Patni Computer Systems
{{Short description|IT company based in India}}
{{Use dmy dates|date=August 2021}}
{{Infobox company|
| type = Public
| traded_as = {{BSE|532517}} {{NYSE|PTI}}
| logo = Patni Logo.svg
| logo_size = 200px
| foundation = 10 February 1978{{cite web|url=https://www.deccanherald.com/india/independence-day-india-at-75-how-india-became-an-it-giant-1135466.html |title=How India became an IT giant|publisher=deccanherald.com |date=2024-10-15 |access-date=2022-08-15}}
| founder = Narendra Patni
| location = Electronic City, Bangalore, India
| fate = Acquired by IGATE
| defunct = 2012
| industry = IT services
| services = IT and outsourcing services
| products =
| revenue = {{INRConvert|2164|c}} (2012)
| operating_income =
| net_income = {{INRConvert|386|c}} (2012)
| assets =
| num_employees = 18,273 (2011){{cite web|url=http://www.livemint.com/2009/05/20221005/Patni-in-transition-seeks-to.html |title=Patni in transition, seeks to be among Top 5 - Corporate News |publisher=livemint.com |date=2009-05-20 |access-date=2010-07-16}}
}}
Patni Computer Systems Limited was a provider of IT services and business solutions founded by Narendra Patni. It merged with IGATE Corporation in 2011
"iGATE Corporation | Investor Relations",
iGATE.com, 2011, webpage:
[http://ir.igate.com/investors/index.cfm IGinv].
and operated under the name IGATE Patni until 2012.{{Cite news |date=2011-05-13 |title=iGate completes acquisition of Patni Computers |url=https://economictimes.indiatimes.com/tech/software/igate-completes-acquisition-of-patni-computers/articleshow/8285051.cms?from=mdr |access-date=2024-10-15 |work=The Economic Times |issn=0013-0389}} The company has employed over 18,000 people in 23 international offices across the Americas, Europe, and the Asia-Pacific region, as well as offshore development centres in eight cities in India. Patni's clients included more than 360 Fortune 1000 companies.{{cite web|url=http://www.igatepatni.com/igate-patni-profile.aspx |title=About Us |publisher=Patni |date=2009-03-30 |access-date=2010-07-16}}{{Cite news |date=2012-05-16 |title=Patni Computer shares to delist from NSE on May 21 |url=https://economictimes.indiatimes.com/tech/ites/patni-computer-shares-to-delist-from-nse-on-may-21/articleshow/13174040.cms?from=mdr |access-date=2024-10-15 |work=The Economic Times |issn=0013-0389}}File:Patni Knowledge Park Airoli.jpg, Navi Mumbai (2010)|left|231x231px]]
In 2009, Patni Computer Systems appointed Jeya Kumar as the new CEO following a two-year global search.{{Cite news |date=2008-12-18 |title=Patni Computer appoints Jeya Kumar as CEO |url=https://economictimes.indiatimes.com/patni-computer-appoints-jeya-kumar-as-ceo/articleshow/3855723.cms?from=mdr |access-date=2024-10-15 |work=The Economic Times |issn=0013-0389}} After taking charge, Kumar traveled extensively and met with clients, leading the company through its "Patni 2.0" phase with a vision for the company's future.{{Cite news |date=21 May 2009 |title=Patni in transition, seeks to be among Top 5 |url=https://www.livemint.com/Companies/aExeRyuQEBbQHzi8zlKRjK/Patni-in-transition-seeks-to-be-among-Top-5.html |work=livemint.com}}
Acquisition by iGATE Corporation
On 10 January 2011, iGATE announced that it had reached a definitive agreement to buy shares of the major shareholders of Patni Computer Systems Limited. These shares comprise 63% of Patni's total outstanding shares.{{citation|title=IGATE CORP - FORM 8-K - April 4, 2011|url=http://getfilings.com/sec-filings/110404/IGATE-CORP_8-K/#b}}
Acquisitions and OEM agreements
- April 2003: Acquired "The Reference Inc.", a company incorporated in Massachusetts,{{cite web |title=Cover Page.pm6 |url=http://www.sebi.gov.in/dp/patnifin.pdf |archive-url=https://web.archive.org/web/20120316113928/http://www.sebi.gov.in/dp/patnifin.pdf |archive-date=2012-03-16 |access-date=2010-07-16 |website=sebi.gov.in}} USA for a consideration of about US$7.5 million, through its wholly owned US subsidiary, Patni Computer Systems Inc. The Reference Inc. has provided Patni with specialised skills and domain expertise in the financial services industry segment.
- August 2004: Patni and InteQ Corporation announced an OEM agreement which would enable Patni to provide more extensive Infrastructure Management Services (IMS) and further tap into the expanding IMS market estimated to reach $19.5 billion by 2007.{{Citation needed|date=April 2024}}
- November 2004: Acquired "Cymbal Corporation" for a sum of {{INRConvert|300|c}} million.{{cite web |author=Subramanian |first=Shobhana |date=2005-03-23 |title=Patni's bent on catching up |url=http://www.business-standard.com/india/storypage.php?autono=208294 |access-date=2010-07-16 |work=Business Standard}} Cymbal's acquisition allowed Patni to enter the IT services market in the telecom vertical, gaining expertise and operations in the provision of services to clients in the telecommunications industry.
- June 2006: Acquired "ZAiQ Technologies", a design and verification company, in Woburn, Massachusetts.{{Cite news |date=6 May 2006 |title=India's Patni buys U.S. design house ZaiQ |url=https://www.eetimes.com/indias-patni-buys-u-s-design-house-zaiq/ |work=eetimes.com}}{{Cite news |date=14 February 2013 |title=Patni acquires US-based design firm |url=https://www.business-standard.com/article/technology/patni-acquires-us-based-design-firm-106060701034_1.html |work=business-standard.com}} Through the transaction, Patni obtained ZAiQ's Application-specific integrated circuit (ASIC) design capabilities and Intellectual Property (IP), as well as expertise in Field-programmable gate array (FPGA) and System-on-a-chip (SoC) technologies.{{citation |url= |title=Buy American. (Patni Computer Systems Ltd. acquires Zaiq Technologies)\ |publisher= |date=2006-07-10 |access-date=}}
- July 2007: Acquired Europe-based "Logan-Orviss International (LOI)", a leading independent specialist telecommunications consulting services company. 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. LOI ended a profitable year with revenues of Euro 11.8 Million in 2006.{{cite web |url=http://www.patni.com/newsroom/press-release/2007/LOI_Telecom.pdf |title=Patni acquires Telecoms Consulting Specialist |access-date=2007-10-04 |date=2007-07-02 |publisher=Patni}}{{Dead url|date=April 2024}}
- July 2007: Acquired N.J.-based "Taratec Development Corp." through Patni Computer Systems Inc. a wholly owned subsidiary of the company, for an aggregate price of $27.2 million in cash including contingent consideration. With more than $20m in annual revenue, Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services.{{cite web |url=http://www.patni.com/newsroom/press-release/2007/Taratec.pdf |title=Patni Acquires Life Sciences Services Company Taratec for $27 million |access-date=2007-10-04 |date=2007-07-23 |publisher=Patni}}{{Dead url|date=April 2024}}
References
{{Reflist}}
Category:Information technology companies of India
Category:Software companies of India
Category:Companies formerly listed on the National Stock Exchange of India
Category:Companies formerly listed on the Bombay Stock Exchange
Category:Companies formerly listed on the New York Stock Exchange
Category:Software companies based in Mumbai
Category:Software companies established in 1978
Category:Information technology consulting firms of India
Category:2011 mergers and acquisitions
Category:Indian companies established in 1978