Almost a year after it completed the acquisition of Patni Computer Systems, information technology services company iGATE Corporation on Monday said it had removed ‘Patni, from its brand name. The Nasdaq-listed company said its new go-to-market brand would be known as iGate.
In January last year, iGATE bought about 63 per cent stake in Patni Computer, India’s sixth largest information technology 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 Phaneesh Murthy 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 proprietary iTOPS framework.
Do not be surprised if by early next year internet users see internet domain names that ends with .bank, .web, .online, .space and many more.