The Hindu Business Line : Patni set to acquire US firm Cymbal for $68 m

PATNI Computer Systems, through its US subsidiary, Patni Inc, has entered into an agreement to acquire a California-based IT services company, Cymbal Corporation, for $68 million, to be paid in cash and over a period of time.

Cymbal Corporation, a company focused on the telecommunications industry, reported revenues of $32 million for the year ended June 2004 according to a senior official with Kotak Investment Banking, financial advisors to Patni for the deal.

Cymbal has around 500 employees.

The acquisition would be significant as it would extend Patni's portfolio into the global high-growth telecom segment, said a Patni Computers release.

This is the company's first acquisition after its IPO.

According to the Kotak official, it is among the largest by top-rung Indian IT companies in recent times.

Certain closing conditions and regulatory approvals remain to be met for the deal.

This could take a couple of months.

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