iGate profits double, plans to hire 500

By siliconindia   |   Thursday, 15 April 2010, 23:41 IST   |    13 Comments
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iGate profits double, plans to hire 500
New Delhi: IT services firm iGate revenue was up 29 percent at $57.9 million for the quarter ended March 31, 2010, compared to $44.8 million during the same period last year. Its net income more than doubled to $11.6 million for the January-March quarter compared to $5 million registered in the same period last year. The company will hire 500 professionals in the next two quarters to support its expanding operations in India, Mexico and the U.S. They will be employed in both services in BPO areas. iGate CEO Phaneesh Murthy said, "We are aggressively pursuing it. We have $100 million cash on our balance sheet. We are eyeing acquisitions in $30-70 million range and we should finalize it in few months." The Nasdaq-listed company, which has been eyeing acquisitions in $30-70 million range for some time, is hopeful of making it in 2010. he added. The company ended first quarter with 7,357 employees, a net addition of 447 employees during the quarter. Seven new customers were added by iGate during the quarter.