Patni Computer acquires European telecom firm
Software services provider Patni Computer Systems Ltd on Tuesday said it has acquired European telecommunications consulting services company, Logan-Orviss International (LOI), for an undisclosed amount.
"Logan-Orviss acquisition underscores our commitment to global telecommunications and media customers. With this, Patni adds further depth to our pool of telecoms specialists enabling us to provide the best of world-class consulting and global delivery," Patni's Executive Vice-President Neeraj Gupta said.
The acquisition strengthens the company's presence in communication and media practice through consultancy services on IT initiatives, the company informed the Bombay Stock Exchange (BSE).
The team of specialists at LOI alongwith Patni can enable their rapid transformation to develope new revenue streams, next-generation architectures and the best customer experience, Logan-Orviss International Co-founders Brendan Logan and Colin Orviss said.
The consideration includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three year period.
Logan-Orviss had clocked revenues to the tune of 11.8 million euro last year and would be led by Brendan Logan and Colin Orviss this year, Patni Computer Systems said.
Shares of Patni were trading at Rs 519.90, up 1.11 per cent on the BSE in morning trade.