Business Daily from THE HINDU group of publications
Tuesday, Jul 24, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 24, 2007 ePaper |
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Info-Tech
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Mergers & Acquisitions Patni buying US-based Taratec
Our Bureau Mumbai, July 23 The Mumbai-based Patni Computer Systems Ltd will spend $ 27.2 million (about Rs 108.8 crore) in cash for acquiring the New Jersey based Taratec Development Corp. Taratec, a consulting company in the life sciences industry, does more than $20 million (about Rs 80 crore) in annual revenues, Patni said in a filing with the BSE. It provides integrated business, information technology, and regulatory compliance products and services for clients in the pharmaceutical, medical device and biotechnology industries. “Taratec brings deep domain expertise in the life sciences industry, excellent understanding of this regulated industry and long-term client relationships with the industry’s leading companies,” said Mr Sunil Chitale, Senior Vice-President and head of the manufacturing practice at Patni. The acquisition has been made through Patni Computer Systems Inc., a wholly owned subsidiary of Patni. The acquisition is in line with Patni’s strategy of enhancing its market specific services. The Patni scrip was up by 2.31 per cent to close at Rs 528.45 on the BSE today.
More Stories on : Mergers & Acquisitions | Software | Overseas Investments
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