Chatterjee of Cognizant to join iGate, Patni entity

Debashis Chatterjee, who recently quit Cognizant as the head of banking and financial services, is set to join the merged iGate and Patni Computer Systems entity as Chief Operating Officer, said two sources.

“He is being considered for the role. But I cannot confirm if he has accepted the offer. He will be given the COO’s position in the merged entity,” said a source close to the development.

Chatterjee, who had been with Cognizant for 14 years and was heading banking and financial services for seven years, resigned early this month. The segment was a key performer for Cognizant. An email to iGate elicited no response.

For the joint entity, banking, finance and insurance (BFSI) will be one of the largest divisions. At present, the combined revenue of the BFSI segment is $245 million (Rs 1,100 crore). With Chatterjee on board, many are hoping he’d steer the company to faster growth as at Cognizant.

Nasdaq-listed iGate announced the acquisition of Patni Computer Systems earlier this year. iGate and private equity player Apax Partners acquired the 63 per cent stake of Patni’s promoters for $921 million.

Phaneesh Murthy, CEO of iGate, and Apex’s Shashank Singh joined the Patni board in February.

Sources also confirmed the merged entity’s structure would be finalised by mid-March. “By March 16 or 19, it will also be finalised. By then, the open offer is also expected to get completed,” said another source.

The open offer to acquire an additional 20 per cent of Patni by iGate is expected to start from tomorrow.