iGate on fast-track growth path

By siliconindia staff writer   |   Monday, 23 February 2004, 08:00 Hrs
Printer Print Email Email
BANGALORE: Mid-sized software exporter iGate Global Solutions aims to grow rapidly, partly through acquisitions, to raise its profile among powerful peers, its chief executive has said.

Phaneesh Murthy , who took over the reins of iGate Global last July, told Reuters in an interview that new Fortune 500 clients and a doubling of staff were on the cards for the company, which has 3,300 employees.

US-based iGate Corp owns about 88 per cent of iGate Global, which plans to use a $75-million war chest from its parent to fund acquisitions.

"We are very clear that, from next year, acquisitions are going to be a model of growth. There have been a fair number of knocks on the door," the US-based executive said.

iGate Global, which ranks among the top 20 Indian software exporters, is expected to report sales of about $125 million in the year to March 2004, and a small loss resulting from a clutch of small acquisitions that led to one-time charges, Murthy said.

Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..