iGATE-Patni deal complete: Will go to market as one unit

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iGATE-Patni deal complete: Will go to market as one unit

iGATE, on Thursday successfully completed the acquisition of Patni. This brings on board a new management and a new business plan for Patni Computers.

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iGATE , on Thursday successfully completed the acquisition of Patni . This brings on board a new management and a new business plan for Patni Computers. (Here are the  Contours of the deal )

A new six-member board for Patni and a nine-member executive committee for iGATE-Patni have been announced. According to which, Jai Pathak will be the new chairman of Patni and Phanessh Murthy will take over as MD and CEO subject to statutory approvals. (Read what Murthy had to say on Jan 10 when the deal was announced)

Current Patni CEO Jeya Kumar has stepped down. Promoter directors Narendra Patni and Ashok Patni have also resigned.

Announcing the acquisition, the newly appointed chief executive Murthy said the idea was to combine capabilities of both the companies. "With this deal our goal is to become the leader by capability in two verticals and a significant player in at least three to four other verticals in the next three years."

Don't miss the accompanying videos to know how CNBC-TV18's Sunanda Jayaseelan is analysing the situation.

Further he said, "We will significantly expand our market presence and, pursuant to our integration program, go to the marketplace with a common identity called iGATE Patni. Under a new logo, iGATE Patni will stand for the combined value of both the organizations."

Did you miss: iGATE targets 25% EBITDA for Patni-iGATE entity in 2 years