Patni Computer Systems Limited was a provider of IT services and business solutions founded by

Narendra Patni Narendra Kumar Patni (9 March 1942 – 3 June 2014) was an entrepreneur and IT visionary who founded Patni Computer Systems and helped establish the overall Indian IT industry. He is considered a "pioneer of India's information technology (IT) ser ...

. It merged with IGATE Corporation in 2011 "iGATE Corporation , Investor Relations", iGATE.com, 2011, webpage:
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and operated under the name IGATE Patni until 2012. 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 The Fortune 1000 are the 1,000 largest American companies ranked by revenues, as compiled by the American business magazine ''Fortune''. It only includes companies which are incorporated or authorized to do business in the United States, and for ...

companies.

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. This created an enterprise with close to $1b in revenues and 25,000 in headcount. The proposed acquisition of the shares was subject to regulatory requirements and iGate was required to make an 'Open Offer' to acquire additional 20% of Patni's shares from the open market. Changes in the shareholding took place upon fulfillment of all the obligations under the Open Offer process.

Acquisitions and OEM agreements

*April 2003: Acquired "The Reference Inc.", a company incorporated in

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

, 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. *November 2004: Acquired "Cymbal Corporation" for a sum of million. 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 Woburn ( ) is a city in Middlesex County, Massachusetts, Middlesex County, Massachusetts, United States. The population was 40,876 at the 2020 census. Woburn is located north of Boston. Woburn uses Massachusetts' mayor-council form of governme ...

Through the transaction, Patni obtained ZAiQ's

Application-specific integrated circuit An application-specific integrated circuit (ASIC ) is an integrated circuit (IC) chip customized for a particular use, rather than intended for general-purpose use, such as a chip designed to run in a digital voice recorder or a high-efficie ...

(ASIC) design capabilities and

Intellectual Property Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, cop ...

(IP), as well as expertise in

Field-programmable gate array A field-programmable gate array (FPGA) is an integrated circuit designed to be configured by a customer or a designer after manufacturinghence the term '' field-programmable''. The FPGA configuration is generally specified using a hardware d ...

(FPGA) and

System-on-a-chip A system on a chip or system-on-chip (SoC ; pl. ''SoCs'' ) is an integrated circuit that integrates most or all components of a computer or other electronic system. These components almost always include a central processing unit (CPU), memory ...

(SoC) technologies. *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. *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.

References

{{Reflist Information technology companies of India Software companies of India Companies formerly listed on the Bombay Stock Exchange Companies formerly listed on the New York Stock Exchange Software companies based in Mumbai Software companies established in 1978 Information technology consulting firms of India 2011 mergers and acquisitions Indian companies established in 1978 Indian companies disestablished in 2012 Software companies disestablished in 2012