iGate on fast-track growth path

By siliconindia staff writer   |   Monday, 23 February 2004, 08:00 Hrs
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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.






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