Software services firm iGate will wait for three days before deciding on course of action in relation to the delisting of Patni Computer Systems, CNBC-TV18 said Tuesday, quoting iGate CEO Phaneesh Murthy.
iGate may be all set to merge Patni with itself, if its delisting process comes through. That’s the word from Phaneesh Murthy. In an exclusive conversation with CNBC-TV18, Murthy said that he was confident that US clients will increase budgets, a complete contradiction from what the rest of the industry said.
In an interview with CNBC-TV18, Phaneesh Murthy the CEO of iGATE said they plan to arrange a debt facility of about USD 215 million to fund the share purchase.
Phaneesh Murhty in an interview with CNBC-TV18 said, "We need smaller teams working more collaboratively, more cohesively together. Pick the right people for the job and start with the much smaller team."
The acquisition of Patni by iGate has received a positive response from clients, even with the one overlapping between the two, General Electric (GE). The two companies have now gone back to the drawing table to device a ‘go-to market’ strategy targeting big deals for the clients.
iGate will buy Patni's founders' and private equity firm General Atlantic's combined 63% stake in the company for USD 921 million. In an interview with CNBC-TV18, Probir Rao, MD, Jefferies India, who was one of the advisors to the iGate consortium, spoke on the transaction and the road ahead.
In an interview with CNBC-TV18, Jeya Kumar, CEO and Surjeet Singh, CFO from the Patni management spoke about their merger with iGate and their development.
Phaneesh Murthy, CEO of iGate is upbeat on the deal. In an interview to CNBC-TV18, he said that the first preference is to make both iGate and Patni into a complete integrated one company. However, his first option will be to have an US listing and if not then go for Indian bourses.