Patni Computer evaluating 2-3 companies for acquisitions

Thursday, 29 April 2010, 09:43 Hrs
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Mumbai: Patni Computer Systems, an Indian software services firm after signing a definitive agreement to acquire CHCS Services, now evaluating two to three companies in Europe and Asia Pacific for acquisitions. The Chief Financial Officer (CFO) Surjeet Singh told Reuters in an interview that the valuation expectations from target companies had gone up because of the current buoyancy in the market conditions. Patni has almost $500 million in cash, which would be used to fund any buys.

"There are 2-3 companies we are evaluating at this point in time. There were two companies we evaluated last quarter, did not like the fit and so passed on. M&A is a very integral part of the business. We want to fill our portfolio gap. We want to extend our coverage. Our sweet spot would be companies with revenue of $75 million to $250 million."

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