Patni to hire 4,000 in 2006
Patni Computer Systems is actively scouting for acquisitions and expects to raise headcount by 4000 this year to drive its growth.india Updated: Apr 05, 2006 17:12 IST
India's sixth largest software exporter Patni Computer Systems said on wednesday that it was actively scouting for acquisitions.
The software company expects to raise headcount by 4000 this year to drive its growth.
"We would like to acquire companies whose revenues are roughly 10 per cent of Patni revenues. We would like to acquire companies with revenues of $45-50 million," Patni Executive Vice-President Mrinal Sattawala told reporters.
Patni had a revenue of $450 million in 2005.
"We have an active merger and acquisition engine. We are looking for acquisition that offers growth opportunities," he said.
He said the company has a four member team to look at acquisitions and Patni would buy companies that either bring in new clients or capabilities.
Sattawala said Patni was looking at opportunities in life sciences, retail and other verticals.
Patni has $120 million in cash which would be leveraged for acquisitions, he said.
Sattawala said significant opportunities for acquisition were coming in Europe and Patni was also looking at companies in other geographies.
Patni acquired a small financial services company in 2003 and Cymbal in 2004. Cymbal had revenues of $50 million that gave Patni presence in telecom vertical.
The company hired 2,500 people in 2005 and this year we expect to hire 2,500 to 4,000 depending on the business, he said.
By the end of February, the company had 12,000 people.