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News >> Technology >>
Patni to acquire US' Cymbal for $68 million
By siliconindia
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Tuesday, 12 October 2004, 19:30 IST
MUMBAI: Patni Computer Systems Ltd., India's 6th largest IT Services company*, today announced that through its wholly owned subsidiary in the US it has entered into an agreement to acquire Cymbal Corporation for a total consideration of approximately USD 68 million in cash to be paid over a period of time.
Cymbal Corporation is a California-based IT Services company focused on the Telecommunications industry. The acquisition would be significant as it extends Patni's portfolio into the global high-growth Telecommunications segment. The companies are pursuing certain closing conditions and necessary regulatory approvals which are expected to be completed in the next 60 days.
Kotak Mahindra Capital Company acted as the sole financial advisor to Patni and Avendus Advisors acted as the sole financial Advisors to Cymbal.