Mr Phaneesh Murthy
iGATE said that it has completed the acquisition of Patni Computer Systems and now owns around 82.5 per cent of Patni.
A press statement issued by the company said that both iGATE and Patni will continue to exist as separate listed entities and will operate on an independent basis.
iGATE, which completed the buy-out of the 62.5 per cent owned by principal stock holders Mr Narendra Patni, Mr Ashok Patni, Mr Gajendra Patni and General Atlantic, also got an additional 20 per cent from the Mandatory Tender Offer (MTO) to the public shareholders, giving it a stake of 82.5 per cent in Patni.
Addressing the media, Mr Phaneesh Murthy, CEO of iGATE who was also appointed as the CEO of Patni, said the new entity, iGATE Patni, has around 360 clients and 26,000 employees. Among its clients are two $100-million clients, two $50-million clients and 36 $5-million clients.
The company said the top five accounts contributed 38 per cent of revenues and top ten accounts contributed 49 per cent revenues.
Mr Murthy said the executive council of both companies, which totalled around 22, was pared down to 9. These include Mr Sunil Chitale, Mr Satish Joshi, Mr Derek Kemp and Mr Vijay Khare from Patni and Mr Sean Narayanan, Mr Sujit Sircar, Mr Srinivas Kandula, Mr David Kruzner and Mr Robert Massie from iGATE.
CHANGE OF GUARD
New Patni board
* Mr Jai Pathak: Chairman of the Board
* Mr Phaneesh Murthy: CEO
* Mr Vimal Bhandari and Mr Arun Dug-
gal: Independent directors
* Mr Shashank Singh, Co-Head of Apax
India, and Mr Göran Lindahl, Member of
iGATE Board: Newly appointed directors
Exits
* Mr Arvind Patni and Mr Ashok Patni:
Promoter directors
* Mr Jeya Kumar has stepped down as
the CEO of Patni following the appointment of
Mr Phaneesh Murthy as the CEO
* Mr Surjeet Singh will continue as CFO of
Patni until May 31, 2011. After that, the Board
will appoint a new financial officer, who will
report to Mr Sujit Sircar, Group CFO
* Mr Pradip Shah, Mr Pradip Baijal,
Mr Ramesh Venkateswaran and Mr Mi-
chael Cusumano: Independent directors
* Mr Louis Theodoor: Non-executive
director
Published on May 12, 2011
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