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iGATE removes Patni from brand name

Press Trust Of India  |  Bangalore 

Almost a year after it completed the acquisition of Patni Computer Systems, information services company on Monday said it had removed ‘Patni, from its brand name. The Nasdaq-listed company said its new go-to-would be known as iGate.

In January last year, iGATE bought about 63 per cent stake in Patni Computer, India’s sixth largest information firm, for about $921 million (Rs 4,188 crore). The company closed the acquisition on May 12, 2011, after which it said to go out to the market under the brand name of ‘iGATE Patni’.

iGATE chief executive said, “I have always articulated that Patni, being a family name, was difficult to protect in several of our markets. This brand change is in line with our vision of ‘one company’ that will follow the successful delisting offer process of Patni with the Indian stock exchanges.”

Last month, iGATE had announced to buy back its minority shareholders in order to complete the delisting process from the Indian bourses. The company had offered Rs 520 per share to acquire the remaining stake of close to 18 per cent.

After the merger of Patni with iGATE, the company’s revenue run rate crossed $1 billion, with a headcount of 27,000 employees.

Murthy said the company, equipped with an innovative mindset of a game-changer, would engage with global customers to deliver high-impact outcomes through

First Published: Tue, May 08 2012. 00:35 IST