Patni acquires Taratec for $27mn

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Patni acquires Taratec for $27mn

Patni acquires Life Sciences Services Company Taratec for $27 million

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Patni Computer Systems (NYSE: PTI), a global IT services provider, announced the acquisition of Bridgewater, N.J.-based Taratec Development Corp. through Patni Computer Systems Inc. a wholly owned subsidiary of the Company, for an aggregate price of $27.2 million in cash including contingent consideration.  With more than $20m in annual revenues, Taratec is a leading consulting company in the life sciences industry providing integrated business, information technology, and regulatory compliance products and services.

This acquisition is in line with Patni's strategy of enhancing its market specific services and provides additional capability to support the growing and diverse requirements of the Life Sciences market, from pharmacovigilance to demand-driven supply chains.  Patni can now offer a global delivery model that provides end-to-end capabilities complete with established, life science expertise in specific, high-demand areas.

"Taratec brings deep domain expertise in the Life Sciences industry, excellent understanding of this regulated industry, long-term client relationships with the industry's leading companies and a fantastic reputation of service delivery in the industry," said Sunil Chitale, Senior Vice President and head of the manufacturing practice at Patni. "Their 20 years of Life Science consulting experience, coupled with Patni's integrated solutions model, strength in Supply Chain, Enterprise Applications deployment and Business Process Outsourcing will provide customers with a highly reliable service delivery model that can support any aspect of their business or technology lifecycle."

"Patni has the global presence, scale, organizational structure and complementary solutions to ensure overall business success," said Mark Kolb, Taratec CEO. "The Life Sciences market is going through a dramatic change. Patni's ability to support a wide variety of engagement models with a broad service portfolio will enable us to meet these needs. I am extremely excited at this opportunity."

"The cost of clinical product development in a regulated environment combined with the continued need for meeting stringent standards is putting immense pressures on organizations' operations and corporate governance," said Paul Thomas, President and CEO of LifeCell Corporation, a Taratec customer that develops and markets innovative tissue repair products.  "We see the combination of Taratec's regulatory compliance and systems lifecycle management expertise, and Patni's global delivery capability as the best of both worlds. These combined efforts will enable organizations to make the necessary changes in their business operations that will support profitability, safety and quality goals while reducing product time-to-market."  

Sourced From: Text 100 Public Relations Consultancy