Patni-iGate moves closer to the billion dollar revenue club
Tuesday, 11 January 2011, 06:57 IST
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Bangalore: Patni Computer buy will propel iGate into a billio-dollar group of Indian IT companies as the combined entity will a revenue of about $941 million. Patni reported revenues of $689 million for the 12 months ended September 30, 2010, while the U.S.-based iGate's revenues stood at $252 million during the same period, taking the combined revenues to $941 million. The country's largest software firm, Tata Consultancy Services , reported revenues of about $6.6 billion for the year ended March 31, 2010. Other big league players include Infosys (about 5 billion), Wipro (about $4.4 billion) and HCL Technologies (about $2.7 billion). Big revenue numbers of players often helps swing large deals in their favour in the Indian IT industry. The combined entity of iGate-Patni will serve companies across verticals, including banking and financial services, insurance, manufacturing, retail, and media and entertainment. "The deal gives iGate an opportunity to play on larger deals and more verticals based on combined strengths," iGate Chief Executive Officer Phaneesh Murthy said. Patni Computer Systems has 16,556 employees and 282 customers, while iGATE has 8,278 employees and 82 customers as on September 30, 2010. "We believe the threshold of a billion dollar revenue will facilitate faster adoption of our iTOPS for Business Outcomes model. We also believe that the combination will help customers get better service, access to more service lines and deeper pools of expertise," Murthy said.
Source: PTI
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