tax liabilities of its US operations.
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.
For the quarter ended September 30, 2011, iGate Patni had 26,216 employees compared to 26,395 people in the previous quarter.
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 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 Ltd on Monday said it would raise up to $150 million additional capital by the issue of American Depository Receipts.
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.'
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.
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.
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.
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.
Information technology firm Patni Computer Systems on Thursday said its earnings for a financial period could be affected
Patni Computers on Tuesday announced a 21.9 per cent increase in its net income for the first quarter ending March 31, 2005 at Rs 68.22 crore (Rs 682.2 million) as compared to Rs 55.96 crore (Rs 559.6 million) during the same period in the previous f
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.
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.
Family office basically caters to the investment - financial and non-financial - needs of a family and its members.
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.
Intrigued by the concept of value investing? Read on...
Indian IT companies have played a big role in making US companies more competitive and have created more jobs than taking them away.
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.
It stands for technology that helps an organisation to place its applications and data on the Internet.
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.
He has to keep herd together, service massive takeover debt on Pat#8715 however, operational performance unlikely to be affected
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).
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.
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