iGate completes Patni buy, Phaneesh is CEO | business | Hindustan Times
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iGate completes Patni buy, Phaneesh is CEO

business Updated: May 12, 2011 21:39 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Software firm iGate on Thursday announced the completion of its acquisition of Patni Computer Systems and appointed Phaneesh Murthy as CEO of Patni. Both iGATE and Patni will continue to exist as separate listed entities, operate on an independent basis and work together on an integration exercise.

“Successful completion of the transaction was our single focus over the last four months and I am very excited to formally move from integration planning to integration execution between the two companies,” Phaneesh Murthy said in a statement.

Murthy is also the CEO of iGate Corporation, an IT firm listed on the US bourses.

iGATE entered into purchase agreements on January 10 this year to acquire a majority stake in Patni Computer Systems in a deal valued at around $1.22 billion (R5,500 crore) executed by iGATE along with its private equity partner Apax Partners.

The transaction marks the completion of the buyout of the stakes held by Patni brothers Narendra, Ashok and Gajendra, and General Atlantic in Patni Computer Systems, and the 20% mandatory tender offer to the public.

Murthy said the combined entity would have a common identity, iGATE Patni. “We will significantly expand our market presence and iGATE Patni will stand for the combined values of both organisations,” he said. iGATE and Patni together have an employee base of 26,000 and a client base of 360.