Capgemini announced an agreement overnight to acquire igate corp. Igte, the united satesbased it and ites company, acquired indias sixth largest it services and business solution provider, patni computer systems limited, on january 10, 2011. Learn about igate, including insurance benefits, retirement benefits, and vacation policy. Players involved in a deal igate igate corporation parent company of all igate. Under the companies act, 1956, igate was originally incorporated as mascot systems private limited in 1993, and later renamed mascot systems limited. The merger has been approved by a written consent of igate. Combined headcount at 24,834 globally as on sep 30, 2010 combined company will be a key player across several. Apr 21, 2012 1 not a single client opted to leave igate patni for reasons of change of control following the merger in january 2011, 2 the organization continues to impress it clients, which include some of the most mature buyers of services, and 3 they continue to meet financial estimates set by a broad range of financial analysts. Nasdaqlisted it services company igate announced a new gotomarket brand called igate patni with a leaner 9member executive team. Apax had funded igates acquisition of patni in 2011. The deal would lead to a onestep cash merger between igate and a subsidiary of capgemini north america inc. May 12, 2011 igate, which initiated its move to acquire patni computer systems in january this year, announced on thursday that it has completed the process. Making the announcement in bangalore, phaneesh murthy. Merger, and on december 29, 2012, in accordance with the direction of the.
After a fourmonth process, nasdaqlisted it services company igate on thursday completed the acquisition of indias sixthlargest software exporter patni computers and. The merger transaction has been approved by igates major shareholders, which hold approximately 54 percent of the companys capital, and will be financed through a combination of cash, equity. While commenting on the deal, observers said, murthy phaneesh pulling off the acquisition is almost a miracle not because igate isnt even half patni s size. Leave a comment on igate patni merger pdf igate acquires patni finally igate has signed deals with mr narendra k. Core practice areas of the firm include mergers and.
May 03, 2020 igate patni is a technology and services company. What changes i can expect as capgemini and igate merged. Vishal jain chitra arya divya salian nilesh shingote kumar pangare anil 2. The deal is expected to be immediately accretive to capgeminis. It was formerly a subsidiary of mastech systems corporation, now mastech digital. Now, with court approvals in india pending, the merger of indian entities. The case study acquisition of patni by igate discusses how igate corporation nasdaq. It founded by sunil wadhwani in and later acquired by capegemini. To make it work, he will have to find his old touchquickly.
Pursuant to the terms of the merger agreement, announced on april 27, 2015, igate corporation became the indirect wholly owned subsidiary of capgemini and each issued and outstanding share of igate corporation common stock other than shares of igate corporation common stock owned as treasury stock or by capgemini was converted into the right. Mar 25, 2020 igate patni is a technology and services company. Capgemini completes the acquisition of usbased igate. With the acquisition of 63% stake from patni founders and general atlantic, the igate apax combine is now expected to make an open offer for a 20. What changes i can expect as capgemini and igate merged, as a. Paris and bridgewater, new jersey capgemini and igate today announced that they have entered into a definitive merger agreement under which capgemini will acquire igate for a cash. Incorporated in november 12, 1996 under the laws of the commonwealth of pennsylvania. A reverse merger is an acquisition of a public company by a private company. Acquisition of patni by igate strategy case study mergers.
Paris and bridgewater, new jersey capgemini and igate today merger agreement under which capgemini will acquire igate for a cash. Along with this, you also get verifiable certificates unique certification number and your unique url when you complete these courses. The transaction marks the completion with the buyout of the principal stakeholders, narendra patni, ashok patni, gajendra patni and general atlantic, and the 20 per cent mandatory tender offer to the public shareholder. The deal on monday, january 10, 2011, igate announced the acquisition deal with patnis promoters and general atlantic through its subsidiaries panasia igate solutions and igs. Glassdoor is your resource for information about igate benefits and perks. Feb 09, 2011 with the patni acquisition, igate s phaneesh murthy has returned to the billiondollar game in software outsourcing. Im a expatni which got bought over by igate and later left and joined capgemini. Oct 06, 2015 capgemini today said igate ceo ashok vemuri has put in his papers after three months of the usbased firm being acquired in a usd 4 billion deal. Jan 10, 2011 the deal will give igate a delivery platform in india and allow the combined entity to bid for contracts along with the it majors. After acquiring indian it firm patni two years ago, igate is now on the lookout for smaller acquisitions. Jan 11, 2011 with the merger of the two companies, a decision about the patni brand name will also be taken soon and sources say the patni name will give way to the igate global brand. The igate acquisition of patni computers and later its merger with itself is among the largest horizontal merger in indian it sector. He has taken under his protection israel his boy, and remembered his mercy.
Paris and bridgewater, new jersey capgemini and igate today. In 2011, igate, acquired patni computer systems a company three times its size at the time. Igate was an it services company, headquartered in bridgewater, new jersey, united states. Players involved in a deal igate igate corporation parent company of all igate corporations. Igte for possible breaches of fiduciary duty in connection with its merger with the french consulting firm cap gemini sa. Paris, july 1st, 2015 capgemini, one of the worlds foremost providers of consulting, technology and outsourcing services, today announced that it has completed the acquisition of igate corporation.
May, 2011 large portion of patni s executive team has been asked to go with the new ninemember executive team retaining all five members of the igate team and keeping only four from the 16member patni team. With the acquisition of 63% stake from patni founders and general atlantic, the igateapax combine is now expected to make an open offer for a 20. After acquiring indian it firm patni two years ago, igate is now on the lookout for smaller acquisitions of. Apax, which funded igate to acquire patni in 2011, had 28. Jun 22, 2019 igate patni is a technology and services company. Igte, the united satesbased it and ites company, acquired indias sixth largest it services and business. The deal on monday, january 10, 2011, igate announced the acquisition deal with patni s promoters and general atlantic through its subsidiaries panasia igate solutions and igs. With the merger of the two companies, a decision about the patni brand name will also be taken soon and sources say the patni name will give way to the igate global brand. Aug 05, 2019 igate patni is a technology and services company. The merger is subject to the customary closing conditions, including regulatory approvals.
Capgemini today said igate ceo ashok vemuri has put in his papers after three months of the usbased firm being acquired in a usd 4 billion deal. Sep 08, 2015 igate corporation lawsuit details igate corporation merger. The firm operated in north america, asia, europe, japan and australia, providing technology consultancy and. Gilman law llp announced that a complaint was filed on behalf of shareholders of igate corporation nasdaq. Nov 20, 2017 nearly two years after igate acquired patni computer systems, the amalgamation process is inching towards completion. The merger has been approved by a written consent of igate shareholders representing approximately 54 per cent of the capital subject to a 30day fiduciary out period during which igate could accept a superior proposal. Merger and acquisition modeling is basically finding out the effect of the merger on the new entity in terms of its earnings per share eps. Patni and his two brothers who merger, acquisition and takeover. With the patni acquisition, igates phaneesh murthy has returned to the billiondollar game in software outsourcing. Aug 06, 2019 leave a comment on igate patni merger pdf igate acquires patni finally igate has signed deals with mr narendra k. Now, with court approvals in india pending, the merger of. Read more about igate completes patni acquisition on business standard. Igate corporation is a prominent technology and services company headquartered in new jersey.
Nearly two years after igate acquired patni computer systems, the amalgamation process is inching towards completion. Pursuant to the terms of the merger agreement, announced on april 27, 2015, igate corporation. Apr 27, 2015 the merger has been approved by the written consent of igate corporation shareholders representing approximately 54% of the capital subject to a 30day fiduciary out period during which igate corporation could accept a superior proposal. This is what igate had to deal with when it acquired patni. Capgemini completes the acquisition of usbased igate corporation. Effect of corporate restructuring on shareholders value in the. Apr 27, 2015 the deal would lead to a onestep cash merger between igate and a subsidiary of capgemini north america inc. We are now moving from integration planning to integration execution between the two companies, said phaneesh murthy, the ceo and managing. Marking the biggest acquisition of the india information technology it industry. Mar 28, 2020 igate patni is a technology and services company.
Jun 23, 2019 igate patni is a technology and services company. In january of 2011, igate closed a deal and acquired patni computer sytems, a top ten indian it services company that delivered a range of it services through globally integrated onsite and offshore delivery locations, primarily in india. The merger will help add capabilities in analytics, bpo and engineering services. In 2011, igate, acquired patni computer systemsa company three times its size at the time. The acquisition of patni and the issues it raised in january of 2011, igate closed a deal and acquired patni computer sytems, a top ten indian. Im a ex patni which got bought over by igate and later left and joined capgemini. Mergers and acquisitions course 5 courses bundle, online.