Patni-iGate moves closer to the billion dollar revenue club

Combined entity to have revenue of USD 941 million

PTI | January 11, 2011



Patni Computer buy will propel iGate into a billio-dollar group of Indian IT companies as the combined entity will a revenue of about USD 941 million.

Patni reported revenues of USD 689 million for the 12 months ended September 30, 2010, while the US-based iGate's revenues stood at USD 252 million during the same period, taking the combined revenues to USD 941 million.

The country's largest software firm, Tata Consultancy Services, reported revenues of about USD 6.6 billion for the year ended March 31, 2010.

Other big league players include Infosys (about 5 billion), Wipro (about USD 4.4 billion) and HCL Technologies (about USD 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.

 

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