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Friday, Nov 05, 2004

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Patni completes Cymbal buy

Our Bureau

Mumbai , Nov. 4

PATNI Computer Systems on Thursday announced the completion of its acquisition of US-based Cymbal Corporation for $68 million.

With this the company gains entry into the $60 billion telecommunications market vertical for IT services, said a news release from Patni.

Patni also gains an advanced entry into the large telecommunications professional and support services segment, which is expected to grow to over $65 billion globally by 2007, according to Gartner Group.

The acquired company is an IT company focused on telecom service providers. It brings with it domain expertise, consulting skills and global delivery capability, and an employee and consultant base of over 500, said the release.

Cymbal also provides Patni access to 14 key strategic communication service provider accounts including Virgin Mobile, Hutchison Telecom and Comcast.

Cymbal will be integrated into Patni and will function as a business unit headed by Mr Neeraj Gupta, former Chief Executive of Cymbal Corporation.

More Stories on : Mergers & Acquisitions | Software

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