Why did igate buy patni

ETPrime stories of the day Investing Bad bet or value buy? Logistics There is a base, Gati hasn't destroyed itself. Subscribe to ETPrime. Browse Companies:. Find this comment offensive? This will alert our moderators to take action Name Reason for reporting: Foul language Slanderous Inciting hatred against a certain community Others.

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Limited Access. Subscribe with Google. Yearly Save Exclusive invites to Virtual Events with Industry Leaders. Investing Bad bet or value buy? Shilpa Medicare investors eye Laurus-like returns, but past capex yet to fire 10 mins read. But there is a lot of work to be done: CEO 17 mins read. Patni will also enable iGate to widen its client base and reduce its dependence on a few clients. General Electric is one of the biggest customers for both companies and this is expected to bring synergies.

The two companies also enjoy synergies in business verticals. By leveraging both strengths, the companies plan to build a strong BFSI team. The current members of the Patni board will remain at least until the deal is closed. Post the completion of the deal the roles of senior board members will also be defined. Murthy is expected to be the CEO of the combined entity. The combined employee base will now be more than 24, Murthy said that they will look to retain as many Patni employees as possible and there would be no need for major retrenchment.

Patni has good presence in the western and northern Indian region, while iGate has offices in the south, which gives employees good options to move around the country. The biggest concerns that iGate officials point to is the cultural integration between the two organizations as well as the debt on its books. IGate, which is currently a zero debt company, will have debts in its books for the next few years. Patni has 16, employees, customers, 22 global delivery centres, and offices in 30 locations worldwide.

The clients list of two companies will be complimentary and there will be very little overlap, Murthy explained. The day golf won over the Indian sports fans. Old Arctic sea ice blown into melt zone by winter winds. NASA's Mars rover foiled in first attempt to grab rock.