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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

January - 2006 - issue > si 20 Company Performance

Patni Computer Systems

si Team
Wednesday, December 28, 2005
si Team
Mumbai based Patni Computer Systems is a global IT Services provider. The company reported significant revenue growth of 30.1 percent from $251.0 million in 2003 to $326.6 million in 2004. Gross profit for the year increased to $128.1 million, higher by 31.8 percent over the previous year.

The company’s 10,000 professionals service clients across diverse industries, from 26 sales offices and multiple offshore development centers across eight cities in India. For the year 2004, Patni ranked seventh in the `Top 20 IT Software and Service exporters in India’ (excluding ITES-BPO revenues) listed by the National Association of Software and Services Companies (Nasscom).

Recently, the Board of Patni approved the issue of American Depository Receipts up to $150 million.

On December 8, 2005 shares in Patni debuted on the New York Stock Exchange at $23.80 each, 17% higher than the $20.34 price the company set. The company has said it intends to use all of the net proceeds for the construction and development of new infrastructure facilities at its offshore locations in India. The offering was seen as a way for Patni to boost its profile and to attract new customers and investors in the crucial U.S. market.

The company also appointed Loek van den Boog, an IT industry veteran, as an independent director on the company’s board. This appointment illustrates Patni’s endeavor to induct global expertise across domains at the board level to help shape Patni’s business strategy. The company has identified Benelux region in the E.U. as one of the key markets and has started offices in Amsterdam. This is their fifth office in Europe, the other being in Germany (Stuttgart, Munich), Sweden and the U.K.


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