Monday, January 10, 2011

iGATE Buys Majority Of Patni Computer For $1.22 Billion

Fremont-based iGate Corporation said Monday that it has acquired Mumbai, India-based IT services and business processing outsourcing firm Patni Computer Systems Ltd., in a deal worth approximately $1.22 billion. iGate is headed by Phaneesh Murthy. According to iGate, it is acquiring the shares of Patni Compuer Systems from the three founders, Mr. Narendra Patni, Mr. Gajendra Patni and Mr. Ashok Patni, along with private equity firm General Atlantic. Patni had revenues of $689 million for the 12 months ended September 30, 2010.